Corcel upbeat on drilling results from onshore Angola

3rd Nov 2023 13:51

(Sharecast News) - Corcel updated the market on the drilling results of the Tobias-13 (TO-13) well in onshore block KON-11, Angola, on Friday.

The AIM-traded firm holds a 20% working interest in the block, or 18% net, where the operator is Angola's largest hydrocarbon producer, Sonangol.

It said the TO-13 drilling operation, at a downdip location from historical production, reached its intended target depth of 958.5 metres.

During the drilling process, the well encountered the entire Binga reservoir section, spanning 120 metres, consistent with pre-drill projections.

Notably, the well revealed several potentially productive zones across multiple intervals within the reservoir.

Corcel said the results confirmed the feasibility of reactivating production through an early production system and indicated the presence of significant hydrocarbon potential yet to be tapped.

Currently, the rig is in the process of being moved to the second well location.

"The initial results of the TO-13 well are an important moment for Corcel and highly encouraging, having successfully demonstrated hydrocarbons across multiple potentially productive zones and multiple intervals," said executive chairman Antoine Karam.

"TO-13 looks to the cornerstone development of a future EPS and provides Corcel with a line of sight to near-term revenue generation, and the testing programme will give us invaluable data on how best to deliver on that goal.

"We look forward to providing further updates on activities at TO-14 as they progress."

At 1420 GMT, shares in Corcel were up 0.93% at 0.6p.

Reporting by Josh White for Sharecast.com.