Tobias-14 Oil Well Spud

Further to the announcement on 3 November 2023, Corcel Plc (London AIM: CRCL) is pleased to announce that it has received notice from the Operator of the onshore KON-11 block in Angola, where it has a 20% working interest (18% net), that the Tobias 14 well ("TO-14") has now spudded. The Operator is Sonangol, the largest national hydrocarbon producer in Angola.

Antoine Karam, Executive Chairman of Corcel, commented: "Following closely on the positive initial results of TO-13, the Operator has now completed the rig move and spudded the TO-14 well. We expect a broadly similar timeline to results as with TO-13, and we look forward to initial flow testing of this well once target depth has been reached."

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.

The Company will make additional announcements on further progress at block KON-11 in due course.

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, located at a depth of approximately 700m along the crest of the structure, with 4-14% primary rock porosity which is enhanced by a naturally fractured carbonate system. 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.

596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018.