Corcel PLC
("Corcel"
or the "Company")
Update on further activities
planned by Operator at Tobias-13 and Tobias-14
Wells
27 January
2025
Corcel Plc
(London AIM: CRCL), the pan-Angola-Brazil
focused energy company is pleased to announce that, through its
subsidiary Atlas Petroleum Exploration Worldwide Limited ("APEX"),
it has been informed that the Block KON-11 Operator in Angola will
shortly recommence intervention activities at the Tobias-13
("TO-13") and Tobias-14 ("TO-14") wells.
The results of this work will provide
additional information relating specifically to the TO-13 and TO-14
wells. Further details regarding these operations will be shared in
due course.
Scott Gilbert,
Corcel's Chief Executive Officer, commented:
"Although the initial
results from the drilling of the Tobias wells in late 2023/early
2024 did not yield the expected results, the Operator is confident
on the potential of the field. While the transformational value for
the Company is expected to be highlighted through the forthcoming
seismic campaign targeting the pre-salt and post-salt leads and
prospects in our various blocks in the Kwanza basin, the historic
Tobias Field in KON-11 is an important opportunity for the Company
and we are eager to explore the field's remaining
potential."
For
further information, please contact:
Scott Gilbert - Corcel Plc, CEO
& Director
Development@Corcelplc.com
James Joyce / James Bavister / Andrew de Andrade
- Zeus, NOMAD &
Broker
020 3829 5000
Jonathan Wright / Rupert Holdsworth Hunt - Auctus
Advisors, Joint Broker
07711 627449
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 redevelopment
opportunities and significant exploration upside. Corcel marked a
new country entry into Brazil by acquiring rights to producing gas
and exploration assets, further diversifying its portfolio and
enhancing its growth potential.
Corcel's Angola portfolio consists
of interests in three licences:
· KON
- 16 Operated - 55% working interest - 49.5% 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
Corcel's Brazil portfolio
consists of the option to acquire:
· a 20% interest in
the IRAI gas field
· a right-of-first
refusal ("ROFR") over the remaining 80% in the IRAI field,
and
· another ROFR for
100% of the adjacent TUC-T-172 exploration block, located in the
state of Bahia, onshore Brazil.
Corcel's
Battery Metals portfolio consists of an 80% working interest in the
Mt Weld Rare Earth Elements project in Western
Australia.