Corcel PLC, an Angola-focused exploration and production company, has released its unaudited half-yearly results for the six months ended 31 December 2023. The company has been productive in completing the transition to focusing on oil and gas, restructuring the balance sheet, expanding the executive team, and deepening the Board of Directors. The operational focus is firmly on Angola, with additional initiatives under consideration in Angola and overseas.
The company has made progress at KON-11, Kwanza Basin, onshore Angola, participating in the drilling of two wells in the historic Tobias Field - TO-13 and TO-14. TO-14 is currently undergoing flow testing, having encountered weather and engineering delays. The company is also planning data collection and activities on Blocks KON-12 and KON-16 during 2024 to delineate future well targets.
The Chairman's statement highlights the acquisition of interests in three oil blocks in Angola, namely KON-11, KON-12, and KON-16, allowing Corcel to accelerate its transition to oil and gas. The company believes Angola offers a compelling mix of blue-sky exploration targets with potentially high upside exploration and development prospects.
E&P activities in Angola began immediately following the acquisition, with the preparation for drilling the TO-13 well in KON-11 commencing in August 2023. The company is optimistic about the progress on TO-14 leading to definitive results and then proceeding to test the previously drilled TO-13 well. The company intends to embark on a comprehensive development plan during the balance of 2024, including a competent persons report and potential access to other financing structures.
The development of KON-12 and KON-16 is expected to see data collection efforts, seismic acquisition, and drilling of the first well. The company is also considering further transactions in the region and overseas, targeted to supplement the primary focus on execution in Angola.