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By Ian Walker
Shares of Corcel rose as much as 21% on Thursday after the company said that drilling of the Tobias-13 well in Block KON-11 in Angola, where it has a 20% working interest, has started.
Shares at 1342 GMT were up 0.03 pence, or 12.5%, at 0.27 pence, having peaked at 0.29 pence earlier in the session.
The upstream oil-and-gas development company said that the operator–Sonangol–started drilling the well on Wednesday. Depending on the results of the first well, Sonangol hopes to move to oil production early.
“The commencement of drilling on our Angolan acreage is a very significant milestone for the company and I look forward to updating our shareholders as we advance the work program with our partners,” Corcel Chairman Antoine Karam said.
Write to Ian Walker at [email protected]
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