Business
Angola Oil and Gas Acquisition Completion - TVR
Angola Oil and Gas Acquisition Completion - TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n\n\nCorcel PLC\n(\"Corcel\" or the \"Company\")\n \nAngola Oil and Gas Acquisition Completion - TVR\n02 June 2023\nCorcel Plc (London AIM: CRCL), the extractive industries exploration and development company, with interests across battery metals and oil and gas, announces that with the signing of Risk Service Contracts KON-11, KON-12 and KON-16 in Luanda, Angola last week and the satisfaction of the other conditions precedent, it has now completed the acquisition of its 90% interest in Atlas Petroleum Exploration Worldwide Limited (\"APEX\") as announced on 24 May 2023. \nAbout the APEX Portfolio:\n \nThe APEX portfolio is located onshore Angola, and consists of interests in three licences:\no KON - 11 Non-Operated - 12 historical wells (20% working interest - 18% net to CRCL)\no KON - 12 Non-Operated - 8 historical wells (25% working interest - 22.5% net to CRCL)\no KON - 16 Operated - 1 historical well (35% working interest - 31.5% net to CRCL)\n \nKON-11 and KON-12 are considered brownfield development opportunities and include the historically producing Tobias and Galinda fields, both drilled and developed in the 1960s and 1970s by Petrofina, with combined historic production over 30 MMbbls. Both licences are operated by Sonangol (the Angolan national oil company).\n \nAPEX's total reported unproduced contingent oil resources are estimated at:\no KON-11 - 65 MMbbls, 11.7 MMbls net to CRCL\no KON-12 - 19 MMbbls, 4.28 MMbls net to CRCL\n \nAll three blocks have significant post and pre-salt prospective resources, both stratigraphic and structural with APEX estimating Prospective Resources of:\no Post-salt 456 MMbbls - unrisked P50 (138 MMbo risked), 81.1 MMbls net to CRCL\no Pre-salt 1,029 MMbbls - unrisked P50 (223 MMbo risked), 215.9 MMbls net to CRCL\n \nBoth the Tobias (KON-11) and Galinda (KON-12) fields were discovered and originally developed in the 1960s. Both reservoirs are in the Binga limestone with 4-14% porosity and located at 700m and 1,900m respectively. Peak production at Tobias was approximately 17,500 bbls/d and at Galinda was approximately 2,700 bbls/d. Historic total production, which started in 1960 and ceased in the early '80s, was 29MMbbls and 2.8MMbbls respectively. APEX and Corcel believe that signifi...