Corcel PLC
("Corcel"
or the "Company")
KON-16
Update
10 September
2024
Corcel Plc (London AIM:
CRCL), the pan
Angola-Brazil focused exploration and production company, is
pleased to announce that the its contractor, Metatek Group, has
completed the acquisition of data phase of the Enhanced Full Tensor
Gradiometry Survey ("eFTG") on Block KON-16 as originally announced
on 7 June 2024. KON-16 is 35% owned and operated by Corcel, through
its subsidiary Atlas Petroleum Exploration Worldwide
Ltd.
With data collection efforts now
completed, the Company's focus moves to processing and
interpretation, which is expected to extend through Q4 2024.
The Company looks for this work to deliver highly accurate
geological representations of critical interest for further
developing the prospectivity of KON-16, which when fully integrated
with the existing 2D seismic and well data, will enable the Company
to high grade prospective areas in this large 1,000 sq km block and
design a focused 2D seismic acquisition program in 2025 which the
Company intends will ultimately lead to the drilling of the first
new well on the block since the 1960s.
Corcel CEO Scott Gilbert commented:
"We are very pleased with the completion of the acquisition of
data phase of the eFTG survey on Block KON-16. This is a
significant milestone in our exploration efforts, providing us with
an important dataset that will help refine our understanding of the
subsurface structure and prospectivity of this large, underexplored
block."
About Block KON-16:
Corcel hold an operated and
controlling interest in KON-16 which is a large (1000 sq. km) block
in the onshore Kwanza Basin. KON-16 has benefited from high quality
regional scale modern 2D seismic acquisition in 2010-2012 which
identified significant post and pre-salt prospectivity that was
previously not imaged. Despite the large scale of the KON-16 area,
only 1 well has been drilled inside the block (Tuenza #1, in 1960)
and therefore significant potential is believed to remain.
Prospectivity ranges from shallow oil-prone targets analogous to
the nearby Tobias and Galinda fields, to the deeper pre-salt play
which is analogous to the deep water Kwanza Basin discoveries
(TotalEnergies Kaminho Project).
For
further information, please contact:
Scott
Gilbert
Corcel Plc CEO
Development@Corcelplc.com
James Joyce / James Bavister /Andrew de Andrade
WH Ireland Limited NOMAD &
Broker
0207 220 1666
Patrick d'Ancona
Vigo Communications IR
0207 3900 230
About Corcel
Corcel has a notable oil and gas
portfolio in onshore Angola that includes brownfield development
opportunities and significant exploration upside.
Corcel's
Angola portfolio consists of interests in three
licences:
· KON - 16 Operated
- 35% working interest - 31.5% net to CRCL
· KON - 11
Non-Operated - 20% working interest - 18% net to CRCL
· KON - 12
Non-Operated - 25% working interest - 22.5% net to CRCL
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014
which is part of UK law by virtue of the European Union
(withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.