Corcel PLC has provided an update on the drilling results of the Tobias-14 (TO-14) well in Block KON-11, Angola. The well has reached its planned target depth of 781m and has encountered the full Binga reservoir section (~80m) with identical zones as the previous TO-13 well. Oil shows have been observed throughout the well, confirming the potential for reactivating production through an early production system (EPS) and suggesting significant remaining hydrocarbon potential. Well clean-up and flow testing will now commence on TO-14.

The TO-14 well has penetrated the entire Binga reservoir section with potential pay zones seen in multiple intervals. It was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field. The well is located at the top of the field's anticlinal structure, over the larger of the two compartments that constitute the reservoir. The drilling encountered high fractured Oolitic Limestones in the reservoir with good porosity values. Initial pressure readings indicate that the reservoir has returned to its original pressure levels through active recharge of the system. No presence of water was found during drilling, indicating that the field has fully re-equilibrated.

The drilling results for the TO-14 well were positive, with oil shows found throughout the Binga reservoir, confirming moveable fluids and the ability to reactivate production in the field. The consortium will proceed to testing the TO-14 and TO-13 wells, with the objective of flowing the wells and then moving on to the next phase focused on designing the early production system.

Block KON-11 is considered a brownfield development and includes the historically producing Tobias field. Corcel and the operator believe that a revised interpretation of the existing structures, along with modern drilling and completion technology, will lead to a higher Original Oil in Place (OOIP) figure and more producible field resource potential. The traditional Tobias field reservoir is in the Binga limestone, located at a depth of approximately 700m along the crest of the structure. Corcel's estimated unproduced prospective oil resources in the field are 65 MMbls, with 11.7 MMbls net to CRCL. The field will qualify for marginal field fiscal terms, resulting in advantageous royalty, tax, and depreciation regimes.

The update was reviewed by Jennifer Ayers, a Geologist with over 25 years of relevant experience in the oil industry.