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")
Half Year Report
31 March 2025
Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is pleased to announce its unaudited half-year results for the six months ended 31 December 2024.
Chairman's Statement
Dear Shareholders,
I am pleased to present the interim results of Corcel Plc for the six-month period ending 31 December 2024.
Corcel entered this financial year with a clear mission - to transform into a high-growth energy platform driven by technical expertise, operational efficiency, and strategic capital allocation. We have focused on disciplined execution, strengthening our portfolio, and are making significant progress in our strategy. I am happy to report that the transformation is progressing satisfactorily.
In Angola, in our operated KON-16 block we made significant progress. The successful completion of the Enhanced Full Tensor Gradiometry (eFTG) survey post year-end was followed during this interim period by the processing and interpretation of the data. This critical work will set the next stage of our exploration programme, including seismic acquisition and eventual drilling. Our confidence in KON-16's pre-salt potential is reinforced by our increased equity position, now at 49.5%.
Meanwhile, activity continues on the non-operated blocks KON-11 and KON-12, where the operator's work to assess and resolve challenges encountered in the TO-13 and TO-14 wells remains ongoing. Corcel continues to work with the Operator to realise the future potential of these assets.
In Brazil, our entry through a strategic collaboration agreement has opened doors to low-risk, near-term production. Post interim period, in February 2025, we announced the successful result in the EI-1 well workover. Our efforts now turn to the second workover well, which will assist us in further evaluating the Irai opportunity, and Corcel's decision of potentially exercising the Option it holds to acquire 20% of the field. Additional opportunities are under active evaluation, consistent with our ambition to grow a robust production portfolio in this strategically important market.
Post interim period, in February 2025, we successfully raised £2.72m at a 6.7% premium to the previous day closing price to fund value-accretive ongoing operational activities across our assets, business development efforts to increase our interest in the Kwanza Basin, onshore Angola, and our growth strategy in Brazil. This capital injection allowed us to strengthen our balance sheet and financial position. It also demonstrates investor confidence in our assets and our team as a whole.
Our Board remains focused on governance and accountability, ensuring Corcel's growth is underpinned by strong oversight and prudent risk management as we scale operations.
Outlook
As we enter the second half of the financial year, Corcel is in a stronger, more focused position than ever before. Our near-term priorities are clear:
o Finalising the eFTG data interpretation for KON-16 and advancing toward seismic and drilling;
o Increasing our interests across the Kwanza Basin, onshore Angola;
o Potentially converting the Irai option into our first production asset and identifying follow-on acquisitions in Brazil;
o Supporting Sonangol's efforts to unlock value in KON-11 and KON-12;
o Maintaining a disciplined approach to capital deployment, aligned with strategic value creation.
In summary, we are entering a phase of execution and delivery. The foundation laid over the past year is now enabling us to transition into a business capable of generating revenues while continuing to build long-term exploration and development upside.
I would like to thank our shareholders for their continued trust and support, and our employees and partners for their commitment to this shared vision. Together, we are building a stronger, more resilient Corcel.
Yours sincerely,
Pradeep Kabra
Independent Non-Executive Chairman
Corcel Plc
CEO's Statement
Dear Shareholders,
Corcel has entered 2025 with strength. The groundwork laid over the past 9 to 12 months - both operationally and commercially - is now beginning to convert into tangible progress. With material developments across our portfolio in Angola and Brazil, a strengthened financial position, and a clear pathway to value delivery, Corcel is moving into a phase where momentum is unmistakably building.
Angola: A Leading Position in the Kwanza Basin
In Angola's Kwanza Basin - rapidly emerging as one of the most closely watched onshore energy frontiers globally - Corcel has secured a leading position. We now hold a 49.5% interest in our operated KON-16 block, a meaningful increase achieved at no cost to the Company. This enhanced position gives us both strategic control and expanded exposure to the significant upside this basin offers.
The completion of the Enhanced Full Tensor Gradiometry (eFTG) survey over KON-16, followed by the start of data processing during this reporting period, represents a pivotal technical step. This work will directly contribute towards our 2D seismic acquisition later this year, a programme that will define the roadmap toward the first new well on KON-16. Importantly, our operator status puts us in the driver's seat, enabling us to maintain strict cost discipline while driving forward value-accretive activity.
Elsewhere in the basin, work recommenced on the Tobias wells in KON-11, as the operator seeks to unlock value in this historic oilfield.
The Kwanza Basin is attracting increasing attention from international and regional players. Corcel was the first AIM-listed independent to secure operated acreage in this prolific region - and that first-mover advantage is now becoming a competitive edge, especially as we take steps to increase our interests across the basin.
Brazil: From Entry to Execution
Our expansion into Brazil is progressing at speed. In November 2024, we secured a binding option over the producing IRAI gas field, and by February this year, the first workover was successfully completed - confirming stabilised gas production at 120 BOEPD. The well has now been tied in and has come online, demonstrating not just technical success, but the speed and discipline with which our team and partners can deliver.
Following the outcome of the second workover, we will assess the commercial case for exercising the IRAI option - an investment decision that could see Corcel step into cash-generating production in Brazil. This rapid timeline, from deal signing to well reactivation, showcases our ability to move decisively in unlocking value.
With rights of first refusal over the remaining 80% of the IRAI field and the adjacent TUC-172 block, we are well positioned to scale our presence in this highly prospective basin.
Brazil is central to our production-led strategy, and we are actively evaluating several further opportunities to build a robust, margin-accretive portfolio.
Strengthened Financial Platform
In February 2025, we successfully raised £2.72 million in a placing completed at a 6.7% premium to the previous day's closing price - an uncommon achievement for an AIM-listed growth company in the current markets, and a clear signal of confidence in our direction. This followed an earlier raise of £1.22 million in September 2024, also supported by strategic energy-focused investors.
Taken together, these transactions have bolstered our balance sheet and provided the flexibility to accelerate activity across both Angola and Brazil - funding seismic planning, workovers, and business development without compromising capital discipline or shareholder value.
Execution-Focused - Catalysts Ahead
As we look ahead to the second half of the financial year, Corcel is focused on a) finalising KON-16 eFTG interpretation and preparing for 2D seismic acquisition; b) advancing the second IRAI workover and evaluating a potential step into revenue-generating production; and c) targeting growth through further asset consolidation in Angola and acquisition-led expansion in Brazil.
Corcel is no longer a company setting the stage - it is stepping into the spotlight. We are operating in two of the most exciting onshore energy plays globally, with strong partnerships, growing investor support, and a team executing with clarity and urgency.
To our shareholders, thank you for your continued support. With solid foundations in place and a clear strategy ahead, we're confident that the most exciting chapters for Corcel are still to come.
Sincerely,
Scott Gilbert
Chief Executive Officer
Corcel Plc
Consolidated statement of financial position
as at 31 December 2024
| | Notes | 31 December 2024 | | 31 December 2023 | | 30 June 2024 |
| | | Unaudited, £'000 | | Unaudited, £'000 | | Audited, £'000 |
| ASSETS | | | | | | |
| Non-current assets | | | | | | |
| Exploration and evaluation assets | | 8,544 | | 3,499 | | 7,713 |
| Property, plant and equipment | | 11 | | 494 | | 8 |
| FVTOCI financial assets | 6 | 1 | | 1 | | 1 |
| Other receivables | | 183 | | 749 | | 173 |
| Total non-current assets | | 8,739 | | 4,743 | | 7,895 |
| | | | | | | |
| Current assets | | | | | | |
| Cash and cash equivalents | | 222 | | 143 | | 268 |
| Trade and other receivables | | 1,021 | | 208 | | 917 |
| Total current assets | | 1,243 | | 351 | | 1,185 |
| Assets held for sale
| 7 |
2,975 | |
3,091 | | 2,975 |
| TOTAL ASSETS | | 12,957 |
| 8,185 |
| 12,055 |
| | | | | | | |
| | | | | | | |
| EQUITY AND LIABILITIES | | | | | | |
| Equity attributable to owners of the parent | | | | | | |
| Called up share capital | 8 | 3,087 | | 2,871 | | 2,953 |
| Share premium account | | 32,385 | | 29,005 | | 31,110 |
| Other reserves | | 3,072 | | 2,453 | | 2,802 |
| Retained earnings | | (32,674) | | (29,211) | | (30,980) |
| Total equity |
| 5,870 |
| 5,118 |
| 5,885 |
| | | | | | | |
| LIABILITIES | | | | | | |
| Current liabilities | | | | | | |
| Trade and other payables | | 5,673 | | 776 | | 4,840 |
| Short term borrowings | | 1,414 | | 2,291 | | 1,330 |
| Total current liabilities | | 7,087 | | 3,067 | | 6,170 |
| | | | | | | 12,055 |
| TOTAL EQUITY AND LIABILITIES | | 12,957 |
| 8,185 |
| 4,840 |
| | | | | | | |
The accompanying notes form an integral part of these financial statements.
Consolidated statement of income
for the period ended 31 December 2024
| | Notes | 6 months to 31 December 2024 | | 6 months to 31 December 2023 |
| | | Unaudited, £'000 | | Unaudited, £'000 |
| | | | | |
| | | | | |
| Gain on sale of JV projects | | - | | 166 |
| Administrative expenses | 3 | (1,321) | | (1,388) |
| Project expenses | | (168) | | (32) |
| Foreign currency (loss)/gain | | (289) | | 63 |
| Finance (costs)/income, net | | 84 | | (74) |
| Loss for the period before taxation |
| (1,694) |
| (1,265) |
| Tax expense | | - | | - |
| Loss for the period after taxation |
| (1,694) |
| (1,265) |
| | | | | |
| | | | | |
| Earnings per share | | | | |
| Loss per share - basic, pence | 4 | (0.05) | | (0.09) |
| Loss per share - diluted, pence | 4 | (0.05) | | (0.09) |
Consolidated statement of comprehensive income
for the period ended 31 December 2024
| |
| 6 months to 31 December 2024 | | 6 months to 31 December 2023 |
| | | Unaudited, £'000 | | Unaudited, £'000 |
|
| | | | |
|
| | | | |
| (Loss)/profit for the period |
| (1,694) |
| (1,265) |
| Unrealised foreign currency gain/(loss) on translation of foreign operations | | 245 | | (29) |
| Revaluation of FVTOCI investments | 6 | | | |
| Total comprehensive loss for the period | | (1,449) |
| (1,294) |
|
| | | | |
The accompanying notes form an integral part of these financial statements.
Consolidated statement of changes in equity
for the period ended 31 December 2024
The movements in equity during the period were as follows:
| | Share capital | Share premium account | Shares to be issued | Retained earnings | Other reserves | Total Equity |
| | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| | | | | | | |
| As at 1 July 2023 (audited) | 2,842 | 28,138 | - | (27,945) | 2,481 | 5,516 |
| Changes in equity for six months ended 31 December 2023 | | | | | | |
| Profit/ (loss) for the period | - | - | - | (1,265) | - | (1,265) |
| Other comprehensive (loss)/income for the period | - | - | - | - | - | - |
| Unrealised foreign currency gain arising on translation of foreign operations | - | - | - | - | (29) | (29) |
| Total comprehensive (loss)/income for the period | - | - | - | (1,265) | (29) | (1,294) |
| Transactions with owners | | | | | | |
| Issue of shares | 29 | 867 | - | - | - | 896 |
| Total Transactions with owners
| 29 | 867 | - | - | - | 896 |
| As at 31 December 2023 (unaudited) | 2,871 | 29,005 | - | (29,210) | 2,452 | 5,118 |
| As at 1 July 2024 (audited) | 2,953 | 31,110 | - | (30,980) | 2,802 | 5,885 |
| Changes in equity for six months ended 31 December 2024 | | | | | | |
| Profit/ (loss) for the period | - | - | - | (1,694) | - | (1,694) |
| Other comprehensive (loss)/income for the period | | | | | | |
| Unrealised foreign currency gain arising on translation of foreign operations | - | - | - | - | 245 | 245 |
| Total comprehensive (loss)/income for the period | - | - | - | (1,694) | 245 | (1,449) |
| Transactions with owners |
|
|
|
|
|
|
| Issue of shares | 134 | 1,275 | - | - | - | 1,409 |
| Options issued | - | - | - | - | 25 | 25 |
| Total Transactions with owners
| 134 | 1,275 | - | - | 25 | 1,434 |
| As at 31 December 2024 (unaudited) | 3,087 | 32,385 | - | (32,674) | 3,072 | 5,870 |
The movements in equity during the period were as follows:
| | | | | | |
| | FVTOCI investments reserve | Share-based payments reserve | Warrants Reserve | Foreign currency translation reserve | Total other reserves |
| | £'000 | £'000 | £'000 | £'000 | £'000 |
| As at 1 July 2023 (audited) | (2) | 169 | 1,778 | 536 | 2,481 |
| Changes in equity for six months ended 31 December 2023 | | | | | |
| Other Comprehensive income |
|
|
|
|
|
| Share options granted during the year | - | - | - | - | - |
| Warrants granted during the year | - | - | - | - | - |
| Unrealised foreign currency gains arising upon retranslation of foreign operations | - | - | - | (29) | (29) |
| Total comprehensive income/(loss) for the period | - | - | - | (29) | (29) |
| As at 31 December 2023 (unaudited) | (2) | 169 | 1,778 | 507 | 2,452 |
| As at 1 July 2024 (audited) | (2) | 385 | 1,900 | 519 | 2,802 |
| Changes in equity for six months ended 31 December 2024 | | | | | |
| Other Comprehensive income |
|
|
|
|
|
| Share options granted during the year | - | 25 | - | - | 25 |
| Unrealised foreign currency gains arising upon retranslation of foreign operations | - | - | - | 245 | 245 |
| Total comprehensive income/(loss) for the period | - | 25 | - | 245 | 270 |
| As at 31 December 2024 (unaudited) | (2) | 410 | 1,900 | 764 | 3,072 |
Consolidated statement of cash flows
for the period ended 31 December 2024
| | Note | 6 months to 31 December 2024 | | 6 months to 31 December 2023 |
| | | Unaudited £'000 | | Unaudited £'000 |
|
| | | | |
| Cash flows from operating activities | | | | |
| (Loss)/profit before taxation |
| (1,694) |
| (1,265) |
| Decrease/(increase) in receivables | | 55 | | 546 |
| Increase in payables | | 883 | | 61 |
| Depreciation | | - | | 1 |
| Share-based payments | | 25 | | - |
| (Gain)/loss on foreign exchange | | 1 | | (35) |
| Finance cost, net | | (84) | | 74 |
| Equity settled transactions | | 217 | | - |
| Net cash flows from operations | | (597) |
| (618) |
| | | | | |
| | | | | |
| Cash flows from investing activities | | | | |
| Investment in exploration and evaluation assets | | (574) | | (1,485) |
| Purchase of property, plant and equipment | | (3) | | (494) |
| Net cash flows from investing activities | | (577) |
| (1,979) |
| | | | | |
| | | | | |
| Cash flows from financing activities | | | | |
| Proceeds from issue of shares | | 1,192 | | 896 |
| Proceeds of new borrowings, as received net of associated fees | | - | | 2,257 |
| Repayment of borrowings | | (57) | | (641) |
| Net cash flows from financing activities | | 1,135 |
| 2,512 |
| | | | | |
| | | | | |
| Net decrease in cash and cash equivalents | | (39) |
| (85) |
| | | | | |
| Cash and cash equivalents at the beginning of period | | 268 | | 257 |
| Effects of foreign exchange translation on currency holdings | | (7) | | (29) |
| Cash and cash equivalents at end of period | | 222 |
| 143 |
| | | | | |
Half-yearly report notes
for the period ended 31 December 2024
| 1 | Company and Group |
|
| As at 30 June 2024 and 31 December 2024 the Company had one or more operating subsidiaries and has therefore prepared full and interim consolidated financial statements respectively.
|
|
| The Company will report again for the full year ending 30 June 2025.
The financial information contained in this half yearly report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The financial information for the year ended 30 June 2024 has been extracted from the statutory accounts of the Group for that year. Statutory accounts for the year ended 30 June 2024, upon which the auditors gave an unqualified audit report which did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies. |
| 2 | Accounting Polices |
|
| Basis of preparation |
|
| The consolidated interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2024, which have been prepared in accordance with IFRS.
Going Concern It is the prime responsibility of the Board to ensure the Company and the Group remain going concerns and so will be able to discharge its financial obligations as they fall due. At 31 December 2024, the Group had cash and cash equivalents of £0.222 million and £1.41 million of borrowings and access to a variety of funding options, including the capacity to undertake capital market placings of new shares and the potential issuance of loan notes. During the period the Company raised £1.22 million of new equity, and after the period the Company raised a further £2.72 million of new equity through a placing to a group of institutional oil and gas investors supportive of the Company's initiatives.
Whilst the Directors remain confident that funding will be secured as and when required to continue to progress the Group's projects and meet its obligations, there can be no certainty that the Company will be able to secure necessary funding as required. Consequently, there exists a material uncertainty over the application of the going concern principle.
On the back of this recent fundraising, considering expectations of future capital availability, and having considered the prepared cashflow forecasts and the Group budget, , the Directors consider that they will have access to adequate resources in the 12 months from the date of the signing of these Financial Statements. As a result, they consider it appropriate to continue to adopt the going concern basis in the preparation of the Financial Statements.
Should the Group be unable to continue trading as a going concern, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities, which might arise, and to classify non-current assets as current. The Financial Statements have been prepared on the going concern basis and do not include the adjustments that would result if the Group was unable to continue as a going concern.
|
| 3 | Administrative expenses
|
| 4 | Loss per share | | | |
|
| The following reflects the loss and share data used in the basic and diluted profit/(loss) per share computations: |
|
|
| 6 months to 31 December 2024 | | 6 months to 31 December 2023 | ||||
|
|
| Unaudited | | Unaudited
| ||||
|
|
| | | | ||||
| | Loss attributable to equity holders of the parent company, in Thousand Sterling (£'000) | (1,694) | | (1,265) | ||||
| | | | | | ||||
| | Weighted average number of Ordinary shares of £0.0001 in issue, used for basic and diluted EPS | 3,120,161,497 | | 1,441,324,515 | ||||
| | | | | | ||||
| | Loss per share - basic and diluted, pence | (0.05) | | (0.09) | ||||
| | | | | | ||||
| | At 31 December 2024 and at 31 December 2023, the effect of all the instruments is anti-dilutive as it would lead to a further reduction of loss per share, therefore they were not included into the diluted loss per share calculation.
| |||||||
| | ||||||||
|
| Options and warrants that could potentially dilute basic EPS in the future, but were not included in the calculation of diluted EPS because they are anti-dilutive for the periods presented:
| |||||||
|
|
| 6 months to 31 December 2024 | | 6 months to 31 December 2023 | ||||
|
|
| Unaudited | | Unaudited | ||||
|
|
| | | | ||||
| | Share options granted to employees - total, of them | 333,720,567 | | 26,687,412 | ||||
| | - Vested at the end of the reporting period | 6,081,134 | | - | ||||
| | - Not vested at the end of the reporting period | 327,639,433 | | 26,687,412 | ||||
| | Warrants given to shareholders as a part of placing equity instruments
| 457,552,900 | | 290,500,000 | ||||
| | | | | | ||||
| | Total number of instruments in issue not included into the fully diluted EPS calculation | 791,273,467 | | 317,187,412 | ||||
| 5 | Segmental analysis |
| | | The Group's operational segments are as follows:.
|
| ||||||
| | For the six-month period to 31 December 2024 | Battery Metals | Flexible Grid Solutions (FGS) | Oil and Gas | Corporate and unallocated |
Total | |||
| |
| £'000 | £'000 | £'000 | £'000 | £'000 | |||
|
| Result | | | | | | |||
| | Segment results | (252) | - | (187) | (1,339) | (1,778) | |||
| | Loss before tax and finance costs | (252) | - | (187) | (1,339) | (1,778) | |||
| | Finance costs | 159 | - | 1 | (76) | 84 | |||
|
| Profit/(Loss) for the period before taxation | (93) | - | (186) | (1,415) | (1,694) | |||
| | Taxation expense | - | - | - | - | - | |||
|
| Loss for the period after taxation | (93) | - | (186) | (1,415) | (1,694) | |||
|
| Total assets at 31 December 2024 | 4,018 | - | 8,502 | 437 | 12,957 | |||
| | | |
| ||||||
| | | The Group's operational segments are as follows:.
|
| |||||||
| | For the six-month period to 31 December 2023 | Battery Metals | Flexible Grid Solutions (FGS) | Oil and Gas | Corporate and unallocated |
Total | ||||
| |
| £'000 | £'000 | £'000 | £'000 | £'000 | ||||
|
| Result | | | | | | ||||
| | Segment results | 119 | (1) | (14) | (1,295) | (1,191) | ||||
| | Loss before tax and finance costs | 119 | (1) | (14) | (1,295) | (1,191) | ||||
| | Finance costs | - | - | - | (74) | (74) | ||||
|
| Profit/(Loss) for the period before taxation | 119 | (1) | (14) | (1,369) | (1,265) | ||||
| | Taxation expense | - | - | - | - | - | ||||
|
| Loss for the period after taxation | 119 | (1) | (14) | (1,369) | (1,265) | ||||
|
| Total assets at 31 December 2023 | 4,234 | - | 3,618 | 332 | 8,185 | ||||
| | | |
| |||||||
| 6 | Financial assets |
| ||||||||
| | | 31 December 2024 Unaudited £'000 | 31 December 2023 Unaudited £'000 | 30 June 2024 Audited £'000 |
|
| FVTOCI financial instruments at the beginning of the period | 1 | 1 | 1 |
|
| Disposals | - | - | - |
| | Revaluations and impairment | - | - | - |
| | FVTOCI financial assets at the end of the period (unaudited) | 1 | 1 | 1 |
| 7 | Assets Held for Sale
On 16 October 2023, the Group announced an agreement with Integrated Battery Metals (the Purchaser) for the disposal of its 41% interest in the Mambare nickel/cobalt project held via its interest in Oro Nickel Ltd, following extensive discussions with the Purchaser over the course of the financial year ended 30 June 2023.
Under IFRS 5, the interest in Oro Nickel Ltd is classified as an Asset Held for Sale, as the directors had made a definitive determination to dispose of the asset prior to the reporting date of these financial statements. As such, the carrying value of the investment in the joint venture held in the group was £2,975,162 (2023: £3,091,449) at the reporting date, comprising an investment in the JV of £1,458,729 and loans to the JV of £1,516,532, and has been reclassified on the balance sheet as Assets Held for Sale.
|
| 8 | Share Capital of the company |
|
| The share capital of the Company is as follows: |
|
|
| Number of shares | | Nominal, £'000 |
| | | | | |
| | Allotted, issued and fully paid | | | |
| | Deferred shares of £0.0009 each | 1,788,918,926 | | 1,610 |
| | A Deferred shares of £0.000095 each | 2,497,434,980 | | 237 |
| | B Deferred shares of £0.000099 each | 8,687,335,200 | | 860 |
| | Ordinary shares of £0.0001 each | 2,458,300,515 | | 246 |
|
| As at 1 July 2024 (Audited) |
|
| 2,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued in the period |
|
|
|
|
| Ordinary shares of £0.0001 each | 1,331,784,466 | | 133 |
|
|
|
| |
|
| | | | | |
| | Allotted, issued and fully paid | | | |
| | Deferred shares of £0.0009 each | 1,788,918,926 | | 1,610 |
| | A Deferred shares of £0.000095 each | 2,497,434,980 | | 237 |
| | B Deferred shares of £0.000099 each | 8,687,335,200 | | 860 |
| | Ordinary shares of £0.0001 each | 3,790,084,981 | | 379 |
|
| As at 31 December 2024 (Unaudited) |
|
| 3,086 |
|
|
|
|
|
|
9 Capital Management
Management controls the capital of the Group in order to control risks, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern.
The Group's debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.
There are no externally imposed capital requirements.
Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year.
10 Events after the reporting period
On 18 February 2025 the Company announced a fundraising via the placing of 1,698,125,000 new ordinary shares at a price of £0.0016 per share, raising £2.7m before expenses. The placing included the issue of one for one warrants to investors with a strike price of £0.00225 exercisable for 2 years.
On 24 February 2025 the Company announced the initial results from the EI-1 well workover in the IRAI field, over which the Company holds an option to acquire a 20% interest. The initial results of the workover confirmed sustained gas production at 20,000 m3 per day, aligning with historic production rates and indicating the positive production potential for the field.
For further information, please contact:
Scott Gilbert Corcel Plc CEO & Director
James Joyce / James Bavister / Andrew de Andrade Zeus NOMAD & Broker
020 3829 5000
Jonathan Wright / Rupert Holdsworth Hunt Auctus Advisors Joint Broker
07711 627449
Patrick d'Ancona Vigo Communications IR
0207 3900 230
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 by acquiring 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 Operated - 55% working interest - 49.5% 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 Brazil portfolio consists of the option to acquire:
· 20% interest in the IRAI gas field
· Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI field
· ROFR for 100% of the adjacent TUC-T-172 exploration block, located in the state of Bahia, onshore Brazil
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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