Corcel, the pan-Angola-Brazil focused energy company announces that, through its subsidiary Atlas Petroleum Exploration Worldwide ("APEX"), it has been informed that the Block KON-11 Operator in Angola will shortly recommence intervention activities at the Tobias-13 ("TO-13") and Tobias-14 ("TO-14") wells.

The results of this work will provide additional information relating specifically to the TO-13 and TO-14 wells. Further details regarding these operations will be shared in due course.

Scott Gilbert, Corcel's Chief Executive Officer, commented: 
"Although the initial results from the drilling of the Tobias wells in late 2023/early 2024 did not yield the expected results, the Operator is confident on the potential of the field. While the transformational value for the Company is expected to be highlighted through the forthcoming seismic campaign targeting the pre-salt and post-salt leads and prospects in our various blocks in the Kwanza basin, the historic Tobias Field in KON-11 is an important opportunity for the Company and we are eager to explore the field's remaining potential."

The APEX portfolio is located onshore Angola, and consists of interests in three licences:

• KON - 11 Non-Operated - 12 historical wells (20% working interest - 18% net to CRCL)
• KON - 12 Non-Operated - 8 historical wells (25% working interest - 22.5% net to CRCL)
• KON - 16 Operated - 1 historical well (35% working interest - 31.5% net to CRCL)
• KON-11 and KON-12 are considered brownfield development opportunities and include the historically producing Tobias and Galinda fields, both drilled and developed in the 1960s and 1970s by Petrofina, with combined historic production over 30 MMbbls. Both licences are operated by Sonangol (the Angolan national oil company).

KeyFacts Energy: Corcel Angola country profile