REG - Corcel PLC - Permit for Seismic & Exploration Drilling KON-16

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:20251106:nRSF3819Ga&default-theme=true

RNS Number : 3819G  Corcel PLC  06 November 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")

 

Corcel Receives Permit for Seismic Acquisition and Exploration Drilling at
KON-16

 

06 November 2025

 

Corcel Plc (London AIM: CRCL), the Angola-Brazil-focused energy company, is
pleased to confirm that, further to the announcement made on 30(th) April
2025, it has now received final ministerial approval of the Environmental
Impact Assessment ("EIA"), granting the full Environmental Licence to proceed
with seismic acquisition within the KON-16 Block, onshore Angola. In addition,
the Company is also pleased to confirm that, further to the announcement of
16(th) September 2025, it has now signed, through its subsidiary Atlas
Petroleum Exploration Worldwide Ltd, a contract with B.G.P. GEOPHYSICAL
LIMITADA, LDA, and BGP INC., CHINA NATIONAL PETROLEUM CORPORATION ("BGP") for
all services related to the upcoming 2D seismic acquisition program within the
KON-16 Block. With both the Environmental Licence issued, and the BGP contract
signed, seismic acquisition operations will commence shortly.

 

The Company can also confirm that, since the scope of the Environmental
Licence covers both the seismic acquisition and drilling, the Company now has
all the environmental permits required to complete both seismic acquisition
and exploration drilling activities within KON-16.

 

 

Highlights:

 

·    BGP to acquire 326-line km of 2D seismic data over the KON-16 block,
onshore Angola.

 

·    Seismic processing scheduled to occur during Q1 2026, with initial
results expected to follow in Q2/Q3 2026. Contract expected to be awarded for
the seismic processing by the end of 2025.

 

·    The Company now has all relevant environmental permits to allow it to
complete seismic acquisition and exploration drilling operations within
KON-16. The receipt of Environmental Licence to cover the exploration drilling
is significant and allows the Company to efficiently move towards drilling
operations without the need to obtain additional environmental permits.

 

·    Acquisition of 2D seismic data will allow the Company to advance its
aim of drilling a high-impact well within KON-16.

 

Richard Lane, Corcel COO, commented: "Receiving approval to conduct both
seismic acquisition and exploration drilling activities within the KON-16
block is a major milestone for Corcel, setting us on the path to drilling a
high-impact exploration well. We are also very excited to have signed the
seismic acquisition contract with BGP - another major milestone -  marking
Corcel's first significant operational activity as operator of the KON-16
block. The mobilisation of the seismic team and the imminent start of the
seismic program signal the real start of on-the-ground operations. This is an
important step for Corcel as we move from planning to execution, and we look
forward to keeping shareholders updated as activity ramps up."

 

Background Information:

 

The onshore Kwanza basin has 2,589 line-km of good quality 2D data acquired in
2010 and reprocessed in 2025. Specifically, over KON-16 there are 143 line-km
of good quality 2D data. Acquiring 326 line-km of new 2D data will provide a
227% increase in seismic coverage inside KON-16 which will greatly increase
the subsurface imaging and prospect definition.

 

The 2D seismic acquisition project at KON-16 is essential to progress the
asset to drill ready status. Current modern 2D line spacing averages >14 km
in the areas of interest, and while this is sufficient to identify
prospectivity, especially when integrated with the eFTG (high resolution
gravity gradiometry) data acquired in 2024, a closer 2D line spacing is
desirable when moving on to drilling.

 

The seismic campaign has been designed to cover specific prospects high-graded
by the Corcel team, and to build on the work done this year integrating the
legacy 1970's 2D data, the modern 2010 2D seismic data (which was recently
reprocessed), and the 2024 eFTG data. BGP were selected to complete the work
at KON-16 after the results of a competitive bidding process where multiple
companies bid to participate in the project at KON-16. BGP are an experienced
seismic acquisition company, with a team already active in the Kwanza Basin,
Angola.

 

 

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 - 80% 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 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.

 

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  UPDBABRTMTJMBIA



            Copyright 2019 Regulatory News Service, all rights reserved