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Monday, June 3, 2024
Corcel announced that the operator of Block KON-11 in Angola, 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.
With 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-11. The block partners believe that enhanced understanding of the subsurface conditions including efforts made to better understand the natural fracture system characteristics, any formation damage and residual issues with water inflow should be the current focus.
Overall, the company believes that the identified potential of the Tobias reactivation effort, and KON-11 more broadly, remains significant, and that these early results will both usefully inform next steps and lead the block partners to ultimate commercial production in the block.
Corcel holds a 20% working interest in the KON-11 block.
Corcel 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.”
In related news for Corcel in Angola, activities at KON-16 during 2024 are expected to focus on G&G studies, including review of existing seismic data, a review of the historic Tuenza-1 well which had oil shows in the pre-salt level and associated petrophysical analysis. The immediate goal of these efforts is to prepare an updated prospect and lead table for consideration by the block partners.
The company believes that KON-16 offers sizeable upside in the form of 1,029 MMbo unrisked recoverable leads in the pre-salt, where the Tuenza-1 well (1960) was historically drilled on the block and oil and gas was found bleeding from the core in the Cuvo formation.
Karam further commented: “Activities are accelerating at the company’s operated block, KON-16, which we believe offers substantial upside and an attractive exploration risk/return profile.
“While 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.”
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