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REG - Corcel PLC - Half-year Report

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RNS Number : 7994C  Corcel PLC  31 March 2025

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014, which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

Corcel PLC

("Corcel" or the "Company")

Half Year Report

 

31 March 2025

 

Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is
pleased to announce its unaudited half-year results for the six months ended
31 December 2024.

 

Chairman's Statement

Dear Shareholders,

I am pleased to present the interim results of Corcel Plc for the six-month
period ending 31 December 2024.

Corcel entered this financial year with a clear mission - to transform into a
high-growth energy platform driven by technical expertise, operational
efficiency, and strategic capital allocation. We have focused on disciplined
execution, strengthening our portfolio, and are making significant progress in
our strategy. I am happy to report that the transformation is progressing
satisfactorily.

In Angola, in our operated KON-16 block we made significant progress. The
successful completion of the Enhanced Full Tensor Gradiometry (eFTG) survey
post year-end was followed during this interim period by the processing and
interpretation of the data. This critical work will set the next stage of our
exploration programme, including seismic acquisition and eventual drilling.
Our confidence in KON-16's pre-salt potential is reinforced by our increased
equity position, now at 49.5%.

Meanwhile, activity continues on the non-operated blocks KON-11 and KON-12,
where the operator's work to assess and resolve challenges encountered in the
TO-13 and TO-14 wells remains ongoing. Corcel continues to work with the
Operator to realise the future potential of these assets.

In Brazil, our entry through a strategic collaboration agreement has opened
doors to low-risk, near-term production. Post interim period, in February
2025, we announced the successful result in the EI-1 well workover. Our
efforts now turn to the second workover well, which will assist us in further
evaluating the Irai opportunity, and Corcel's decision of potentially
exercising the Option it holds to acquire 20% of the field.  Additional
opportunities are under active evaluation, consistent with our ambition to
grow a robust production portfolio in this strategically important market.

Post interim period, in February 2025, we successfully raised £2.72m at a
6.7% premium to the previous day closing price to fund value-accretive ongoing
operational activities across our assets, business development efforts to
increase our interest in the Kwanza Basin, onshore Angola, and our growth
strategy in Brazil. This capital injection allowed us to strengthen our
balance sheet and financial position. It also demonstrates investor confidence
in our assets and our team as a whole.

Our Board remains focused on governance and accountability, ensuring Corcel's
growth is underpinned by strong oversight and prudent risk management as we
scale operations.

Outlook

As we enter the second half of the financial year, Corcel is in a stronger,
more focused position than ever before. Our near-term priorities are clear:

o  Finalising the eFTG data interpretation for KON-16 and advancing toward
seismic and drilling;

o  Increasing our interests across the Kwanza Basin, onshore Angola;

o  Potentially converting the Irai option into our first production asset and
identifying follow-on acquisitions in Brazil;

o  Supporting Sonangol's efforts to unlock value in KON-11 and KON-12;

o  Maintaining a disciplined approach to capital deployment, aligned with
strategic value creation.

In summary, we are entering a phase of execution and delivery. The foundation
laid over the past year is now enabling us to transition into a business
capable of generating revenues while continuing to build long-term exploration
and development upside.

I would like to thank our shareholders for their continued trust and support,
and our employees and partners for their commitment to this shared vision.
Together, we are building a stronger, more resilient Corcel.

Yours sincerely,

Pradeep Kabra
Independent Non-Executive Chairman

Corcel Plc

 

CEO's Statement

 

Dear Shareholders,

Corcel has entered 2025 with strength. The groundwork laid over the past 9 to
12 months - both operationally and commercially - is now beginning to convert
into tangible progress. With material developments across our portfolio in
Angola and Brazil, a strengthened financial position, and a clear pathway to
value delivery, Corcel is moving into a phase where momentum is unmistakably
building.

Angola: A Leading Position in the Kwanza Basin

In Angola's Kwanza Basin - rapidly emerging as one of the most closely watched
onshore energy frontiers globally - Corcel has secured a leading position. We
now hold a 49.5% interest in our operated KON-16 block, a meaningful increase
achieved at no cost to the Company. This enhanced position gives us both
strategic control and expanded exposure to the significant upside this basin
offers.

The completion of the Enhanced Full Tensor Gradiometry (eFTG) survey over
KON-16, followed by the start of data processing during this reporting period,
represents a pivotal technical step. This work will directly contribute
towards our 2D seismic acquisition later this year, a programme that will
define the roadmap toward the first new well on KON-16. Importantly, our
operator status puts us in the driver's seat, enabling us to maintain strict
cost discipline while driving forward value-accretive activity.

Elsewhere in the basin, work recommenced on the Tobias wells in KON-11, as the
operator seeks to unlock value in this historic oilfield.

The Kwanza Basin is attracting increasing attention from international and
regional players. Corcel was the first AIM-listed independent to secure
operated acreage in this prolific region - and that first-mover advantage is
now becoming a competitive edge, especially as we take steps to increase our
interests across the basin.

Brazil: From Entry to Execution

Our expansion into Brazil is progressing at speed. In November 2024, we
secured a binding option over the producing IRAI gas field, and by February
this year, the first workover was successfully completed - confirming
stabilised gas production at 120 BOEPD. The well has now been tied in and has
come online, demonstrating not just technical success, but the speed and
discipline with which our team and partners can deliver.

Following the outcome of the second workover, we will assess the commercial
case for exercising the IRAI option - an investment decision that could see
Corcel step into cash-generating production in Brazil. This rapid timeline,
from deal signing to well reactivation, showcases our ability to move
decisively in unlocking value.

With rights of first refusal over the remaining 80% of the IRAI field and the
adjacent TUC-172 block, we are well positioned to scale our presence in this
highly prospective basin.

Brazil is central to our production-led strategy, and we are actively
evaluating several further opportunities to build a robust, margin-accretive
portfolio.

Strengthened Financial Platform

In February 2025, we successfully raised £2.72 million in a placing completed
at a 6.7% premium to the previous day's closing price - an uncommon
achievement for an AIM-listed growth company in the current markets, and a
clear signal of confidence in our direction. This followed an earlier raise of
£1.22 million in September 2024, also supported by strategic energy-focused
investors.

Taken together, these transactions have bolstered our balance sheet and
provided the flexibility to accelerate activity across both Angola and Brazil
- funding seismic planning, workovers, and business development without
compromising capital discipline or shareholder value.

Execution-Focused - Catalysts Ahead

As we look ahead to the second half of the financial year, Corcel is focused
on a) finalising KON-16 eFTG interpretation and preparing for 2D seismic
acquisition; b) advancing the second IRAI workover and evaluating a potential
step into revenue-generating production; and c) targeting growth through
further asset consolidation in Angola and acquisition-led expansion in Brazil.

Corcel is no longer a company setting the stage - it is stepping into the
spotlight. We are operating in two of the most exciting onshore energy plays
globally, with strong partnerships, growing investor support, and a team
executing with clarity and urgency.

To our shareholders, thank you for your continued support. With solid
foundations in place and a clear strategy ahead, we're confident that the most
exciting chapters for Corcel are still to come.

 

Sincerely,

Scott Gilbert

Chief Executive Officer

Corcel Plc

 

Consolidated statement of financial position

as at 31 December 2024

                                              Notes  31 December 2024       31 December 2023       30 June 2024
                                                     Unaudited, £'000       Unaudited, £'000       Audited, £'000
 ASSETS
 Non-current assets
 Exploration and evaluation assets                   8,544                  3,499                  7,713
 Property, plant and equipment                       11                     494                    8
 FVTOCI financial assets                      6      1                      1                      1
 Other receivables                                   183                    749                    173
 Total non-current assets                            8,739                  4,743                  7,895

 Current assets
 Cash and cash equivalents                           222                    143                    268
 Trade and other receivables                         1,021                  208                    917
 Total current assets                                1,243                  351                    1,185
 Assets held for sale                         7                                                    2,975

                                                     2,975                  3,091
 TOTAL ASSETS                                        12,957                 8,185                  12,055

 EQUITY AND LIABILITIES
 Equity attributable to owners of the parent
 Called up share capital                      8      3,087                  2,871                  2,953
 Share premium account                               32,385                 29,005                 31,110
 Other reserves                                      3,072                  2,453                  2,802
 Retained earnings                                   (32,674)               (29,211)               (30,980)
 Total equity                                        5,870                  5,118                  5,885

 LIABILITIES
 Current liabilities
 Trade and other payables                            5,673                  776                    4,840
 Short term borrowings                               1,414                  2,291                  1,330
 Total current liabilities                           7,087                  3,067                  6,170
                                                                                                   12,055
 TOTAL EQUITY AND LIABILITIES                        12,957                 8,185                  4,840

 

The accompanying notes form an integral part of these financial statements.

 

Consolidated statement of income

for the period ended 31 December 2024

 

                                      Notes  6 months to 31 December 2024      6 months to 31 December 2023
                                             Unaudited, £'000                  Unaudited, £'000

 Gain on sale of JV projects                 -                                 166
 Administrative expenses              3      (1,321)                           (1,388)
 Project expenses                            (168)                             (32)
 Foreign currency (loss)/gain                (289)                             63
 Finance (costs)/income, net                 84                                (74)
 Loss for the period before taxation         (1,694)                           (1,265)
 Tax expense                                 -                                 -
 Loss for the period after taxation          (1,694)                           (1,265)

 Earnings per share
 Loss per share - basic, pence        4      (0.05)                            (0.09)
 Loss per share - diluted, pence      4      (0.05)                            (0.09)

 

 

 

 

Consolidated statement of comprehensive income

for the period ended 31 December 2024

 

                                                                                   6 months to 31 December 2024      6 months to 31 December 2023
                                                                                   Unaudited, £'000                  Unaudited, £'000

 (Loss)/profit for the period                                                      (1,694)                           (1,265)
 Unrealised foreign currency gain/(loss) on translation of foreign operations      245                               (29)
 Revaluation of FVTOCI investments                                             6
 Total comprehensive loss for the period                                           (1,449)                           (1,294)

 

The accompanying notes form an integral part of these financial statements.

Consolidated statement of changes in equity

for the period ended 31 December 2024

 

The movements in equity during the period were as follows:

 

                                                                                Share capital  Share premium account  Shares to be issued  Retained earnings  Other reserves  Total Equity
                                                                                £'000          £'000                  £'000                £'000              £'000           £'000

 As at 1 July 2023 (audited)                                                    2,842          28,138                 -                    (27,945)           2,481           5,516
 Changes in equity for six months ended 31 December 2023
 Profit/ (loss) for the period                                                  -              -                      -                    (1,265)            -               (1,265)
 Other comprehensive (loss)/income for the period                               -              -                      -                    -                  -               -
 Unrealised foreign currency gain arising on translation of foreign operations  -              -                      -                    -                  (29)            (29)
 Total comprehensive (loss)/income for the period                               -              -                      -                    (1,265)            (29)            (1,294)
 Transactions with owners
 Issue of shares                                                                29             867                    -                    -                  -               896
 Total Transactions with owners                                                 29             867                    -                    -                  -               896

 As at 31 December 2023 (unaudited)                                             2,871          29,005                 -                    (29,210)           2,452           5,118

 

 

 As at 1 July 2024 (audited)                                                    2,953  31,110  -   (30,980)  2,802  5,885
 Changes in equity for six months ended 31 December 2024
 Profit/ (loss) for the period                                                  -      -       -   (1,694)   -      (1,694)
 Other comprehensive (loss)/income for the period
 Unrealised foreign currency gain arising on translation of foreign operations  -      -       -   -         245    245
 Total comprehensive (loss)/income for the period                               -      -       -   (1,694)   245    (1,449)
 Transactions with owners
 Issue of shares                                                                134    1,275   -   -         -      1,409
 Options issued                                                                 -      -       -   -         25     25
 Total Transactions with owners                                                 134    1,275   -   -         25     1,434

 As at 31 December 2024 (unaudited)                                             3,087  32,385  -   (32,674)  3,072  5,870

 

The movements in equity during the period were as follows:

 

                                                                          FVTOCI investments reserve  Share-based payments reserve  Warrants  Foreign currency translation reserve  Total other reserves

                                                                                                                                    Reserve
                                                                          £'000                       £'000                         £'000     £'000                                 £'000
 As at 1 July 2023 (audited)                                              (2)                         169                           1,778     536                                   2,481
 Changes in equity for six months ended 31 December 2023
 Other Comprehensive income
 Share options granted during the year                                    -                           -                             -         -                                     -
 Warrants granted during the year                                         -                           -                             -         -                                     -
 Unrealised foreign currency gains arising upon retranslation of foreign  -                           -                             -         (29)                                  (29)
 operations
 Total comprehensive income/(loss) for the period                         -                           -                             -         (29)                                  (29)
 As at 31 December 2023 (unaudited)                                       (2)                         169                           1,778     507                                   2,452

 

 

 As at 1 July 2024 (audited)                                              (2)  385  1,900  519  2,802
 Changes in equity for six months ended 31 December 2024
 Other Comprehensive income
 Share options granted during the year                                    -    25   -      -    25
 Unrealised foreign currency gains arising upon retranslation of foreign  -    -    -      245  245
 operations
 Total comprehensive income/(loss) for the period                         -    25   -      245  270
 As at 31 December 2024 (unaudited)                                       (2)  410  1,900  764  3,072

 

Consolidated statement of cash flows

for the period ended 31 December 2024

 

                                                                 Note  6 months to 31 December 2024      6 months to 31 December 2023
                                                                       Unaudited                         Unaudited

                                                                       £'000                             £'000

 Cash flows from operating activities
 (Loss)/profit before taxation                                         (1,694)                           (1,265)
 Decrease/(increase) in receivables                                    55                                546
 Increase in payables                                                  883                               61
 Depreciation                                                          -                                 1
 Share-based payments                                                  25                                -
 (Gain)/loss on foreign exchange                                       1                                 (35)
 Finance cost, net                                                     (84)                              74
 Equity settled transactions                                           217                               -
 Net cash flows from operations                                        (597)                             (618)

 Cash flows from investing activities
 Investment in exploration and evaluation assets                       (574)                             (1,485)
 Purchase of property, plant and equipment                             (3)                               (494)
 Net cash flows from investing activities                              (577)                             (1,979)

 Cash flows from financing activities
 Proceeds from issue of shares                                         1,192                             896
 Proceeds of new borrowings, as received net of associated fees        -                                 2,257
 Repayment of borrowings                                               (57)                              (641)
 Net cash flows from financing activities                              1,135                             2,512

 Net decrease in cash and cash equivalents                             (39)                              (85)

 Cash and cash equivalents at the beginning of period                  268                               257
 Effects of foreign exchange translation on currency holdings          (7)                               (29)
 Cash and cash equivalents at end of period                            222                               143

 

 

 

Half-yearly report notes

for the period ended 31 December 2024

 

 1  Company and Group

 

     As at 30 June 2024 and 31 December 2024 the Company had one or more operating
     subsidiaries and has therefore prepared full and interim consolidated
     financial statements respectively.

     The Company will report again for the full year ending 30 June 2025.

     The financial information contained in this half yearly report does not
     constitute statutory accounts as defined in section 435 of the Companies Act
     2006. The financial information for the year ended 30 June 2024 has been
     extracted from the statutory accounts of the Group for that year. Statutory
     accounts for the year ended 30 June 2024, upon which the auditors gave an
     unqualified audit report which did not contain a statement under Section
     498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of
     Companies.

 

 2  Accounting Polices

 

     Basis of preparation
     The consolidated interim financial information has been prepared in accordance
     with IAS 34 'Interim Financial Reporting'.  The accounting policies applied
     by the Group in these condensed consolidated interim financial statements are
     the same as those applied by the Group in its consolidated financial
     statements as at and for the year ended 30 June 2024, which have been prepared
     in accordance with IFRS.

     Going Concern

     It is the prime responsibility of the Board to ensure the Company and the
     Group remain going concerns and so will be able to discharge its financial
     obligations as they fall due. At 31 December 2024, the Group had cash and cash
     equivalents of £0.222 million and £1.41 million of borrowings and access to
     a variety of funding options, including the capacity to undertake capital
     market placings of new shares and the potential issuance of loan notes.
     During the period the Company raised £1.22 million of new equity, and after
     the period the Company raised a further £2.72 million of new equity through a
     placing to a group of institutional oil and gas investors supportive of the
     Company's initiatives.

     Whilst the Directors remain confident that funding will be secured as and when
     required to continue to progress the Group's projects and meet its
     obligations, there can be no certainty that the Company will be able to secure
     necessary funding as required.  Consequently, there exists a material
     uncertainty over the application of the going concern principle.

     On the back of this recent fundraising, considering expectations of future
     capital availability, and having considered the prepared cashflow forecasts
     and the Group budget, , the Directors consider that they will have access to
     adequate resources in the 12 months from the date of the signing of these
     Financial Statements.  As a result, they consider it appropriate to continue
     to adopt the going concern basis in the preparation of the Financial
     Statements.

     Should the Group be unable to continue trading as a going concern, adjustments
     would have to be made to reduce the value of the assets to their recoverable
     amounts, to provide for further liabilities, which might arise, and to
     classify non-current assets as current. The Financial Statements have been
     prepared on the going concern basis and do not include the adjustments that
     would result if the Group was unable to continue as a going concern.

 

 3  Administrative expenses

                                        6 months to              6 months to

                         31 December 2024         31 December 2023
                                            Unaudited                Unaudited

                        £'000                    £'000
    Staff Costs:
    Payroll                                 586                      448
    Pension                                 20                       10
    Staff welfare                           -                        3
    Share based Payments -Staff             144                      -
    HMRC / PAYE                             71                       38
    Total:                                  821                      499

    Professional Services:
    Accounting                              64                       57
    Legal                                   40                       35
    Business Development                    5                        4
    Marketing & Investor Relations          54                       39
    Funding costs                           47                       317
    Other                                   58                       86
    Total:                                  268                      538

    Regulatory Compliance                   59                       63

    Travel                                  75                       143

    Office and Admin Costs:
    General                                 33                       78
    IT costs                                4                        8
    Depreciation                            1                        1
    Rent - Main Office                      16                       16
    Insurance                               44                       42
    Total:                                  98                       145

    Total administrative expenses           1,321                    1,388

 

 

 4  Loss per share

 

     The following reflects the loss and share data used in the basic and diluted
     profit/(loss) per share computations:

 

                                                                                     6 months to                                                                                             6 months to

                                                                                      31 December 2024                                                                                        31 December 2023
                                                                                     Unaudited                                                                                               Unaudited

     Loss attributable to equity holders of the parent company, in Thousand          (1,694)                                                                                                 (1,265)
     Sterling (£'000)

     Weighted average number of Ordinary shares of £0.0001 in issue, used for        3,120,161,497                                                                                           1,441,324,515
     basic and diluted EPS

     Loss per share - basic and diluted, pence                                       (0.05)                                                                                                  (0.09)

                                            At 31 December 2024 and at 31 December 2023, the effect of all the instruments
                                            is anti-dilutive as it would lead to a further reduction of loss per share,
                                            therefore they were not included into the diluted loss per share calculation.

                                            Options and warrants that could potentially dilute basic EPS in the future,
                                            but were not included in the calculation of diluted EPS because they are
                                            anti-dilutive for the periods presented:

                                                                                                                              6 months to                                      6 months to

                                                                                                                               31 December 2024                                 31 December 2023
                                                                                                                              Unaudited                                        Unaudited

                                            Share options granted to employees - total, of them                               333,720,567                                      26,687,412
                                            -       Vested at the end of the reporting period                                 6,081,134                                        -
                                            -       Not vested at the end of the reporting period                             327,639,433                                      26,687,412
                                            Warrants given to shareholders as a part of placing equity instruments            457,552,900                                      290,500,000

                                            Total number of instruments in issue not included into the fully diluted EPS      791,273,467                                      317,187,412
                                            calculation

 

 

 5  Segmental analysis

 

                                  The Group's operational segments are as follows:.

         For the six-month period to 31 December 2024      Battery Metals  Flexible Grid Solutions (FGS)  Oil and Gas  Corporate and unallocated

                                                                                                                                                  Total
                                                           £'000           £'000                          £'000        £'000                      £'000
         Result
         Segment results                                   (252)           -                              (187)        (1,339)                    (1,778)
         Loss before tax and finance costs                 (252)           -                              (187)        (1,339)                    (1,778)
         Finance costs                                     159             -                              1            (76)                       84
         Profit/(Loss) for the period before taxation      (93)            -                              (186)        (1,415)                    (1,694)
         Taxation expense                                  -               -                              -            -                          -
         Loss for the period after taxation                (93)            -                              (186)        (1,415)                    (1,694)
         Total assets at 31 December 2024                  4,018           -                              8,502        437                        12,957

 

                                       The Group's operational segments are as follows:.

              For the six-month period to 31 December 2023      Battery Metals  Flexible Grid Solutions (FGS)  Oil and Gas  Corporate and unallocated

                                                                                                                                                       Total
                                                                £'000           £'000                          £'000        £'000                      £'000
              Result
              Segment results                                   119             (1)                            (14)         (1,295)                    (1,191)
              Loss before tax and finance costs                 119             (1)                            (14)         (1,295)                    (1,191)
              Finance costs                                     -               -                              -            (74)                       (74)
              Profit/(Loss) for the period before taxation      119             (1)                            (14)         (1,369)                    (1,265)
              Taxation expense                                  -               -                              -            -                          -
              Loss for the period after taxation                119             (1)                            (14)         (1,369)                    (1,265)
              Total assets at 31 December 2023                  4,234           -                              3,618        332                        8,185

 6  Financial assets

 

                                                                   31 December 2024  31 December  30 June

                                                                   Unaudited         2023         2024

                                                                   £'000             Unaudited    Audited

                                                                                     £'000        £'000
     FVTOCI financial instruments at the beginning of the period   1                 1            1
     Disposals                                                     -                 -            -
     Revaluations and impairment                                   -                 -            -
     FVTOCI financial assets at the end of the period (unaudited)  1                 1            1

 

 7  Assets Held for Sale

    On 16 October 2023, the Group announced an agreement with Integrated Battery
    Metals (the Purchaser) for the disposal of its 41% interest in the Mambare
    nickel/cobalt project held via its interest in Oro Nickel Ltd, following
    extensive discussions with the Purchaser over the course of the financial year
    ended 30 June 2023.

    Under IFRS 5, the interest in Oro Nickel Ltd is classified as an Asset Held
    for Sale, as the directors had made a definitive determination to dispose of
    the asset prior to the reporting date of these financial statements.  As
    such, the carrying value of the investment in the joint venture held in the
    group was £2,975,162 (2023: £3,091,449) at the reporting date, comprising an
    investment in the JV of £1,458,729 and loans to the JV of £1,516,532, and
    has been reclassified on the balance sheet as Assets Held for Sale.

 

 8  Share Capital of the company

 

     The share capital of the Company is as follows:

 

                                           Number of shares      Nominal, £'000

     Allotted, issued and fully paid
     Deferred shares of £0.0009 each       1,788,918,926         1,610
     A Deferred shares of £0.000095 each   2,497,434,980         237
     B Deferred shares of £0.000099 each   8,687,335,200         860
     Ordinary shares of £0.0001 each       2,458,300,515         246
     As at 1 July 2024 (Audited)                                 2,953

     Shares issued in the period
     Ordinary shares of £0.0001 each       1,331,784,466         133

 

     Allotted, issued and fully paid
     Deferred shares of £0.0009 each       1,788,918,926      1,610
     A Deferred shares of £0.000095 each   2,497,434,980      237
     B Deferred shares of £0.000099 each   8,687,335,200      860
     Ordinary shares of £0.0001 each       3,790,084,981      379
     As at 31 December 2024 (Unaudited)                       3,086

9       Capital Management

 

Management controls the capital of the Group in order to control risks,
provide the shareholders with adequate returns and ensure that the Group can
fund its operations and continue as a going concern.

 

The Group's debt and capital includes ordinary share capital and financial
liabilities, supported by financial assets.

There are no externally imposed capital requirements.

 

Management effectively manages the Group's capital by assessing the Group's
financial risks and adjusting its capital structure in response to changes in
these risks and in the market. These responses include the management of debt
levels, distributions to shareholders and share issues.

 

There have been no changes in the strategy adopted by management to control
the capital of the Group since the prior year.

 

10       Events after the reporting period

 

On 18 February 2025 the Company announced a fundraising via the placing of
1,698,125,000 new ordinary shares at a price of £0.0016 per share, raising
£2.7m before expenses.  The placing included the issue of one for one
warrants to investors with a strike price of £0.00225 exercisable for 2
years.

 

On 24 February 2025 the Company announced the initial results from the EI-1
well workover in the IRAI field, over which the Company holds an option to
acquire a 20% interest.  The initial results of the workover confirmed
sustained gas production at 20,000 m(3) per day, aligning with historic
production rates and indicating the positive production potential for the
field.

 

For further information, please contact:

 

Scott Gilbert
                              Corcel Plc CEO & Director

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

 

James Joyce / James Bavister / Andrew de Andrade        Zeus NOMAD &
Broker

020 3829 5000

 
 

Jonathan Wright / Rupert Holdsworth Hunt                    Auctus
Advisors  Joint Broker

07711 627449

 

Patrick d'Ancona
 
Vigo Communications IR

0207 3900 230
 

 

 

About Corcel:

Corcel has a notable oil and gas portfolio in onshore Angola that includes
brownfield redevelopment opportunities and significant exploration upside.
Corcel marked a new country entry into Brazil by acquiring rights to producing
gas and exploration assets, further diversifying its portfolio and enhancing
its growth potential.

Corcel's Angola portfolio consists of interests in three licenses:

·    KON - 16 Operated - 55% working interest - 49.5% net to CRCL

·    KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

·    KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

 Corcel's Brazil portfolio consists of the option to acquire:

·    20% interest in the IRAI gas field

·    Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI
field

·    ROFR for 100% of the adjacent TUC-T-172 exploration block, located in
the state of Bahia, onshore Brazil

Corcel's Battery Metals portfolio consists of an 80% working interest in the
Mt Weld Rare Earth Elements project in Western Australia.

 

 

 

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