Corcel confirms intervention work to restart in Angola block

(Sharecast News) - Corcel announced on Monday that intervention activities at the Tobias-13 and Tobias-14 wells in Angola's block KON-11 would soon restart. The AIM-traded company's subsidiary, Atlas Petroleum Exploration Worldwide, had been informed by the block's operator that the planned operations would provide further insights into the wells' potential.

It said the results of the intervention activities were expected to deliver additional data specific to the TO-13 and TO-14 wells, supporting the ongoing evaluation of the block's development prospects.

Corcel said that further updates on the progress of the operations would be provided in due course.

"Although the initial results from the drilling of the Tobias wells in late 2023 [and] early 2024 did not yield the expected results, the operator is confident in the potential of the field," said chief executive officer Scott Gilbert.

"While the transformational value for the company is expected to be highlighted through the forthcoming seismic campaign targeting the pre-salt and post-salt leads and prospects in our various blocks in the Kwanza basin, the historic Tobias Field in KON-11 is an important opportunity for the company and we are eager to explore the field's remaining potential."

At 1440 GMT, shares in Corcel were up 2.86% at 0.18p.

Reporting by Josh White for Sharecast.com.