Business
Angola Operations Update
Angola Operations Update.
About this update from Corcel Plc
[{"type":"text","content":"\n\n \nCorcel PLC\n(\"Corcel\" or the \"Company\")\nAngola Operations Update\n31 May 2024\nCorcel Plc (London AIM: CRCL), the pan Angola-Brazil focused exploration and production company, announces an update to its exploration and development operations in onshore Angola. \nHighlights:\no Initial KON-11 drilling and well testing activities suspended\no Focus turns to geological and geophysical data collection and studies\no Onshore Angola remains a key commercial asset for Corcel - one with multiple parallel avenues of value creation and development\nCorcel Executive Chairman Antoine Karam commented: \"While initial results in Angola have not allowed immediate reactivation of the Tobias Field as originally hoped, the block partners are undertaking a detailed review of how to best utilize and exploit the two wells recently completed and further develop the full potential of the block. The Company and its block partners believe KON-11 continues to offer significant developmental potential and that these early testing results are by no means a definitive outcome. \nActivities are accelerating at the Company's operated block, KON-16, which we believe offers substantial upside and an attractive exploration risk/return profile. \nWhile the Company continues to actively review new projects as part of the normal course of business, Corcel's interests in Angola remain key commercial assets for the Company and we and our block partners believe that further development will add significant value to our respective businesses as our three blocks are advanced.\nMeanwhile, the Company intends to host an investor event covering its current plans and strategy in the near term, with further details to be provided.\"\nAngola Operational Update:\nThe operator of Block KON-11, has reported to the block partners that it has suspended well testing operations on TO-13 following inconclusive results. After several weeks of well testing and engineering efforts the well has produced minimal levels of water and oil to date.\nWith the initial well tests now completed, KON-11 operations will turn to geology and geoscience efforts targeted to better understand these results and how they might compare to the historic wells drilled and operated on the Tobias field in KON-...