Business
Block KON-11 Exploration Work Commencement
Block KON-11 Exploration Work Commencement.
About this update from Corcel Plc
[{"type":"text","content":"\n\n\nCorcel PLC\n(\"Corcel\" or the \"Company\")\n \nBlock KON-11 Exploration Work Commencement\n25 August 2023\nCorcel Plc (London AIM: CRCL), the pan Angolan and Brazilian focused oil and gas company, with interests across oil and gas and battery metals mining, announces that it has received notice from the operator of Block KON-11 in Angola, where it has a 20% working interest (18% net), that preparatory work has begun for drilling and appraisal on the block, located in the Kwanza Basin. The initial workplan, subject to the results of the first well, is expected to include one or more new wells with the primary focus being on the consortium moving directly to early oil production should the drilling program be successful. \nIf the drilling results are positive, the consortium will then proceed to evaluating the geological and geophysical data, with the aim of improving the structural maps of the Block, and resume production. Resuming exploration activities in Block KON-11, specifically reactivating production in the Kwanza basin that has been shut-in since the 90's, represents an important milestone for the Angolan oil industry. The Company will make additional announcements on more detailed workplans and further progress at KON-11 in due course. \nAntoine Karam, Executive Chairman of Corcel, commented: 'The commencement of activity on our Angolan acreage is a significant milestone for the company as we refocus our strategy and look to create material value for our investors. This news is an important part of Corcel's evolution as we focus on oil and gas opportunities and we look forward to updating our shareholders as we advance the work programme with our partners.'\nAbout KON-11 and the Kwanza Basin\nKON-11 is considered a brownfield development and includes the historically producing Tobias field, drilled and developed by Petrofina in the 1960s and 1970s, and inactive since the late 1990s. The Tobias field constituted 12 historic vertical wells, and Corcel and the operator believe that revised interpretation of the existing structures along with the application of modern drilling and completion technology, including potentially horizontal drilling will lead to a higher Original Oil in Place (\"OOIP) figure in the reactivated field being achieved.\nThe traditional Tobias field...