By Anthony O. Goriainoff
Shares in Corcel rose after the company said drilling results at Angola’s Tobias-13 well have shown the presence of hydrocarbons across several potentially productive zones.
Shares at 0803 GMT were up 0.07 pence, or 12%, at 0.66 pence.
The London-listed oil and gas company said the well gave it a line of sight to near-term revenue generation, and that its testing program will give it invaluable data on how best to deliver on that goal. The well could form the basis of a future early production system and implies significant hydrocarbon potential remain, the Angola-focused company said.
Corcel has a 20% working interest at the onshore block KON-11, where the well is located and operated by Sonangol.
Write to Anthony O. Goriainoff at [email protected]
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