REG - Corcel PLC - Operational Update, CFO Appointment & New Branding

CorcelAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260512:nRSL8650Da&default-theme=true

RNS Number : 8650D  Corcel PLC  12 May 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
is now considered to be in the public domain.

 

Corcel PLC

("Corcel" or the "Company")

 

Operational Update, CFO Appointment and Launch of New Corporate Branding

 

 

12 May 2026

 

Corcel Plc (London AIM: CRCL), the Africa-Latin America-focused energy
company, is pleased to provide an operational update, announce changes in
management and launch its refreshed corporate branding and website.

 

Highlights:

 

·    KON-16 progressing toward drilling, with the pre-salt exploration
well targeted within the next 12 months.

 

·    Farm-down discussions active with multiple potential strategic
partners ahead of drilling.

 

·    New seismic confirms key Sirius and Canopus prospects and delivers a
227% increase in seismic coverage across the block.

 

·    PSTM (Pre Stack Time Migrated) seismic results expected end-July
2026, supporting further prospect maturation and

partner review.

 

·    Leandro Schujmann appointed CFO, bringing significant Africa and
Latin America energy finance experience.

 

KON-16: Operational Progress and Farm-Down Process

 

Following completion of the 326 line‑km 2D seismic acquisition programme in
February 2026, the Company continues to advance the technical and operational
workstreams required ahead of drilling the pre-salt exploration well in the
onshore Kwanza basin on KON‑16.

Current work includes drilling engineering and well design, permitting and
regulatory sequencing, long‑lead procurement planning and rig engagement
discussions with prospective contractors.

These activities remain aligned with the Company's internal schedule,
supporting a planned drilling window within the next 12 months, subject to
final approvals and partner alignment.

The Company continues to progress its farm‑down process and remains in
active dialogue with multiple potential counterparties. The objective is to
secure a strategic partner ahead of drilling the pre‑salt exploration well
in the onshore Kwanza Basin.

 

Subsurface Update

Processing of the KON‑16 seismic dataset is being undertaken by DUG
Technology Ltd, a global specialist in complex pre‑salt imaging in
partnership with Striped-Horse, an upstream oil and gas consultancy providing
strategic energy solutions in Angola and the UK. Processing commenced on
24(th) March 2026.

Key technical milestones:

·      Brute Stacks (initial seismic deliverables)

o  Confirms clear imaging of three previously high graded prospects.
"Sirius", a large pre-salt structure in the centre of KON-16 with an
additional overlying post-salt target, and the geologically independent
"Canopus" post-salt prospect.

o  Additional mapped prospectivity both in the deeper pre-salt and shallower
post-salt, visible across the block.

·      Significant improvement in structural control

o  Recently acquired seismic represents 227% increase in seismic coverage
over the block.

o  Multiple intersecting lines across the primary target, the Sirius
prospect, materially enhancing definition and supporting well‑location
selection.

·      PSTM (time) volume on track for delivery end‑July 2026

o  Expected to support prospect maturation and partner technical review

·      Final PSDM (depth) volumes expected later in 2026

 

Business Development

 

Corcel has continued to broaden its business development pipeline across
Angola, Brazil and the wider Latin America region, with several producing and
pre‑development opportunities now at advanced stages of technical and
commercial review. Although no transaction has yet been finalised, several
counterparties remain in active engagement, consistent with the longer lead
times typical of the region.

 

The Company remains disciplined in its evaluation criteria, prioritising
assets capable of delivering "near‑term" cash flow and strategic fit
alongside its high-impact exploration portfolio in the onshore kwanza basin.
With the strengthened balance sheet following the fundraises previously
announced, Corcel is capitalised to execute on suitable acquisition
opportunities as they mature.

 

Management Changes:

 

The Company announces the appointment of Leandro Schujmann as Chief Financial
Officer.

Leandro brings over a decade of senior finance experience. He joins Corcel
having worked at Prime Oil & Gas (now Meren Energy), where he ultimately
served as CFO, managing a US$3 billion investment portfolio and leading
financing processes exceeding US$4 billion. His experience across Latin
America and Africa, including complex cross‑border financing structures,
aligns with the Company's operational footprint and growth plans.

Scott Kaintz stepped down as Chief Financial Officer on 31 March 2026 to
pursue opportunities outside the Company. We are very grateful for Scott's
contribution during his time with the Company and wish him every success in
his future endeavours.

 

Branding and Website:

 

Corcel has launched its refreshed corporate branding and new website,
reflecting the Company's continued evolution and improving accessibility to
corporate information and investor materials.

The Company has also introduced a new Retail Investor Hub in partnership with
Investor Meet Company, enabling direct communication with shareholders and
interested parties.

Registration is available at:

https://investormeet.corcelplc.com/register
(https://investormeet.corcelplc.com/register)

 

Scott Gilbert, Corcel's CEO, commented: "Following the successful completion
of our KON-16 seismic program and the further strengthening of our balance
sheet in March, we continue to make strong progress across both our
operational and strategic priorities. Our immediate focus remains on advancing
KON-16 towards drilling, progressing farm-down discussions and continuing our
evaluation of production acquisition opportunities that can complement our
exploration-led growth strategy.

 

We would like to thank Scott Kaintz for his contribution to Corcel and wish
him every success in the future. At the same time, we are delighted to welcome
Leandro to the business. His financial, transactional and operational
experience across both Latin America and Africa aligns strongly with our
regional strategy.

 

The launch of our refreshed corporate identity and new digital platforms
reflects the evolution of Corcel as we continue to build a larger, more
operationally focused energy company with a clear strategy for long-term
shareholder value creation."

 

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 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 upon completion: 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDABMFTMTTBBIF



            Copyright 2019 Regulatory News Service, all rights reserved