ANGOLA: Corcel Completes eFTG on Block KON-16

Corcel Plc has announced that the its contractor, Metatek Group, has completed the acquisition of data phase of the Enhanced Full Tensor Gradiometry Survey (eFTG) on Block KON-16 as originally announced on 7 June 2024. KON-16 is 35% owned and operated by Corcel, through its subsidiary Atlas Petroleum Exploration Worldwide Ltd.

With data collection efforts now completed, the Company’s focus moves to processing and interpretation, which is expected to extend through Q4 2024.  The Company looks for this work to deliver highly accurate geological representations of critical interest for further developing the prospectivity of KON-16, which when fully integrated with the existing 2D seismic and well data, will enable the Company to high grade prospective areas in this large 1,000 sq km block and design a focused 2D seismic acquisition program in 2025 which the Company intends will ultimately lead to the drilling of the first new well on the block since the 1960s. 

Corcel CEO Scott Gilbert commented:

“We are very pleased with the completion of the acquisition of data phase of the eFTG survey on Block KON-16. This is a significant milestone in our exploration efforts, providing us with an important dataset that will help refine our understanding of the subsurface structure and prospectivity of this large, underexplored block.”