Corcel PLC has released an update on the testing of the TO-14 well in the onshore Block KON-11 in Angola, where it holds a 20% working interest. The company is working with Sonangol, one of the largest hydrocarbon producers in Angola, as the Operator. The testing of the TO-14 well has faced challenges due to weather and equipment-related delays earlier in the year. However, the company is focused on engineering solutions to flow test the well from the most prospective zones identified during the drilling phase.
The Operator is also conducting engineering work to identify solutions to flow both TO-14 and the yet untested TO-13 well. Additionally, the company is progressing with an eFTG survey acquisition across the Corcel acreage in KON-11, KON-12, and KON-16, which will aid in prospect identification and delineation.
KON-11 is considered a brownfield development and includes the historically producing Tobias field, which was inactive since the late 1990s. The company believes that a revised interpretation of the existing structures, along with modern drilling and completion technology, will lead to a higher Original Oil in Place figure and subsequently 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, with 4-14% primary rock porosity enhanced by an extensive, naturally fractured carbonate system. Corcel's estimated unproduced prospective oil resources are 65 MMbls with 11.7 MMbls net to Corcel. The field will qualify for Marginal Field Fiscal Terms outlined by the Angolan government, resulting in advantageous royalty, tax, and depreciation regimes.
The announcement was reviewed by a Geologist with over 25 years of relevant experience in the oil industry, in compliance with the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009.
For further information, interested parties can contact Antoine Karam, Corcel Plc Executive Chairman, or the company's appointed NOMAD & Broker and Investor Relations firm.
This update provides insight into Corcel PLC's ongoing operations in Angola, detailing the challenges faced during testing, the progress made, and the potential for increased oil resources in the Tobias field.