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Friday, September 8, 2023
Corcel plc issued an update stating Sonangol, the operator of Block KON-11 in Angola’s Kwanza Basin, has notified the company that the Tobias-13 well was spudded on September 6.
Corcel further stated that the initial workplan for Block KON-11, subject to the results of this 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. If 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 resuming 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.,” the Corcel update reported.
In its own release, Sonangol stated, “In case of promising results, after the drilling of the Tobias 13 well, which will start in the next few days, the consortium will carry out a geological survey to better map the Block’s structures, without jeopardizing the preliminary development aimed at restarting production.”
Corcel gained its stake in this block through its acquisition of a 90% stake in Atlas Petroleum Exploration Worldwide Limited (APEX) back in May.
Antoine Karam, Executive Chairman of Corcel, commented: “The commencement of drilling on our Angolan acreage is a very significant milestone for the Company and I look forward to updating our shareholders as we advance the work program with our partners.”
The traditional Tobias field reservoir is in the Binga limestone, with 4-14% porosity located at a depth of approximately 700m. Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field.
Corcel’s estimated unproduced contingent oil resources are estimated at 65 MMbls with 11.7 MMbls net to CRCL, the field will qualify for marginal field fiscal terms, as outlined by the Angolan government, resulting in advantageous royalty, tax, and depreciation regimes.
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