Corcel and partners focus on geo survey of KON-11 onshore Angola

Exploration and production company Corcel PLC has noted the suspension of drilling and well testing activities in KON-11, with focus now shifting on collecting and studying geological and geophysical data from the area

This comes following multiple weeks of challenging well testing and engineering efforts that involved reactivation of the fractured carbonate reservoirchallenging well testing and engineering efforts that involved reactivation of the fractured carbonate reservoir, but with minimum yeild results. A thorough geophysical scanning of the region, however, might have more to reveal from the historic wells drilled and operated on the Tobias field in KON-11.

The block partners are hence considering subsurface conditions to understand the natural fracture system characteristics, trying to identify formation damage and residual issues with water inflow. 

Key commercial asset

Reaffirming Angola as a key commercial asset, Corcel executive chairman Antoine Karam said, "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 utilise 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.

"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.

"Meanwhile, the company intends to host an investor event covering its current plans and strategy in the near term, with further details to be provided."

The company is positive about 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.

Activities at KON-16 during 2024 are expected to focus on G&G studies as well, 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.