Corcel PLC - London-based mining and resource development company - Says that testing has begun at its 20%-owned Tobias-14 well in the onshore Kon-11 block in northern Angola. Testing is being conducted by Sonangol Ltd, the Luanda-based parastatal oil and gas producer. Testing follows multiple delays at Tobias-14, after equipment delays and severe weather conditions necessitated an extension to the original timeline. Once testing has been completed, Sonangol will move test equipment to the Tobias-13 well pad, and conduct flow-testing. Corcel expects to receive results from Tobias-14 over the next several weeks.

The Tobias field in which wells are located has been inactive since the 1990s, but Corcel believes modern drilling technology and a revised interpretation of the land’s structure could tap into its significant resource potential. Historic peak production at Tobias was 17,500 barrels of oil per day, and the company estimates the block to hold around 65 million barrels, with 11.7 million net to Corcel.

Current stock price: 0.83 pence per share, down 13% in London on Monday morning.

12-month change: multiplied from 0.26 pence on February 12, 2023.

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