REG - Corcel PLC - Half-year Report
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RNS Number : 5366Y Corcel PLC 30 March 2026
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
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Corcel PLC
("Corcel" or the "Company")
Half Year Report
30 March 2026
Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused upstream energy company,
is pleased to announce its unaudited half-year results for the six months
ended 31 December 2025.
CEO Statement
Dear Shareholders,
Transitioning from Momentum to Execution
The second half of 2025 marked a decisive step forward for Corcel. Having
spent the prior twelve months rebuilding the Company's foundations, this
reporting period has been characterised by execution, consolidation, and the
establishment of a well-capitalised platform for the next phase of growth.
We entered the period with momentum and exit it with operational progress,
strengthened liquidity, and a clear pathway toward drilling and potential
production. Corcel is now firmly transitioning from repositioning to delivery.
Angola: Seismic Completion, Preparation for Drilling, and Technical Progress
In Angola, where Corcel, through its subsidiary Atlas Petroleum Exploration
Worldwide Ltd ("APEX"), holds a commanding 85% interest (71.5% net to Corcel)
in its operated KON-16 block, the focus has been on advancing the technical
and operational workstreams required to move towards drilling.
In early November 2025, we received ministerial approval to commence the
KON-16 seismic campaign and immediately began acquisition of the 326 line-km
2D seismic programme. Over a period of just over three months, and with the
collaboration of more than 270 team members, we successfully delivered the
largest onshore seismic programme in the Kwanza Basin in over 15 years, with
no recorded incidents.
This programme represents a major milestone for the Company. The data
acquired, which is of very high-quality, is expected to significantly de-risk
our first exploration well, planned within the next twelve months, targeting
both post-salt and pre-salt structures of material scale.
Our focus now turns to processing and interpretation of the seismic data, well
planning, and progressing discussions around a potential farm-down.
Across KON-11 and KON-12, technical work by the operator has continued to
advance. Ongoing subsurface evaluation supports the potential for these assets
to contribute to nearer-term production while complementing our broader
exploration strategy.
Together, our Angolan portfolio represents a balanced position across
high-impact exploration and potential production within a concentrated and
strategically advantaged acreage position.
Disciplined Growth and Portfolio Expansion
Our strategy remains focused on building a complementary production-led
portfolio capable of generating near-term cash flow. While Brazil remains an
important pillar of this strategy, we are also evaluating opportunities across
the wider Latin American region and Angola. We continue to see attractive
entry points for well-structured transactions and are progressing discussions
aligned with our investment criteria.
In addition, we are actively assessing opportunities to expand our acreage
position across the onshore Kwanza Basin.
Strengthened Financial Position
A key highlight of the period has been the continued strengthening of our
balance sheet.
In July 2025, the Company welcomed new shareholders through a placing of £1.1
million from institutional investors, with strong participation from the
Board. This was followed by the accelerated exercise of outstanding warrants,
contributing £3.85 million. In December 2025, a further £3 million
investment was received at a premium to previous raises from two strategic
long-term investors. Post-period, the Company secured an additional £3.6
million strategic investment from existing shareholders, again at a premium.
While the issuance of new equity may appear dilutive at first glance, the
manner in which we have raised capital over the past twelve months reflects a
disciplined and value-focused approach. We have consistently raised funds at
or above prevailing market prices, supported by high-quality strategic
investors. The Company's share price performance over this period reflects
growing market confidence in both our strategy and execution.
As an exploration-led business, access to capital is fundamental. What
differentiates Corcel is the discipline with which that capital has been
secured and deployed, alongside the strength and alignment of the investor
base we have built. Over the past year, despite the issuance of new equity,
the Company's market capitalisation has increased significantly, rising from
just under £10 million to approximately four times that level today, while
the share price has increased by around 150%.
This progress we have made has strengthened our financial position and
provides the flexibility required to execute our strategy and pursue growth
opportunities.
Building a Scalable Platform
Alongside operational and financial progress, we have continued to strengthen
the Company's leadership and technical capability.
The addition of experienced industry professionals, combined with enhanced
governance structures and continued alignment of the Board and management with
shareholders, ensures that Corcel is well positioned to execute the next phase
of its strategy.
We are building a scalable energy business with the technical, commercial, and
financial foundations required to deliver sustained value.
Outlook: A Defining Period Ahead
Corcel is entering one of the most active and important periods in its recent
history.
Our priorities for the remainder of the financial year and beyond are:
· Finalise processing and interpretation of the KON-16 seismic data
· Prepare for the first exploration well in KON-16
· Advance acquisition-led production opportunities
· Maintain disciplined capital allocation while preserving
flexibility
· Work closely with the operator of KON-11 and KON-12 to progress
toward operational and production outcomes
We are firmly in the execution phase of our strategy, supported by a strong
asset base and the capability to deliver at pace.
Closing Remarks
Corcel has undergone significant transformation over a relatively short
period. The progress achieved during this half year reinforces our confidence
in both the quality of our assets and the strength of our strategy.
We are moving forward with increasing confidence as we approach key milestones
that have the potential to deliver material value for shareholders.
On behalf of the Board, I would like to thank our shareholders, partners,
contractors, employees, and ANPG ("Agência Nacional de Petróleo, Gás, e
Biocombustíveis") for their continued support. We look forward to the next
phase of our development with focus and discipline.
Yours sincerely,
Scott Gilbert
Chef Executive Officer
Corcel Plc
Consolidated statement of financial position
as at 31 December 2025
Notes 31 December 2025 30 June 2025 31 December 2024
Unaudited, £'000 Audited, £'000 Unaudited, £'000
ASSETS
Non-current assets
Exploration and evaluation assets 7,970 6,806 8,544
Property, plant and equipment 14 13 11
FVTOCI financial assets 6 1 1 1
Other receivables 261 270 183
Total non-current assets 8,246 7,090 8,739
Current assets
Cash and cash equivalents 5,183 507 222
Trade and other receivables 229 716 1,021
Total current assets 5,412 1,223 1,243
Assets held for sale 7 - - 2,975
TOTAL ASSETS 13,658 8,313 12,957
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Called up share capital 8 3,559 3,266 3,087
Share premium account 42,764 34,861 32,385
Other reserves 3,245 2,903 3,072
Retained earnings (40,686) (37,763) (32,674)
Total equity 8,882 3,267 5,870
LIABILITIES
Non-current liabilities
Trade and other payables 2,570 - -
Total Non-current liabilities 2,570 - -
Current liabilities
Trade and other payables 2,190 4,491 5,673
Short term borrowings 16 555 1,414
Total current liabilities 2,206 5,046 7,087
TOTAL EQUITY AND LIABILITIES 13,658 8,313 12,957
The accompanying notes form an integral part of these financial statements.
Consolidated statement of income
for the period ended 31 December 2025
Notes 6 months to 31 December 2025 6 months to 31 December 2024
Unaudited, £'000 Unaudited, £'000
Administrative expenses 3 (2,806) (1,321)
Project expenses (113) (168)
Foreign currency (loss)/gain (50) (289)
Other income 60 -
Finance (costs)/income, net (14) 84
Loss for the period before taxation (2,923) (1,694)
Tax expense - -
Loss for the period after taxation (2,923) (1,694)
Earnings per share
Loss per share - basic, pence 4 (0.05) (0.05)
Loss per share - diluted, pence 4 (0.05) (0.05)
Consolidated statement of comprehensive income
for the period ended 31 December 2025
6 months to 31 December 2025 6 months to 31 December 2024
Unaudited, £'000 Unaudited, £'000
(Loss)/profit for the period (2,923) (1,694)
Unrealised foreign currency gain/(loss) on translation of foreign operations 38 245
Revaluation of FVTOCI investments 6 - -
Total comprehensive loss for the period (2,885) (1,449)
The accompanying notes form an integral part of these financial statements.
Consolidated statement of changes in equity
for the period ended 31 December 2025
The movements in equity during the period were as follows:
Share capital Share premium account Retained earnings Other reserves Total Equity
£'000 £'000 £'000 £'000 £'000
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)
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
As at 1 July 2025 (audited) 3,266 34,861 (37,763) 2,903 3,267
Changes in equity for six months ended 31 December 2025
Profit/ (loss) for the period - - (2,923) - (2,923)
Unrealised foreign currency gain arising on translation of foreign operations - - - 38 38
Total comprehensive (loss)/income for the period - - (2,923) 38 (2,885)
Transactions with owners
Issue of shares 293 7903 - - 8,196
Options issued - - - 304 304
Total Transactions with owners 293 7,903 - 304 8,500
As at 31 December 2025 (unaudited) 3,559 42,764 (40,686) 3,245 8,882
Consolidated statement of changes in equity (continued)
for the period ended 31 December 2025
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 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
Warrants granted during the year - - - - -
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
As at 1 July 2025 (audited) (2) 769 1,900 236 2,903
Changes in equity for six months ended 31 December 2025
Other Comprehensive income
Share options granted during the year - 304 - - 304
Unrealised foreign currency gains arising upon retranslation of foreign - - - 38 38
operations
Total comprehensive income/(loss) for the period - 304 - 38 342
As at 31 December 2025 (unaudited) (2) 1,073 1,900 274 3,245
Consolidated statement of cash flows
for the period ended 31 December 2025
Note 6 months to 31 December 2025 6 months to 31 December 2024
Unaudited Unaudited
£'000 £'000
Cash flows from operating activities
(Loss)/profit before taxation (2,923) (1,694)
(Increase)/decrease in receivables (13) 55
Increase in payables (107) 883
Depreciation - -
Share-based payments 304 25
(Gain)/loss on foreign exchange 50 1
Finance cost, net 14 (84)
Equity settled transactions - 217
Net cash flows from operations (2,675) (597)
Cash flows from investing activities
Investment in exploration and evaluation assets (844) (574)
Purchase of property, plant and equipment (1) (3)
Net cash flows from investing activities (845) (577)
Cash flows from financing activities
Proceeds from issue of shares 8,196 1,192
Proceeds of new borrowings, as received net of associated fees - -
Repayment of borrowings (42) (57)
Net cash flows from financing activities 8,154 1,135
Net increase/decrease in cash and cash equivalents 4,634 (39)
Cash and cash equivalents at the beginning of period 507 268
Effects of foreign exchange translation on currency holdings 42 (7)
Cash and cash equivalents at end of period 5,183 222
Half-yearly report notes
for the period ended 31 December 2025
1 Company and Group
As at 30 June 2025 and 31 December 2025 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 2026.
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 2025 has been
extracted from the statutory accounts of the Group for that year. Statutory
accounts for the year ended 30 June 2025, 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 Policies
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 2025, 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 will be able to discharge their financial
obligations as they fall due. At 31 December 2025, the Group had cash and cash
equivalents of £5.2 million and access to a variety of funding options,
including the capacity to undertake capital market placings of new shares.
Subsequent to the year end, on 19 March 2026, the Company successfully raised
a further £3.6 million through a subscription of new ordinary shares at
£0.004 per share with a number of existing strategic investors, further
strengthening the Group's balance sheet and financial position.
Having considered the prepared cashflow forecasts and the Group budget,
expected operational costs in Angola and Brazil, as well as legacy battery
metals projects, and taking into account the additional capital raised
subsequent to the year end, the Directors consider that they will have access
to adequate resources for the 12 months from the date of 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 assets to their recoverable
amounts, to provide for any further liabilities which might arise, and to
reclassify 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 were unable to continue as a going concern.
3 Administrative expenses
6 months to 6 months to
31 December 2025 31 December 2024
Unaudited Unaudited
£'000 £'000
Staff Costs:
Payroll 1,127 586
Pension 25 20
Staff welfare 8 -
Share based Payments -Staff 304 144
HMRC / PAYE 92 71
Total: 1,556 821
Professional Services:
Accounting 137 64
Legal 276 40
Business Development 11 5
Marketing & Investor Relations 92 54
Funding costs 244 47
Other 81 58
Total: 841 268
Regulatory Compliance 80 59
Travel 149 75
Office and Admin Costs:
General 65 33
IT costs 1 4
Depreciation - 1
Rent - Main Office 76 16
Insurance 38 44
Total: 180 98
Total administrative expenses 2,806 1,321
Administrative expenses for the six months ended 31 December 2025 were
£2,806,000, compared to £1,321,000 in the same period in 2024. This increase
reflects the Group's transition from a period of limited activity into an
operating company with significantly more activity. The rise in costs is
primarily driven by an investment to build the necessary technical,
operational and leadership capability. The Board considers these increases
appropriate and necessary given the Group's progress, and believes the
strengthened cost base positions the business to deliver on its strategy and
generate future value.
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 2025 31 December 2024
Unaudited Unaudited
Loss attributable to equity holders of the parent company, in Thousand (2,923) (1,694)
Sterling (£'000)
Weighted average number of Ordinary shares of £0.0001 in issue, used for 6,160,546,750 3,120,161,497
basic and diluted EPS
Loss per share - basic and diluted, pence (0.05) (0.05)
At 31 December 2025 and at 31 December 2024, 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 2025 31 December 2024
Unaudited Unaudited
Share options granted to employees - total, of them 578,400,000 333,720,567
- Vested at the end of the reporting period - 6,081,134
- Not vested at the end of the reporting period 578,400,000 327,639,433
Warrants given to shareholders as a part of placing equity instruments 196,450,000 457,552,900
Total number of instruments in issue not included into the fully diluted EPS 774,850,000 791,273,467
calculation
5 Segmental analysis
The Group's operational segments are as follows:
For the six-month period to 31 December 2024 Battery Metals Oil and Gas Corporate and unallocated
Total
£'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
For the six-month period to 31 December 2025 Battery Metals Oil and Gas Corporate and unallocated
Total
£'000 £'000 £'000 £'000
Result
Segment results 55 (322) (2,642) (2,909)
Loss before tax and finance costs 55 (322) (2,642) (2,909)
Finance costs - (9) (5) (14)
Profit/(Loss) for the period before taxation - (331) (2,647) (2,923)
Taxation expense - - - -
Loss for the period after taxation - (331) (2,647) (2,923)
Total assets at 31 December 2025 - 8,473 5,185 13,658
6 Financial assets
31 December 2025 31 December 30 June
Unaudited 2024 2025
£'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 was 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.
During the year ended 30 June 2025, following an assessment of recoverability
of this balance in light of the prevailing circumstances, the Directors
determined that an impairment was required to reflect a risk-weighted
recoverable amount. Accordingly, the carrying value of the asset was reduced
to £nil.
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 5,589,928,732 559
As at 1 July 2025 (Audited) 3,266
Shares issued in the period
Ordinary shares of £0.0001 each 2,925,547,265 293
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 8,515,475,997 852
As at 31 December 2025 (Unaudited) 3,559
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 include 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 19 March 2026, the Company raised £3.6 million through a subscription of
950,000,000 new ordinary shares at a price of £0.004 per share, in line with
the Company's 15-day volume-weighted average price. The subscription was made
by a number of existing strategic shareholders who approached the Company to
increase their investment. Investors received one warrant for each share
subscribed, exercisable at £0.007 per share until 31 December 2027.
The new shares were admitted to trading on AIM on or around 24 March 2026,
following which the Company's total issued share capital increased to
9,415,475,996 ordinary shares.
For further information, please contact:
Scott
Gilbert
Corcel Plc, CEO & Director
Development@Corcelplc.com (mailto:Development@Corcelplc.com)
Melissa Byeon
Corcel Plc, Public Relations Officer
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 LLP, Joint Broker
07711 627449
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 - 85% working interest - 71.5% 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 Battery Metals portfolio consists of an 80% working interest in the
Mt Weld Rare Earth Elements project in Western Australia.
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