Corcel (GB:CRCL) has released an update.
Corcel PLC, a prominent exploration and production company, has suspended drilling and well testing at their KON-11 site in Angola due to inconclusive results, shifting focus to geological and geophysical studies. The company maintains that their Angolan assets, which include three blocks in the Kwanza Basin with historic and potential oil resources, remain significant for commercial development. Despite the setback, Corcel is planning an investor event to discuss current strategies and the promising upside of their operated block KON-16, which shows substantial recoverable oil leads.
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