Corcel PLC - London-based mining and mineral resource development company with interests in flexible energy storage and production - Notes ‘highly encouraging’ drilling results from Tobias-13 (TO-13) well in onshore Block KON-11 in Angola. Says the well has penetrated the entire Binga reservoir section, concluding a depth of 958.5 metres. Says oil shows found throughout the Binga reservoir confirm the ability to reactivate production in the field. As a result, proceeds to drill a second well, Tobias-14. Says a rig move is underway. Corcel holds a 20% working interest in TO-13.
Executive Chair Antoine Karam says: ‘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 [earnings per share] and provides Corcel with line of sight to near-term revenue generation, and the testing programme 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.’
Current stock price: 0.63 pence, up 7.3%
12-month change: up 92%
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