Corcel PLC (LSE:CRCL) shares were under pressure on Monday even though it said testing of its Tobias-14 (TO-14) well in the onshore Block KON-11 in Angola was now underway.
The junior has a 20% working interest (18% net) in Block KON-11 where the operator is local producer Sonangol.
Corcel said testing had been delayed by equipment taking longer than expected to arrive and heavy rains and regional flooding at the well location.
Once completed, Sonangol will move the test equipment to the TO-13 well pad, which is already being prepared for testing, and will conduct flow testing on the TO-13 well.
Initial flow test results for TO-14 will be received over the next several weeks.
Shares fell 9% to 0.86p.