Corcel to acquire new data on Angola blocks

Corcel plc has received approval to acquire new geological and geophysical data on its three onshore Angola blocks.

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KON-11 and KON-12, considered brownfield redevelopment with historic production from the Tobias and Galinda fields, and operated KON-16 will be subject of an enhanced full tensor gradiometry survey (eFTG).

The programme follows “inconclusive results” at the end of May from TO-13 well and suspension of initial drilling and testing.

Metatek Group will conduct the survey and other geological and geophysical activities during Q3 2024.

Corcel said that the work would provide new insights into the prospectivity and reactivation of the two fields, and other potential leads and prospects.

Interim chief executive Scott Gilbert will progress the Angola operations as well as develop merger and acquisition opportunities in Brazil, while Corcel looks at further funding sources.

Corporate changes see interim executive chairman Antoine Karam revert to the role of non-executive chairman.

“The eFTG survey over our blocks will enhance our geological understanding and bolster our efforts in the Kwanza basin, where we remain confident there is significant potential,” said Mr Karam.

“Despite our recent challenges, we remain focused in achieving our goals, and I remain fully committed to the company as non-executive chairman.”