A resilient model for Kwanza Basin exploration

June 11, 2026

Geraldine Geraldo, chief commercial and strategy officer of Corcel, talks to The Energy Year about progress on Corcel's operated KON 16 block and about building a resilient portfolio that combines exploration upside with production stability.

Corcel is an Africa- and Latin America-focused energy company, with three exploration blocks in Angola’s onshore Kwanza Basin.

• Modern seismic imaging is revealing pre-salt prospects in the onshore Kwanza Basin, opening the possibility of testing structures that have not been properly explored since the basin’s early drilling history.
• The Tobias field in KON 11 has produced 29 million barrels, and the Galinda field spanning KON 11 and KON 12 has produced 3 million, indicating strong post‑salt prospectivity and meaningful pre‑salt potential.
• Onshore pre-salt discoveries in Angola would support the country’s push for incremental production, with development timelines and costs expected to be significantly more attractive than offshore analogues.

What are the latest developments in the KON 16 exploration block?
We recently acquired 326 line kilometres of 2D seismic in the onshore Kwanza Basin. For our operated block KON 16, this represents a 227% increase over existing data. The most recent seismic campaign dates to 2010, when the ANPG [National Oil, Gas and Biofuels Agency] conducted a basin-wide survey that included approximately 150 line kilometres over KON 16. So, we now have high-quality coverage across the entire block with clear imaging of the primary pre-salt prospect, Sirius, and the primary post-salt prospect, Canopus, as well as additional prospectivity across the block.
We are now in the processing phase, which should run through to Q4 2026, after which we plan to drill our first exploration well by the end of Q2 2027. This well is particularly significant, as it will be one of the first exploration wells drilled in the Kwanza Basin since the 1960s, and will target the pre-salt.

 

Can you walk us through the rationale for increasing your interest in KON 16 in 2024?
Corcel increased its interest in KON 16 because it represents the most attractive value-accretive opportunity in the onshore Kwanza Basin. The block contains one of the highest-quality pre-salt structures identified onshore. For us, KON 16 is the asset where every incremental dollar deployed has the highest potential return for shareholders. Our strategy in 2024 and 2025 was to consolidate ownership in the basin, especially in blocks where we operate, and to do so at a low entry cost. We entered KON 16 at 35%, increased to 55%, and ultimately secured an 85% working interest through two transactions executed before the seismic uplift in value. Today, Corcel holds 71.5% net interest.
This increased equity is not about taking more risk; it is about creating flexibility and protecting shareholders from dilution. With a larger working interest, Corcel can farm down and bring in a strategic partner to fund the pre-salt well while retaining a meaningful share of the upside. The 5% sale to Sintana Energy for USD 2.5 million – implying a pre-seismic valuation of USD 50 million – validated our strategy and demonstrated that we had created value well above our acquisition cost.
By securing control early, at low cost, we have positioned Corcel to finance drilling through farm-downs rather than equity issuance. We can manage exploration risk while preserving long-term upside for our investors.

What would a KON 16 discovery mean for Corcel and Angola?
A discovery in KON 16 would be transformational for both Corcel and Angola. This is one of the most closely watched wells on the West African margin because it has the potential to prove the first commercial pre-salt system onshore Kwanza. The basin has produced oil since the 1950s, but almost all of it came from post-salt formations; pre-salt potential has never been unlocked due to seismic limitations. With modern imaging, KON 16 is well-positioned to test the play.
For Angola, a successful pre-salt discovery onshore would further the country’s drive for incremental production, low-cost barrels and short-cycle developments. An onshore pre-salt analogue to Cameia or Campos would be far cheaper and faster to bring onstream.
For Corcel, the impact would be immediate and material; a discovery would deliver outsized value accretion per share. It would validate the play, re-rate our acreage, and allow us to fund development through partnerships rather than shareholder dilution.

How do KON 11 and KON 12 fit into your strategy around KON 16?
KON 11 and KON 12 are excellent assets and fit naturally alongside KON 16 in our basin strategy. KON 11 hosts the Tobias field, which produced 29 million barrels, and the Galinda field, which spans KON 11 and KON 12 and produced a further 3 million barrels. Together, they demonstrate strong post‑salt prospectivity, while KON 12 also contains meaningful pre‑salt potential that has never been properly tested with modern seismic.
We have sufficient time in both licences to complete seismic and drill new wells in highly prospective areas, and that work is already underway as both assets move into their seismic programmes. The three adjacent blocks – each one covering roughly 1,000 square kilometres – create a coherent, scalable portfolio with shared geology and shared infrastructure potential for phased capital deployment.

What are your key priorities for growth in the coming years?
Our priorities are to grow organically through our exploration portfolio and add production to balance the near‑term profile. On the exploration side, KON 11, KON 12 and KON 16 give us a long runway for growth. If we make a discovery, Angola’s 20‑year development licences and favourable fiscal terms allow us to unlock multiple prospects across all three blocks over time. These are large, contiguous licences with significant pre‑ and post‑salt potential, giving us a multi‑cycle platform for organic expansion.
In parallel, we seek to add producing assets to complement our high‑impact exploration. Angola’s permanent offer mechanism supports this strategy by allowing continuous engagement with ANPG and the ability to secure production opportunities outside formal bid rounds. Geographically, our focus remains on Angola and Brazil, building a balanced portfolio that combines exploration upside with stable cashflow generation. Overall, the strategy is to use exploration to create long‑term value and use production to create resilience, ensuring Corcel can grow consistently and deliver returns across cycles.

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