Corcel Advances Angola’s Block KON-16

Exploration and production company Corcel has entered into two agreements to accelerate the development of Block KON-16, located in Angola’s onshore Kwanza Basin.

As part of the agreements, Corcel will acquire an additional 30% gross interest in the block through a $500,000 deal with Intank Global DMCC. Corcel also signed a binding head of agreement with Sintana Energy to diversify its 5% stake in exchange for $2.5 million.

As a result of the transactions Corcel will increase its ownership stake in Block KON-16 to 71.5%.

According to Scott Gilbert, CEO, Corcel, the firm initially held a 35% gross interest in the block, which was increased to 55% in September 2024 at no cost, reflecting growing confidence in the asset’s potential.

“As we continue to build Corcel, we do so with a stronger balance sheet, a clear strategic vision, and a growing track record of delivering non-dilutive, value-generative transactions. Our focus now shifts to operational delivery and continuing to scale with discipline,” stated Gilbert.

Proceeds from the Sintana deal will be allocated to de-risking and exploration activities planned for 2026. Corcel plans to acquire 300 km of 2D seismic data and further analyze existing seismic collected in 2024 to deepen geological understanding of Block KON-16.

Corcel and Sintana Energy will also collaborate to identify and pursue further oil and gas exploration and production opportunities across Angola.

“Our partnership with Corcel provides us a superior platform for our entry to Angola and we are particularly excited about the potential of KON-16,” said Robert Bose, CEO, Sintana Energy.

Energy Capital & Power spoke with Gilbert about Corcel’s operations in Angola during the last edition of the Angola Oil & Gas conference. Watch the discussion in the video below;