Corcel Plc, an AIM-listed company with interest across battery metals and oil & gas, has acquired a 90% interest in Atlas Petroleum Exploration Worldwide Limited (Apex Atlas), which was recently awarded operated and non-operated interests in onshore oil & gas blocks in Angola. The company is not to be confused with Atlas Petroleum International, the Nigerian exploration & production company.
In May 2021, Apex Atlas was awarded a 20% working interest in the KON 11 and a 25% interest in the KON 12 blocks, two licenses that have produced between 1970 and 1990. They hold strong redevelopment potential focused on the Tobias and Galinda fields. The company was also awarded a 35% interest as operator of the KON 16 exploration block.
A license signature and award ceremony is scheduled to take place later this week in Angola to formalize the deal. The transaction would complete only upon the formal execution of three risk service contracts (RSC) with the Angolan government covering the KON 11, 12 and 16 Blocks.
The minimum spend on KON 11 and KON 12 is of $6m, while that of KON 16 is of $3m, with a commitment to drill one well on all three blocks, according to Corcel.
“The Kwanza basin has been producing for 35 years, is a well understood petroleum system and has both significant scale and upside. Corcel sees significant opportunities to increase the legacy operator estimated resources given the structural configuration of the basin and recent new structural mapping. We also see large stratigraphic and structural pre salt structures on blocks, analogous to the offshore Cameia discovery. Our initial focus will however be on quickly securing first oil and revenues through our redevelopment opportunities,” said James Parsons, Executive Chairman at Corcel.