Corcel PLC on Friday said exploration work has commenced at its 20% owned Block KON-11 in Angola.

The London-based mining and mineral resource development company with interests in Angola and Brazil said preparation work ahead of drilling and appraisal at the KON-11 block in the Kwanza Basin in Angola has been started by the block’s operator

The firm said the initial plan, which is subject to the results of the first well, will include at least one more well, focused on moving into early oil production if the drilling programme is successful.

Corecel added that it will look to improve its structural maps of the block and resume production at the well if the drilling results are positive. It noted that KON-11 has been shut-in since the 1990s.

The company said it believes a revised interpretation of the block, as well as modern drilling and completion technology, such as horizontal drilling, could lead to the achievement of a higher original oil in Place figure

Chair Antoine Karam said: ‘The commencement of activity on our Angolan acreage is a significant milestone for the company as we refocus our strategy and look to create material value for our investors. This news is an important part of Corcel’s evolution as we focus on oil and gas opportunities and we look forward to updating our shareholders as we advance the work programme with our partners.’

Corcel shares rose 5.3% to 0.25 pence each on Friday morning in London.

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