Corcel PLC has announced that the Tobias-13 well in Block KON-11 in Angola has been spudded by the operator, Sonangol. Corcel has a 20% working interest in the well. The initial workplan for Block KON-11 includes one or more new wells, with the focus being on early oil production if the drilling program is successful. The consortium will evaluate the geological and geophysical data and aim to improve the structural maps of the block. Resuming exploration activities in Block KON-11 represents an important milestone for the Angolan oil industry. Corcel will provide further updates on workplans and progress at KON-11 in the future.

The Tobias field, part of Block KON-11, was historically produced 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 and modern drilling and completion technology could lead to higher oil production. The reservoir is located in the Binga limestone at a depth of approximately 700m. The estimated unproduced contingent oil resources for Corcel are 65 MMbls, with 11.7 MMbls net to the company. The field qualifies for marginal field fiscal terms, resulting in advantageous royalty, tax, and depreciation regimes.

Corcel's Executive Chairman, Antoine Karam, commented that the drilling on their Angolan acreage is a significant milestone for the company, and he looks forward to updating shareholders as the work program progresses.