Corcel PLC
("Corcel"
or the "Company")
Company
Update
7 June 2024
Corcel Plc (London AIM:
CRCL), the pan
Angola-Brazil focused exploration and production company, provides
the following updates:
Angola Operational Update:
Following the announcement on May
31st, 2024, that the near-term focus in Angola will be on
geological and geophysical (G&G) activities, the company
announces that the KON 11, KON 12, and KON 16 blocks have received
all relevant approvals to acquire new G&G data through an
Enhanced Full Tensor Gradiometry Survey (eFTG). This survey along
with other G&G activities, to be conducted by the Metatek Group
during Q3 2024, will deliver new geological insights into the
prospectivity of the Tobias and Galinda fields, other potential
leads and prospects, and provide insights to enable the
reactivation of the brownfields.
Management and Finance Update:
The Company provided Fundraising
Updates on May 13th, 2024, where it confirmed that it
received £399,750, and issued 79,950,000
shares and 79,950,000 warrants of Tranche I, including 39,975,000
shares to Corcel Director, Geraldine Geraldo, who holds 3.89% of
the issued share capital of the Company.
The Company will provide a further
update by June 14th, 2024 on the remaining funds, which
includes Tranche II representing £500,000 from cornerstone
investor Extraction Srl, as well as one additional institutional
investor. Through this period, the Company is managing its working
capital position with its creditors.
Following the appointment of Scott
Gilbert as Interim CEO, as announced on April 25th,
2024, Mr. Gilbert, together with the management team, is
progressing with the Company's operational activities in Angola to
continue to pursue the potential which its current asset portfolio
has to offer, while developing M&A opportunities in Brazil,
capitalising on Mr. Gilbert's extensive experience in the region.
The Company is also looking at further sources of capital which it
will require to continue these developments.
Mr. Antoine Karam was appointed as
Interim Executive Chairman on July 19th, 2023 and will
now revert to the role of Non-Executive Chairman, continuing to
provide support to the Company as Chairman of the Board of
Directors.
Antoine Karam, Non-Executive Chairman commented:
"The eFTG Survey
over our blocks will enhance our geological understanding and
bolster our efforts in the Kwanza basin, where we remain confident
there is significant potential. Despite our recent challenges, we
remain focused in achieving our goals, and I remain fully committed
to the Company as Non-Executive Chairman following the last few
months where I have been Interim Executive
Chair."
For
further information, please contact:
Corcel Plc:
Scott Gilbert, Interim
CEO
Development@Corcelplc.com
WH
Ireland (NOMAD &
Broker):
James Joyce / James Bavister /Andrew de Andrade
0207 220 1666
Vigo Communications (IR):
Patrick d'Ancona
0207 3900 230
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.