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Corcel Plc (AIM: CRCL), the exploration and production company focused on Angola and Brazil, has provided important updates regarding its operational and financial activities.
Angola Operational Update
Following the May 31, 2024, announcement that emphasized geological and geophysical (G&G) activities in Angola, Corcel has made significant progress. The company has received all necessary approvals to acquire new G&G data for the KON 11, KON 12, and KON 16 blocks. This will be achieved through an Enhanced Full Tensor Gradiometry Survey (eFTG), set to be conducted by the Metatek Group during the third quarter of 2024. This survey, along with other G&G activities, is expected to deliver valuable geological insights into the prospectivity of the Tobias and Galinda fields, as well as other potential leads and prospects. Additionally, it will provide crucial information for the reactivation of brownfields in the region.
Management and Finance Update
On May 13, 2024, Corcel announced a successful fundraising effort, securing £399,750. This involved the issuance of 79,950,000 shares and an equal number of warrants in Tranche I. Among these, 39,975,000 shares were allocated to Corcel Director Geraldine Geraldo, who now holds 3.89% of the company's issued share capital.
A further update on the remaining funds, including Tranche II representing £500,000 from cornerstone investor Extraction Srl and another institutional investor, is expected by June 14, 2024. During this period, Corcel is actively managing its working capital and creditor relationships to maintain financial stability.
Leadership Changes and Strategic Direction
Since the appointment of Scott Gilbert as Interim CEO on April 25, 2024, the company has been advancing its operational activities in Angola. Gilbert, leveraging his extensive experience, is also spearheading the development of merger and acquisition (M&A) opportunities in Brazil. Corcel is exploring additional capital sources to support these initiatives and ensure continued progress.
Mr. Antoine Karam, who was appointed as Interim Executive Chairman on July 19, 2023, will revert to his role as Non-Executive Chairman. He will continue to support the company as the Chairman of the Board of Directors.
