REG - Corcel PLC - KON-16 Environmental Impact Assessment Contract

CorcelAnnouncement

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RNS Number : 7063G  Corcel PLC  30 April 2025

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Corcel PLC

("Corcel" or the "Company")

 

KON-16 Environmental Impact Assessment Contract Awarded

 

30 April 2025

 

Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is
pleased to announce the award of an Environmental Impact Assessment ("EIA")
Contract at its operated Block KON-16, onshore Angola.

 

This contract award represents a significant milestone in the development of
the KON-16 block, which forms part of Corcel's strategy to develop sustainable
natural resource projects. The EIA will evaluate the potential environmental
and social impacts of planned 2D seismic acquisition activities and will
establish appropriate mitigation measures in line with Angolan regulations and
international best practices.  The conclusion of the EIA will allow for the
acquisition of new 2D seismic lines across the KON-16 block which will
ultimately lead to a decision on the location for the first exploration well
being drilled on KON-16.

 

The EIA contract has been awarded to Eco-Eficiência Lda., a leading
environmental consultancy with extensive experience in conducting impact
assessments for resource projects in Africa. The assessment is expected to
commence immediately with completion anticipated by July 2025.

 

On receipt of the EIA, and the relevant ministerial approvals, the Company
will then be able to commence 2D seismic acquisition operations following
completion of a seismic acquisition tender process. Technical and operational
work is ongoing to finalise the locations of a seismic acquisition campaign
and to optimally design suitable acquisition parameters for the project.

 

Richard Lane, Chief Operating Officer commented: "The award of this EIA
contract represents an important step forward in our development plans for
KON-16. We are committed to ensuring all our operations meet the highest
environmental standards, and this comprehensive assessment will help guide our
responsible development of the block. This milestone keeps us on track with
our planned timeline for the project and demonstrates our commitment to
sustainable development in Angola."

 

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 Capital Ltd, NOMAD & Broker

020 3829 5000

 
 

Jonathan Wright / Rupert Holdsworth
Hunt

Auctus Advisors LLP , Joint Broker

07711 627449

 

Patrick d'Ancona
 

Vigo Consulting Limited, 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 through the option to acquire
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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