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On 20 February 2025, Corcel PLC announced that Petroborn Óleo e Gás S.A., the operator of the IRAI field in Brazil, commenced workover operations. These operations are taking place in the EI-1 well, located onshore Brazil in the state of Bahia, as part of a two-well workover program. Corcel PLC holds an option to acquire an interest in the IRAI field.
| Date | 20 Feb 2025 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 7759X |
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Corcel PLC
("Corcel" or the "Company")
Brazilian Workover Operations Underway
20 February 2025
Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is pleased to announce that the operator of the IRAI field in Brazil, Petroborn Óleo e Gás S.A. ("Petroborn"), has commenced workover operations in the EI-1 well, located onshore Brazil in the state of Bahia, as part of a two-well workover program where the Company holds an option to acquire an interest in the field.
Scott Gilbert, Corcel's CEO, commented: "We are delighted that this project is going to plan and we look forward to the results of the workover program in this promising field."
IRAI Asset Overview:
The IRAI gas field is located in the Tucano Sul Basin, about 110km NW of Salvador, Brazil. IRAI is particularly attractive due to the shallow nature of the gas reservoirs, with producing gas zones ranging in depth from 220-825m across the field area. This, combined with the relatively high gas production rates seen in the field, with the EI-3 well peaking at >40,000m3/day (250 BOEPD) of gas, provides the Company with a unique opportunity to materially increase production and revenue generation at low rates of expenditure. Gas reservoirs at IRAI are of good quality, with an average of 13m of net pay and 23% porosity.
For further information, please contact:
Scott Gilbert Corcel Plc CEO & Director
James Joyce / James Bavister / Andrew de Andrade Zeus NOMAD & Broker
020 3829 5000
Jonathan Wright / Rupert Holdsworth Hunt Auctus Advisors Joint Broker
07711 627449
Patrick d'Ancona Vigo Communications IR
0207 3900 230
About Corcel:
Corcel has a notable oil and gas portfolio in onshore Angola that includes brownfield redevelopment opportunities and significant exploration upside. Corcel marked a new country entry into Brazil by acquiring rights to producing gas and exploration assets, further diversifying its portfolio and enhancing its growth potential.
Corcel's Angola portfolio consists of interests in three licenses:
· KON - 16 Operated - 55% working interest - 49.5% net to CRCL
· KON - 11 Non-Operated - 20% working interest - 18% net to CRCL
· KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL
Corcel's Brazil portfolio consists of the option to acquire:
· 20% interest in the IRAI gas field
· Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI field
· ROFR for 100% of the adjacent TUC-T-172 exploration block, located in the state of Bahia, onshore Brazil
Corcel's Battery Metals portfolio consists of an 80% working interest in the Mt Weld Rare Earth Elements project in Western Australia.