Sharecast News
12 Feb, 2024 12:57

Corcel confirms start of testing at Tobias-14 well

dl corcel plc aim basic materials basic resources general mining logo
CorcelSharecast graphic / Josh White

Corcel updated the market on the testing of the Tobias-14 (TO-14) well in Block KON-11 on Monday, located onshore in Angola, where it holds a 20% working interest.

The AIM-traded firm said Sonangol, one of Angola's major hydrocarbon producers, operates the block.

It said testing of the TO-14 well had officially started, following delays in recent weeks, primarily caused by extended timelines for the delivery of necessary testing equipment and adverse weather conditions, including heavy rains and regional flooding at the well site.

On completion of testing at TO-14, the operator would transfer the test equipment to the TO-13 well pad, which was already being prepared for testing.

Flow testing on the TO-13 well would then be conducted.

With testing now underway, Corcel said it expected to receive initial flow test results for TO-14 in the coming weeks.

The company said it was planning to update the market on the results of the test programme as they became available.

Block KON-11 is a brownfield development that includes the historically producing Tobias field, which was drilled and developed by Petrofina in the 1960s and 1970s but had been inactive since the late 1990s.

The field comprises 12 historic vertical wells, and Corcel, along with the operator, believes that a revised interpretation of the existing structures, coupled with modern drilling and completion technology, could lead to a higher original oil in place figure and increased producible field resource potential.

Corcel said the primary reservoir in the Tobias field is located in the Binga limestone at a depth of about 700 metres.

It exhibited 4% to 14% primary rock porosity, which was further enhanced by an extensive, naturally fractured carbonate system.

The field previously saw peak production of 17,500 barrels per day, with a total of 29 million barrels produced over its operational lifespan.

Corcel estimated unproduced prospective oil resources of 65 million barrels, with 11.7 million barrels net to the company.

The field was expected to qualify for marginal field fiscal terms outlined by the Angolan government, which would result in advantageous royalty, tax, and depreciation regimes.

At 1224 GMT, shares in Corcel were down 13.16% at 0.83p.

Reporting by Josh White for Sharecast.com.


News Source: © 2024 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.