Corcel plc said that initial drilling and testing had been suspended of its onshore TO-13 well in Angola following “inconclusive results”.
POTENTIAL
“After several weeks of well testing and engineering efforts the well has produced minimal levels of water and oil to date,” added the company.
Operator Sonangol will turn its focus to geological and geophysical data collection and studies of the Tobias field in block KON-11.
It will also review the historic Tuenza-1 well which had oil shows in the pre-salt level and associated petrophysical analysis.
Corcel said that it believed that the “identified potential” of the Tobias reactivation effort, and KON-11 more broadly, remained “significant”.
Executive chairman Antoine Karam added that the block partners were reviewing how to 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.”
Corcel’s interests in the onshore Kwanza Basin are blocks KON-11 and KON-12, considered brownfield redevelopment with historic production from the Tobias and Galinda fields, and operated KON-16.