TIDMCRCL
RNS Number : 5529B
Corcel PLC
02 June 2023
Corcel PLC
("Corcel" or the "Company")
Angola Oil and Gas Acquisition Completion - TVR
02 June 2023
Corcel Plc (London AIM: CRCL), the extractive industries
exploration and development company, with interests across battery
metals and oil and gas, announces that with the signing of Risk
Service Contracts KON-11, KON-12 and KON-16 in Luanda, Angola last
week and the satisfaction of the other conditions precedent, it has
now completed the acquisition of its 90% interest in Atlas
Petroleum Exploration Worldwide Limited ("APEX") as announced on 24
May 2023.
About the APEX Portfolio:
The APEX portfolio is located onshore Angola, and consists of
interests in three licences:
o KON - 11 Non-Operated - 12 historical wells (20% working
interest - 18% net to CRCL)
o KON - 12 Non-Operated - 8 historical wells (25% working
interest - 22.5% net to CRCL)
o KON - 16 Operated - 1 historical well (35% working interest -
31.5% net to CRCL)
KON-11 and KON-12 are considered brownfield development
opportunities and include the historically producing Tobias and
Galinda fields, both drilled and developed in the 1960s and 1970s
by Petrofina, with combined historic production over 30 MMbbls.
Both licences are operated by Sonangol (the Angolan national oil
company).
APEX's total reported unproduced contingent oil resources are
estimated at:
o KON-11 - 65 MMbbls, 11.7 MMbls net to CRCL
o KON-12 - 19 MMbbls, 4.28 MMbls net to CRCL
All three blocks have significant post and pre-salt prospective
resources, both stratigraphic and structural with APEX estimating
Prospective Resources of:
o Post-salt 456 MMbbls - unrisked P50 (138 MMbo risked), 81.1
MMbls net to CRCL
o Pre-salt 1,029 MMbbls - unrisked P50 (223 MMbo risked), 215.9
MMbls net to CRCL
Both the Tobias (KON-11) and Galinda (KON-12) fields were
discovered and originally developed in the 1960s. Both reservoirs
are in the Binga limestone with 4-14% porosity and located at 700m
and 1,900m respectively. Peak production at Tobias was
approximately 17,500 bbls/d and at Galinda was approximately 2,700
bbls/d. Historic total production, which started in 1960 and ceased
in the early '80s, was 29MMbbls and 2.8MMbbls respectively. APEX
and Corcel believe that significant recoverable volumes of oil
remain in place at both locations and initial plans may include
additional seismic work to firm up drill locations, as well as a
combination of vertical and horizontal wells. The development plan
envisioned for KON-11/12/16 qualify for marginal field fiscal
terms, as outlined by the Angolan government, resulting in
advantageous royalty, tax and depreciation regimes.
Placing Settlement Update
The Company further announces that the international wire
transfers for the vendor equity subscription relating to 50,489,500
shares, also announced on 24 May 2023, are underway and the issue
of the associated shares will be announced when the funds have been
fully received. Admission for the remaining 228,240,839 shares is
expected to take place on or around 06 June 2023. The Company will
make additional announcements in due course.
The Company further announces that the second tranche of the
placing announced originally on 28 March 2023 has now settled, and
accordingly it has issued 85,714,285 new ordinary shares to
Extraction SRL, a company controlled by Mr. Antoine Karam.
Total Voting Rights:
Application will be made for 85,714,285 new ordinary shares to
be admitted to trading on AIM and it is expected that their
admissions to AIM will take place on or around 09 June 2023.
Following Admission of the second tranche of the 28 March 2023
placing shares, the Company's total issued share capital will
consist of 1,309,312,406 Ordinary Shares, with one voting right per
share. The Company does not hold any shares in treasury. Therefore,
the total number of Ordinary Shares and voting rights in the
Company will be 1,309,312,406 from Admission. 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 Kaintz Corcel Plc CEO
020 7747 9960
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
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END
ACQFZGGVKZRGFZM
(END) Dow Jones Newswires
June 02, 2023 11:40 ET (15:40 GMT)
Corcel (AQSE:CRCL.GB)
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부터 1월(1) 2025 으로 2월(2) 2025
Corcel (AQSE:CRCL.GB)
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부터 2월(2) 2024 으로 2월(2) 2025
