REG - Corcel PLC - Company Update

CorcelAnnouncement

07/06/2024 07:00

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RNS Number : 5941R  Corcel PLC  07 June 2024

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 13(th), 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 14(th), 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 25(th), 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 19(th),
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 (mailto: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.

 

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