Brazilian Workover Operations Underway
Workover operations commenced on EI-1 well in IRAI field, Brazil, as part of two-well program.
- IRAI field location Tucano Sul Basin, 110km NW of Salvador, Bahia
- Gas reservoir depths 220-825m
- EI-3 well peak production >40,000m3/day (250 BOEPD)
- Average net pay 13m
- Average porosity 23%
- Corcel interest in IRAI 20% with ROFR over remaining 80%
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596/2014, which is part of UK law by virtue of the European Union (withdrawal) Act 2018.
Corcel PLC
("Corcel" or the "Company")
Brazilian Workover Operations Underway
Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is pleased to announce that the operator of the IRAI field in Brazil, Petroborn Óleo e Gás S.A. ("Petroborn"), has commenced workover operations in the EI-1 well, located onshore Brazil in the state of Bahia, as part of a two-well workover program where the Company holds an option to acquire an interest in the field.
Scott Gilbert, Corcel's CEO, commented: "We are delighted that this project is going to plan and we look forward to the results of the workover program in this promising field."
IRAI Asset Overview:
The IRAI gas field is located in the Tucano Sul Basin, about 110km NW of Salvador, Brazil. IRAI is particularly attractive due to the shallow nature of the gas reservoirs, with producing gas zones ranging in depth from 220-825m across the field area. This, combined with the relatively high gas production rates seen in the field, with the EI-3 well peaking at >40,000m3/day (250 BOEPD) of gas, provides the Company with a unique opportunity to materially increase production and revenue generation at low rates of expenditure. Gas reservoirs at IRAI are of good quality, with an average of 13m of net pay and 23% porosity.
- 20% interest in the IRAI gas field
- Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI field
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.