REG - Corcel PLC - Successful Completion KON-16 Seismic Acquisition

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RNS Number : 5183U  Corcel PLC  26 February 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")

 

Successful Completion of KON-16 Seismic Acquisition Project

 

26 February 2026

 

Corcel Plc (London AIM: CRCL), the Angola-Brazil focused energy company, is
delighted to confirm that, further to the announcement made on 6 November
2025, it has now completed 100% of the 2D Seismic acquisition project at the
operated KON-16 Block, within the Kwanza Basin, onshore Angola.

 

Highlights:

 

·    326-line km of high resolution 2D seismic data acquired over the
KON-16 block

 

·    Acquisition completed as planned

 

·    Initial internal review of the raw field data shows excellent data
quality

 

·    The high quality of the seismic data provides clear imaging of key
pre‑salt structures increasing confidence that this acquisition will lead to
multiple de-risked pre-salt and post-salt drilling opportunities within KON-16

 

·    Seismic processing will follow with results expected throughout the
year to support prospect maturation and drilling preparation.

 

The 326-line km of 2D seismic was acquired throughout December 2025 and Q1
2026, with acquisition concluding on 22 February 2026. Initial internal review
of the raw field data shows excellent data quality, materially superior to
previous seismic acquired in the Kwanza Basin to date. The dataset provides
clear imaging of key pre‑salt structures and gives the Company increased
confidence in advancing multiple de‑risked pre‑salt and post‑salt
drilling opportunities within KON‑16.

 

Services related to the 2D seismic acquisition program were completed by BGP
INC., CHINA NATIONAL PETROLEUM CORPORATION and its local subsidiary,
efficiently, safely, and to a high technical standard. The initial field data
shows the positive impact of the high specification acquisition parameters
designed specifically to image the high-graded pre-salt prospects in KON-16,
advancing prospect definition and supporting the Company's progression toward
drilling the high-impact KON‑16 exploration well.

 

Acquisition was completed in full, with all planned 2D line locations and
seismic parameters delivered as designed, marking the transition to the next
key milestone. Seismic processing will be undertaken by DUG Technology Ltd, a
leading global geophysical processing specialist with extensive experience
imaging complex pre‑salt plays worldwide, ensuring the KON‑16 dataset is
processed to the highest technical standard to support prospect maturation and
progression toward drilling.

 

Richard Lane, Corcel's COO, commented: "Completing the seismic acquisition
project at KON-16 is a major operational milestone for Corcel. This was the
Company's first operated E&P project; we had over 270 people working on
site and over 220,000 manhours worked in total. The project was executed
without incident, to a very high standard, and the initial results are
incredibly encouraging. We would like to thank everyone that worked on the
project, including Angola's National Oil, Gas and Biofuels Agency (ANPG), BGP,
and the entire Corcel team. We look forward to keeping shareholders updated as
we move to the processing phase of this exciting project."

 

 

 

Background Information:

 

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

 

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 of 2.5 km
was achieved, which is beneficial when moving on to drilling.

The seismic campaign was designed to cover specific prospects high-graded by
the Corcel team and to build on the work done in 2025, integrating the legacy
1970's 2D data, the 2010 2D seismic data (which was recently reprocessed), and
the 2024 eFTG data.

 

 

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

 

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