Corcel Share Discussion Threads

[z1co] 28/12/2023 10:35

Corcel soars as latest Angola drilling results point to oil
Published: 08:56 28 Dec 2023 GMT

Shares in Corcel PLC (LSE:CRCL) jumped over 12% on Thursday morning as the company reported positive drilling results from its part-owned site in Angola.

Drilling in the TO-14 well, which is part of the onshore KON-11 block, confirmed oil throughout, the company said in an update.

These mirrored drilling results from the TO-13 well and effectively confirm production can be reactivated on the potentially significant hydrocarbon deposit, Corcel added.

“We've confirmed that the same formations are contiguous between both wells, and data indicates that these zones contain movable oil throughout the reservoir,” executive chairman Antoine Karam said.

“Given the historically wide well spacing of the field, there appears to remain substantial areas both undrained and now potentially re-charged since the original field was shuttered.”

KON-11, in Angola’s Kwanza Basin, was developed by Petrofina between the 1960s and 1970s and has been inactive since the late 1990s.

Now operated by Sonangol and 20% owned by Corcel, the pair anticipate more could be produced at the site through the use of modern technology.

[dicko80] 28/12/2023 10:32

Hotorcold

Sale of assets

WWG $2.8m

Mambare $4.1m

Mt weld $1m (partial)

Total $7.9m

c£6.4m

Covers over 50% mkt cap

New management put funding in place at 100% premium when the share price was .40p to the tune of £10m

[z1co] 28/12/2023 10:14

Hotorcold

Read the rns dated 16/10/2023

[dafad] 28/12/2023 10:11

Good place to start would be padt rns's

[hotorcold] 28/12/2023 10:03

Hi. Just doing some research. How much cash in Bank? What percentage of shares are held by management? Will the company need to raise funds? Thanks

[z1co] 28/12/2023 09:34

The share price will rise towards the 1p and will be considerably higher once the well TO-14 gushes

[z1co] 28/12/2023 09:30

MM's enticing traders to sell by increasing the bid to 0.67p

[dicko80] 28/12/2023 09:30

Production profile

2024 25000 bopd
2025 50000 bopd

Corcel 20%

5,000 bopd
10,000 bopd

Cash cow

[z1co] 28/12/2023 09:27

dean

That's just from TO-14 the operator will flow test TO-13.

If both wells are positive then the price will .....

[dicko80] 28/12/2023 09:25

Hi Dean

Forecast production numbers are higher than 10k gross

[dicko80] 28/12/2023 09:23

Yes should re rate now over time

[deanmatlazin] 28/12/2023 09:22

if it flows 10000bopd, 2000bopd will go to CRCL. With current oil price circa $80/bl,
Corcel revenue will be around $58million dollars per annum. Should 5 bags from current price.

[everready1] 28/12/2023 08:49

why the very muted response?

[dicko80] 28/12/2023 08:45

That is the juicy bit Z1CO

T04 historic well produced 12580 bopd from just 8m reservoir

Today's update confirmed 80m section

Let it flow

[z1co] 28/12/2023 08:40

TO-14 could be a big gusher:

The TO-14 well penetrated the entire Binga reservoir section (80m column) with potential pay zones seen in multiple intervals. TO-14, with a total depth of 781m, was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir.

[richie666] 28/12/2023 08:38

Good morning "Kemche" - Karma's great innit! ;-)

[mark10101] 28/12/2023 08:28

The market will do its thing, the flow rates will do the serious talking, but to get the replenished well pressures and to intersect 10x the oil bearing zone is way way more than I could have hoped for.

[z1co] 28/12/2023 08:26

It's gone NT to buy at 0.65p

[z1co] 28/12/2023 08:24

This was an excellent result and we should see the share price head towards the 1p.

[judijudi] 28/12/2023 08:14

Oh dear Kemche
That was bad timing 🤦🏻🙈🤮

[dicko80] 28/12/2023 08:10

Chart heading bk to 1.5p

[dicko80] 28/12/2023 07:53

valuation

Sale of assets

WWG $2.8m

Mambare $4.1m

Mt weld $1m (partial)

Total $7.9m

c£6.4m

Crcl mkt cap £9m

Angola

REM

Lithium

For £2.6m ?

Add in funding of £10m @ .80p, 50% premium to current sp

Brazil onshore oil and gas assets underreview

Additional Angola onshore and offshore assets under review

Current Angola apraisal drilling

The first two drills are appraisal wells, of which Corcel has net interest of 11.7mmbbls contingent resources

As a current valuation per bbl we are valued at just £0.76 per bbl

Even less if taking out the sale of assets of £6.4m... but let's disregard the cashpile

£9 mkt cap / 11.7mmbbls = £0.76 per bbl

3 different value creation events on an oil discovery

a) in the ground value $3 per bbl

11.7mmbbls x $3 =

$35.1m mkt cap / £28m mkt cap

b) on discovery $6 per bbl

11.7mmbbls x $6 =

$70.2m mkt cap / £56m mktcap

c) on successful flowtest $10 per bbl

11.7mmbbl x $10 =

$117m mkt cap / £93m mkt cap

The current drills a proven oil field , the tobias oil field first well T13 confirmed 120m oil column

current estimate is 65mmbbls of recoverable oil remains ,the current recovery factor used is 31%,so suggest the oil in place is around 200mmbbls but the operator and corcel believe there may be more oilinplace by completing the wells with modern techniques

There has been 12wells drilled historically, the area of closure is mapped and the 4previous wells that failed were outside the closure

Info on the below link



Once T14 completed and as per July presentation, expectation is for horizontal drilling from the vertical wellbore.

Horizontal drilling will access more of the reservoir , we know the reservoir is upto 120m thick but the area of closure has been mapped to 3400 acres , so if Google is correct this is an area of 3709m x 3709m



Please review the following link ,item C , increase the length of payzone



This will ramp up production, multiple times that of vertical well produces

As per timeframes , first oil is a quick turnaround expected in the next 6 months

Once into production, we will be cash generating !

No more dilution to shareholders

from the current mkt cap £9m there is huge upside to the forecasted aggressive production numbers , the plan looks to quickly drain the reservoir by production from horizontal drilling...

Item B on the below link



Potentially could ramp production x5x6 times

Forecast for corcel to be producing net 000's bopd

Very cash generative

buying now and holding for a few years ..

multiples in value

Then any other success in Angola especially from KON16 where our share is 300mmbbls net ,although this is exploration there was 12m oil found in previous well, so not your wildcat licence area

Lots of upside from current £9m mkt cap

[dicko80] 28/12/2023 07:41

Corcel's estimated unproduced prospective oil resources are 65 MMbls with 11.7 MMbls net to CRCL. The field will qualify for marginal field fiscal terms, as outlined by the Angolan government, resulting in advantageous royalty, tax and depreciation regimes.


About KON-11 and the Kwanza Basin

As previously announced, KON-11 is considered a brownfield development and includes the historically producing Tobias field, drilled, and developed by Petrofina in the 1960s and 1970s, and inactive since the late 1990s. The Tobias field constituted 12 historic vertical wells, and Corcel and the operator believe that a revised interpretation of the existing structures along with the application of modern drilling and completion technology, including potentially adding sidetracks or horizontal drilling to the Field Development Plan ("FDP") will lead to a higher Original Oil in Place ("OOIP") figure recognized in the reactivated field and subsequently more producible field resource potential

[mark10101] 28/12/2023 07:35

I missed the returning to original pressure bit! 80m at original pressures…R30;……230;……

“TO-14 drilling encountered high fractured Oolitic Limestones in the reservoir with good porosity values. Initial pressure readings support Corcel's predrill thesis that the reservoir has returned to its original pressure levels through active recharge of the system.”