Corcel PLC has provided an update on the drilling results of the Tobias-13 ("TO-13") well in onshore Block KON-11, Angola. The well has reached its target depth of 958.5m and encountered the full Binga reservoir section as expected, with several potentially productive zones seen in multiple intervals. The results confirm the ability to reactivate production through an early production system (EPS) and suggest significant remaining hydrocarbon potential. The rig is currently being moved to the second well location, Tobias-14 ("TO-14"). The drilling of TO-14 is expected to begin in mid-November and will run concurrently with geological and geophysical studies on the TO-13 results. The reactivation of production in Block KON-11 represents an important milestone for the Angolan oil industry and for Corcel. The company will provide further updates on progress at KON-11 in due course.
The Tobias field, located in Block KON-11, was historically drilled and developed by Petrofina in the 1960s and 1970s but has been inactive since the late 1990s. The field consists of 12 historic vertical wells, and Corcel believes that revised interpretation of the existing structures, along with modern drilling and completion technology, could lead to higher oil production in the reactivated field. The reservoir is in the Binga limestone, with primary rock porosity of 4-14% enhanced by a naturally fractured carbonate system. Historic peak production at Tobias was 17,500 bbls/d, with 29 MMbbls produced over the life of the field. Corcel estimates unproduced contingent oil resources of 65 MMbls, with 11.7 MMbls net to the company.
Corcel Plc is an Angolan-focused oil and gas company with assets in the Kwanza Basin. The company also has mining interests in nickel, cobalt, rare earth elements, and lithium. Corcel is listed on the AIM market of the London Stock Exchange.