28th Dec 2023 10:22
Corcel PLC - London-based mining and mineral resource development company with interests in flexible energy storage and production - Updates on the drilling results for the Tobias-14, or TO-14 well in the onshore block KON-11 in Angola, where it has a 20% working interest. Says the well encountered a full Binga reservoir section with identical zones as seen in the previous TO-13 well, with oil showing through. Corcel and operator Sonangol believe the results "confirm the ability to reactivate production through an early production system and imply significant hydrocarbon potential remaining". Corcel Executive Chair Antoine Karam comments: "The encouraging results of the TO-14 well constitute a significant milestone toward development of an EPS and providing line of sight to near-term revenue generation for Corcel." Adds that well clean-up and flow testing has now begun on Tobias-14.
Current stock price: 0.66 pence, up 14%
12-month change: more than doubles from 0.26p
By Sabrina Penty, Alliance News reporter
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