Onshore Kwanza Basin

Well understood petroleum system with significant scale and upside

Angola

Onshore Kwanza Basin

Three licence interests across KON-11, KON-12 and KON-16

Operational Progress

eFTG and 2D Seismic Acquisition completed

Operated Position

85% Working Interest, 71.5% Net Interest

Exploration Upside

Prospectivity across pre-salt and post-salt targets with multiple exploration opportunities

Asset Details

KON-16

85% Working Interest

71.5% net interest

Operated

Exploration block with potential in the pre-salt Cuvo formation. Historic wells identified oil shows and confirmed a salt-cored structure.

KON-11

20% Working Interest

18% Net Interest

Non-Operated

Salt-induced anticline discovered in 1961 with reservoir depth around 700m. Historic production reached approximately 29 mmbbls with peak production of 17,500 bbl/d.

KON-12

25% Working Interest

22.5% net interest

Non-Operated

Salt-induced anticline discovered in 1959 with reservoir depth around 1,900m. Historic production reached approximately 2.8 mmbbls with peak production around 2,700 bbl/d.

Prioritising value. Committed to delivery.

PROJECT OVERVIEW

Strategic Ownership

Corcel owns three adjacent onshore blocks, totalling 3,000 square kilometers in the Kwanza basin, strategically positioned in between the coast and Luanda’s oil refinery.

Brownfield Development

KON-11 and KON-12 provide development opportunities including the historically producing Tobias and Galinda fields.

Exploration Potential

KON-16 offers exploration potential including a pre-salt well with oil shows.

Favourable Fiscal Terms

Marginal field fiscal terms provide advantageous royalty, tax and depreciation regimes.