Corcel plc said that sustained gas production at 20,000m³ a day had been confirmed from the EI-1 well in the IRAI field in the state of Bahia, Brazil. DECISION Operator Petroborn Óleo e Gás S.A. re-entered the well to test the gas zone at 417m and is currently connecting it to existing gas production infrastructure […]
Tag: Corcel plc
Corcel notes start of workover on IRAI
Corcel plc said that a workover had started in the EI-1 well on the IRAI gas field located in the state of Bahia, onshore northeast Brazil. PROMISING Field operator Petroborn Óleo e Gás S.A’s work is part of a two-well workover programme. Corcel holds an option to acquire an interest in the field, which lies […]
Corcel raises £2.7m from strategic investors
Corcel plc has raised £2,717,000 via the issue of 1,698,125,000 new ordinary shares of £0.0001 each at a 6.7% premium price of £0.0016 per share. TVRs The fundraise is with strategic investors with “significant” experience in the oil and gas sector. Each investor will receive one warrant for each placing share to subscribe for one […]
Corcel to restart Tobias wells intervention
Corcel plc’s partner will soon restart intervention activities at the Tobias-13 and Tobias-14 wells on block KON-11 in the Kwanza Basin, onshore Angola. CONFIDENT Previous drilling and testing resulted in minimal oil for TO-13 and significant water in TO-14’s clean-up. The company said that the work by operator Sonangol would provide additional information specifically relating […]
Corcel signs option for IRAI gas field
Corcel plc has marked its first onshore Brazilian acquisition with a binding option for a 20% interest in the IRAI gas field in Bahia, with first right of refusal on the remaining 80%. ABUNDANT The agreement with Petroborn Óleo e Gás S.A. also includes a further first right of refusal for 100% of the adjacent […]
Corcel appoints new chairman and COO
Corcel plc has appointed current independent non-executive director Pradeep Kabra as chairman. He replaces interim postholder Andrew Fairclough who will continue as independent non-executive director on the board and chair of the audit committee. Both first became Corcel directors in December 2023. “I want to express my gratitude to Andrew for his leadership and guidance […]