BATTERY METALS EXPLORATION & FLEXIBLE GRID SOLUTIONS
“(https://www.proactiveinvestors.co.uk/LON:CRCL/Corcel/)), in its interim results statement, told investors that its business is now extremely well placed to take advantage of the growing trends underpinning the world’s transition to a low carbon economy.”
Pretty please
Also want this please
A positive update from Corcel, outlining plans to secure income in the short term and an investor relations event touted for March
Incredible things going on here for a 7m market cap co.
The Chairman has just funded the company for 10m today at a huge premium and they’re awaiting the results of their first drill for oil with Sonangol the Angola state oil company. Interesting times!
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 revised interpretation of the existing structures along with the application of modern drilling and completion technology, including potentially horizontal drilling will lead to a higher Original Oil in Place ("OOIP) figure in the reactivated field being achieved.
The traditional Tobias field reservoir is in the Binga limestone, with 4-14% porosity located at a depth of approximately 700m. Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field.
Corcel’s estimated unproduced contingent oil resources are estimated at 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.
People are thinking this could go to 0.1 next week.
It’s a potential black gold mine
if they hit oil, which has a good chance as it’s an ex producing asset, it doubles fast if not more from this cap… if they don’t find any, well it drops. It’s as binary as that
Finally, the Company announces that it has formally notified YA II PN Ltd and Riverfort Global Opportunities PCC, and has now repaid the balance of the corporate debt due following today’s conversion notice. This payment fully retires the facility, most recently announced on 30 January 2023.
Antoine Karam, Executive Chairman of Corcel, commented: “The retirement of this legacy debt position alongside the convertible loan facility recently announced, continues the Company’s transition to a new framework of funding our development. We thank our warrant holders for helping facilitate this process through their conversion and for demonstrating their material support for our ongoing development.”
These found oil today. With Sonangol, Angola state oil co ($ 8 billion revenue etc)…
Bit of weakness on news as it’s had a decent rise over last couple weeks, but still only £8m m/c.
Keep an eye on it turning over days ahead once it churns out 
flow rates and second well being drilled.
Gone blue from 8% down. There will be some bumps in the road but check it out. £8m m/c… into production early 24 with Angola government oil co Sonangol further wells and blocks to drill, and funded.
£7m m/c. Production in probably 4 months. Funded by Chairman loan for £10m. Partner with Sonangol, Angola state oil co. It’s cheap guys, if you have patience
RNS
Block KON-11 Operations
In continuation of the workplan for Block KON-11, and given the positive results from the Tobias-13 (“TO-13”) well (with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field), the consortium is taking steps towards implementation of an early production system (“EPS”).
A well testing program for both TO-13 and TO-14 will commence after reaching total depth of the TO-14 well, with the objective of flowing both wells and designing an EPS.
Resuming exploration activities in Block KON-11, specifically reactivating production in the onshore Kwanza Basin, which has been shut-in since the 1990’s, represents an important milestone for the Angolan oil industry in general and Corcel in particular.
Up we go then.
Crazy market cap when you see historic production levels on this resource was 17,000 barrels of oil per day. Read the bottom paragraphs of yesterday spud RNS.
Well that news today confirms the whole resource is intact, can go into production- and has actually replenished since it was producing 30 years ago.
This is still cheap if they’re producing circa 4000 bopd by mid next year as on presentation.
Find your entry and dyor
Read todays RNS
Hope people looked. Highly likely this pops past 1p ahead of flow rates on these two wells
It’s all good!
Anyone know why it got closed at .8 when all buys towards closing were .1p or above ?
Could be a good opportunity here imo.
That RNS last week only said delays and problems to testing first well, it could still flow oil.
And they’re also moving to testing the second well where they discovered oil last December.
Any oil flow here at 8 million cap and it could do well.
Certainly a bit of risk, but this was a previous production oil field doing 20,000 plus BOPD back in the 90’s, owned by Petrofina.
Sonangol who are operator here, should find oil, they’re a huge state oil co, Africas second largest oil operator
Keep an eye imo
While it’s at a 50% discount to recent prices go back and read up old RNS from before xmas … both wells encountered oil … wait it out, testing is still happening … £8m m/c lol
“Therefore, the consortium is proceeding to testing of the TO-14 and then the TO-13 wells, with the objective of flowing the wells and then moving on to the next phase focused on designing the early production system.”
£8m market cap. Opportunity for the brave
“Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field.
Corcel’s estimated unproduced prospective oil resources are 65 MMbls with 11.7 MMbls net to Corcel.”
