Corcel Share Discussion Threads

[dicko80] 02/1/2024 08:03

And can't buy 🤣

[dicko80] 02/1/2024 07:57

AK conversation at 0.80p

Back up we go

[dicko80] 01/1/2024 18:45

Happy new year all !

Obviously we didn't know the drill locations, info shared has been limited but it's such a hugely significant RNS TO14 as this location is top of the crest , where the oil migrates too, so most optimal drilling spot.

"The location of the well is at the top of the field's anticlinal structure, set over the larger of the two compartments that constitute the reservoir."

What they encountered...

"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."

HIGH FRACTURED WITH GOOD POROSITY VALUES...

Very good for high flow rates #gusher

Initial pressure readings similar to original well as they state "returned to original pressure levels"

And we know the original wellflowed at its peak

12,580 bbls/d despite only penetrating the first 8m of the reservoir.

We have potentially 10x to test

But also the original well would have been a vertical well, horizontal wells could increase flow rates significantly which have been mentioned in all RNS updates plus this last time also the addition of sidetracks

It's time to get excited 💥💥💥

[mark10101] 01/1/2024 13:39

Z1CO, I would not disagree with that, if things go our way that sort of target is easily achievable. I believe we are still in stealth mode atm with few appreciating the scale of the opportunity here, but when the company has something to shout about the interest it will generate should get us well on our way.

[z1co] 01/1/2024 13:22

Mark

Taking in to account all the positives from the recent rns regarding TO-14 i strongly feel there's a good chance of flows being exceptionally good.

The well is currently being cleaned up and testing will begin in the coming days/weeks

The S&P Global mentions that the company hopes to beat the historic 17,500 b/d.

I have no idea where they have obtained that info but IF that was to to happen then i expect the market cap of the company to be above £100 million , that's more than 10 fold compare to the current value of £10m.

[tigin] 01/1/2024 12:54

Hi where can I find the analyst's video ..thanks

[mark10101] 01/1/2024 12:19

Z1CO, I had missed it.

I personally think the resistance he mentions will get broken to start a new uptrend. How far we go from there is very dependant on news flow. He is ignoring the dilution with his higher targets but breaking the down trend will be a good start.

[z1co] 01/1/2024 11:57

Mark

What do you make of the analyst's video in post 133 ?.

[mark10101] 01/1/2024 11:33

Great article, thanks.

[z1co] 01/1/2024 09:33

Another positive article in S&P Global:



CRUDE OIL | NATURAL GAS | UPSTREAM 29 Dec 2023 | 12:40 UTC

Successful spuds set up oil production return in Kwanza Basin onshore Angola

Author Charlie Mitchell
Editor James Leech
Commodity Crude Oil, Natural Gas, Upstream

HIGHLIGHTS

Drilling success on KON-11 block: Corcel

Onshore block inactive since 1990s

Firms hope to beat historic 17,500 b/d output

The resumption of crude production in the Kwanza Basin onshore Angola after a three-decade hiatus is a step closer after positive drilling results in the KON-11 block, energy company Corcel announced Dec. 28.


The London-listed company said the recently drilled Tobias-14 (TO-14) well confirmed the presence of oil "throughout", mirroring results from the TO-13 well on the same block.
Together, the results effectively confirm that production can be begin once again on the potentially "significant" deposit, Corcel added.

The company holds a 20% stake in the block through its 90% share of Atlas Petroleum Exploration. State-owned oil company Sonangol is the operator with 30%, alongside Brite's Oil and Gas with 25%, Grupo Simples with 20% and Omega Risk Solutions with 5%.

"We've confirmed that the same formations are contiguous between both wells, and data indicates that these zones contain movable oil throughout the reservoir," said Corcel executive chairman Antoine Karam in the update. "Give the historically wide well spacing of the field, there appears to remain substantial areas both undrained and now potentially recharged since the original field was shuttered."

The TO-14 well was drilled to a depth of 781 meters, close to the historic TO-4 well, which previously produced 12,580 b/d of crude.

"Overall, the drilling results for the TO-14 well were positive, with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field, confirming both moveable fluids and the ability to reactivate production in the field," Corcel added in the statement.

The partners will proceed to flow test the TO-14 and TO-13 wells, before "designing the early production system."

Modern technology

KON-11, which sits south of the Angolan capital Luanda, was originally developed by Petrofina in the 1960s and 1970s with a total of 12 vertical wells. It reached peak production of 17,500 b/d and a total of 29 million barrels produced but has been inactive since the 1990s.

Sonangol and Corcel said production on the acreage could be boosted through the use of modern drilling technology, including sidetracks and horizonal drilling.

AIM-listed Corcel, which has assets in Angola and Brazil, said the field could contain 65 million barrels of unproduced prospective oil resources.

Production could begin producing in Q2 2024, the company said previously.

Angola is seeking to boost output after years of production declines caused by underinvestment in mature fields and little exploration activity.

[thenorseman2] 30/12/2023 18:03

MarkCouldn't agree more :)

[z1co] 30/12/2023 10:44

Expect a massive breakout very soon!

[z1co] 30/12/2023 09:24

The CV's are certainly very impressive;

Ms Geraldine Geraldo, the Company's MD Angola and Chief Commercial Officer, joins the Board with immediate effect as an Executive Director. Ms. Geraldo brings with her a legal and business development background, with over 15 years of experience in the oil and gas sector. Ms. Geraldo has held multiple positions with Chevron in the USA and in Angola, and is also an entrepreneur and the founder of multiple businesses.

Mr. Pradeep Kabra, joins the Company with immediate effect as a Non-Executive Director. Mr. Kabra brings over 35 years of oil and gas experience in nearly all facets of the upstream oil and gas sector. Mr. Kabra currently serves as the MD of Ojas Consulting SA, based in Geneva, providing oil and gas technical, strategic, financial and investment banking services across Asia, Africa and the Middle East. Previously he was the CEO and Director of ShaMaran Petroleum Corporation, listed on the Nasdaq and several other markets, which conducted oil exploration and development helping open up the Kurdistan region of Iraq. Prior to this he held various positions in the industry with Addax Petroleum, Petro Canada and Lundin Oil.

Mr. Andrew Fairclough, joins the Company with immediate effect as an Independent Non-Executive Director. Mr. Fairclough brings over 28 years of finance and oil and gas experience, including most recently being the CFO of Serinus Energy plc, an AIM and WSE listed oil and gas production company with assets in Tunisia and Romania and prior to that CFO of Whalsay Energy Limited, a UKCS oil and gas appraisal and development company. Prior to this Mr. Fairclough was an investment banker with extensive experience in M&A and capital markets, predominantly at Flemings, Rothschild and Merrill Lynch.

Subject to completion of regulatory checks, Ms. Jennifer Ayers, the Company's Chief Technical Officer, will join the board in due course. Ms. Ayers has over 25 years of experience in the oil and gas sector, having trained as a geologist, and then held senior positions at CNOOC, Chevron and TotalEnergies, having also spent time at Netherland, Sewell & Associates focusing on audit reserve bookings. Ms. Ayers will join the Board as the Chief Technical Officer, and currently serves as a consultant until due diligence is completed.

Subject to completion of regulatory checks, Mr. Deepak Kohli, a Non-Executive Director, will join the Board in due course as a Non-Executive. Mr. Kohli is the CEO of Faber Capital, based in Dubai, which is active in M&A advisory, capital restructuring, capital raising and asset management in the oil and gas and other sectors. Prior to this Mr. Kohli served as the Global Head of Debt Capital Markets at Standard Chartered Bank. He brings deep experience in corporate finance and capital markets, and a background in audit and accounting.

[z1co] 30/12/2023 09:17

Board changes

Corcel has recently announced the appointment of Geraldine Geraldo, Pradeep Kabra and Andrew Fairclough to its board. It also plans to appoint Jennifer Ayers and Deepak Kohli to the board.

This, the company said, represents Corcel’s shift towards oil and gas, and particularly onshore work in Angola.

Chairman Karam said the “revised board will have the deep executive and oil and gas technical and advisory experience required to drive Corcel to its next level of development, building on the work we have already done to reshape the portfolio and commence our operations in Angola”.

[mark10101] 30/12/2023 09:15

Exactly H, the board has been bolstered in time to give credibility to our bid. AK has stumped up the cash needed to bolster our finances in time for the bid. They have kept flow rates back on both TO-13 and 14 prior to the bid closing. Geographically it is close to our current operations so a good block for us to win. I believe it is announced the 15th January.

[z1co] 30/12/2023 09:15

Thanks HPotter.

[hpotter] 30/12/2023 08:31

There's a well written summary of Corcel's Angolan prospects in today's Energy Voice, which summarises the last few RNSs. Probably written by Corcel and fed to Energy Voice.
A couple of points I'd missed are that the Angolan Onshore License round ends tomorrow, 31/12/23, and that KON-15, which is close to KON-11, is available.
The CV's of the incoming Directors are also quite impressive.

[z1co] 29/12/2023 16:48

Very exciting times for the holders , looking forward to the testing.

TO-14,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.

[z1co] 29/12/2023 16:43

There was so many positives in the rns yesterday.

The data indicate that these zones contain movable oil throughout the reservoir.

Another positive:

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.

[z1co] 29/12/2023 16:27

Nice buying just before the close.

1,000,000 buy @ 0.6975p
1,000,000 buy @ 0.6980p
2,000,000 buy @ 0.6999p

There was a 1,431,771 buy @ 0.6976p from 11.59.

[z1co] 29/12/2023 16:26

JAS2022

Don't be a bellend.

You've been showing your true colours on the VAST and COPL thread and now you've decided to let us all know how idiotic you really are on this forum.

WOW i'm really impressed.

Kindly f#ck off back to the other threads.

Thanks.

[steveberyl] 29/12/2023 12:11

Flow test was always going to be the time when Rocket Boosters are fitted and Price Soars.

Happy New year to all.

[jas2022] 29/12/2023 12:03

But in reality it will be the complete opposite of 1000pc up no doubt 90pc down this time next year you ramping muppet