REG - Corcel PLC - Further Strategic Investment

CorcelAnnouncement

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RNS Number : 2147X  Corcel PLC  19 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
is now considered to be in the public domain.

 

Corcel PLC

("Corcel" or the "Company")

 

Corcel announces further strategic investment to accelerate growth strategy

 

19 March 2026

 

Corcel Plc (London AIM: CRCL), the Angola-Brazil focused energy company, is
pleased to announce that it has  raised £3.6 million through a
 subscription with a number of its existing strategic investors . The
subscription was undertaken after these  shareholders approached the Company
to increase their investment at the current market price.  The new ordinary
shares have been issued at £0.004 per share, in line with the Company's
15-day volume-weighted average price.

 

Following the successful completion of the high‑quality 2D seismic programme
on KON‑16 in February, Corcel is now advancing into the planning and
preparation phase for drilling its first pre‑salt and post‑salt
exploration well on the block. The additional capital will enable the Company
to accelerate key workstreams, including the procurement of critical
long‑lead items and the early securing of a drilling rig. By locking in
these items ahead of the wider market, Corcel strengthens its operational
timetable, reduces exposure to supply‑chain bottlenecks, and positions
itself to commence drilling within the next 12 months. This proactive approach
also enhances the Company's strategic position as it progresses farm‑down
discussions, demonstrating clear operational momentum and reducing execution
risk for potential partners.

 

This investment represents a strong endorsement of Corcel's strategy to build
a leading onshore upstream company across Angola, Brazil, and other priority
jurisdictions through disciplined organic and inorganic growth. It also serves
as a highly complementary follow‑on to the £3 million raised in December
2025 and the Company is now well-positioned to accelerate its dual‑track
growth plan: advancing preparations for the KON‑16 high-impact exploration
well while simultaneously progressing the acquisition of a producing asset and
expanding its acreage position across the onshore Kwanza Basin. Together,
these financings strengthen Corcel's balance sheet, enhance its strategic
flexibility, and reinforce the Company's ability to execute value‑accretive
transactions at pace.

 

Scott Gilbert, Corcel's CEO, commented: "In line with our disciplined approach
of funding the Company at key milestones, following a very successful 2D
seismic campaign in KON-16, we are delighted to secure this additional
strategic investment in Corcel from existing shareholders at the current
market price. This provides us with additional balance sheet strength as we
head towards the drilling of our first well on KON-16.  We continue to
maintain a methodical approach to capital allocation, ensuring that any
transaction we pursue is highly value-accretive and strengthens the Company
over the long term, delivering sustainable value for our shareholders"

 

Fundraising

In the fundraising, which was conducted by Auctus Advisors LLP, the Company
will issue 950,000,000 new ordinary shares of £0.0001 each ("Placing Shares")
at a price of £0.004 per share to raise £3.6 million before expenses.

Investors will receive one warrant for each Placing Share subscribed in the
fundraising (a "Warrant").  Each Warrant will enable the holder to subscribe
for one new ordinary share in the Company at a price of £0.007 for a period
expiring on 31 December 2027.  An accelerator clause will apply to the
Warrants, such that if the daily volume weighted average price of the
Company's ordinary shares on AIM is equal to or exceeds £0.0085 for a period
of 25 consecutive trading days, then the Company shall have the right, but not
the obligation, to give notice to the warrant holders that the Warrants must
then be exercised within a further 30-day calendar period.

Admission & Total Voting Rights

Application will be made for the Placing Shares to be admitted ("Admission")
to trading on AIM and it is expected that Admission will occur on or around 24
March 2026.

Following Admission, the Company's total issued share capital will consist
of 9,465,475,996 Ordinary Shares, with one voting right per Ordinary Share.
The Company does not hold any Ordinary Shares in treasury.  This figure may
be used by shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change in their interest in, the share capital of the Company pursuant
to the FCA's Disclosure Guidance and Transparency Rules.

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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