Highlights
- Block KON-16 holds significant untapped potential due to its favorable geological setting and historical data indicating the presence of hydrocarbons.
- 1 exploration well drilled in 1960 with oil and gas shows.
- Both the 2D Seismic data and the 1 existing well show tremendous potential for hydrocarbons with both post and pre-salt potential.
- 3 post-salt leads and 3 pre-salt leads identified using current seismic database.
- Independent resource assessment planned, following reinterpretation of existing seismic data and the integration of the new eFTG data.
| Partners | Participation Interest |
|---|---|
| Corcel, plc. | 95% |
| Sintana | 5% |
KON-16 Snapshot
| Location | Kwanza Basin, Central Angola |
| Area | 1,000 km2 (250,000 acres) |
| Ownership | Corcel – 95%; Sintana – 5%* |
| Operator | Corcel |
| Carry | No; Sintana has future royalty interest in addition to equity |
| Key Attributes | -The Kwanza Basin is under-explored; first discovery in 1955 with peak drilling in 1960’s/70’s, most recent exploration well was drilled in 1982 -6 modern 2D Seismic lines (2010 TGS) and 1 exploration well drilled in 1960 (oil and gas shows) -KON-16 offers multiple exploration prospects, including a large multi-target play with formations similar to the 2012 Cobalt Cameia discovery offshore Angola -Other primary targets match the Tuenza well reservoirs; shallower secondary targets are also productive elsewhere in the basin |
| Stage | Exploration; Corcel 2D seismic completed Q1 26 |
| Next Steps | Corcel seeking to farm-down to fund a work program which will include the drilling of one exploration well |
| *Head of terms entered into for acquisition of interest in Angolan asset. transaction pending formal documentation and completion – expected 1H 2026 |
KON-16 – About the Permit
The Company entered into a heads of terms with Corcel on 13 May 2025 to acquire an indirect 5% participation interest in the KON-16 licence, which is located in the Central coast of Angola, in the Kwanza Basin. This agreement is subject to certain conditions precedent, but the Company anticipates that it will enter into a definitive agreement and thereafter complete the transaction in H1 2026.
Angola’s onshore oil and gas sector is gaining renewed attention as the Government of Angola seeks to diversify exploration and production beyond its mature offshore fields. In particular, the Kwanza Basin, which stretches along the central-western coast of Angola, holds significant hydrocarbon potential, and is historically under-explored compared to Angola’s prolific offshore deepwater blocks. The basin is now a focal point of efforts to revitalise the country’s upstream sector, with recent licensing rounds and regulatory reforms opening the door for both international oil companies and local players to participate in onshore exploration and production.
