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Monday, November 6, 2023
Corcel Plc has provided an update on the drilling results of the Tobias-13 (TO-13) well in onshore Block KON-11, in Angola, where the company has a 20% working interest in partnership with operator state firm Sonangol.
Highlights:
• TO-13 drilling – at a downdip location from historic production – has ended as planned at a target depth of 958.5m
• Full Binga reservoir section (~120m) encountered in the well as prognosed with several potentially productive zones seen in multiple intervals
• Results confirm the ability to reactivate production through an early production system (“EPS”) and imply significant hydrocarbon potential remaining
• Rig move to second well location currently underway
Antoine Karam, Executive Chairman of Corcel, commented: “The initial results of the TO-13 well are an important moment for Corcel and highly encouraging, having successfully demonstrated hydrocarbons across multiple potentially productive zones and multiple intervals. TO-13 looks to cornerstone development of a future EPS and provides Corcel with line of sight to near-term revenue generation, and the testing program will give us invaluable data on how best to deliver on that goal. We look forward to providing further updates on activities at TO-14 as they progress.”
Tobias-13 Drilling Results
Sonangol has advised Corcel that the Tobias-13 well penetrated the entire Binga reservoir section (~120m column), with potential productive zones seen in multiple intervals. The well concluded with a total depth of 958.5 meters and was drilled in a downdip location from historic production wells, indicating scope for significant remaining hydrocarbon production potential.
The drilling results for the TO-13 well were positive, with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field, confirming the ability to reactivate production in the field. Based on these results, the consortium is proceeding to drill a second well Tobias-14 (TO-14), with a rig move currently underway.
Tobias-14 and Well Testing
With a view towards implementation of an EPS, the consortium is proceeding immediately to drill TO-14 (~1.3Km north-east of TO-13), with a spud date expected in mid-November. In line with TO-13, TO-14 drilling is expected to last approximately 40-50 days, running concurrent with geological and geophysical studies on TO-13 results.
Resuming exploration activities in Block KON-11, specifically reactivating production in the Kwanza basin that has been shut-in since the 1990’s, represents an important milestone for the Angolan oil industry and for Corcel itself.
Corcel will make additional announcements on further progress at KON-11 in due course.
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