Corcel plc completed the acquisition of its 90% interest in Atlas Petroleum Exploration Worldwide Ltd with assets in the Kwanza basin, onshore Angola.
CONTRACTS
The company last week signed the risk service contracts for blocks KON-11, KON-12 and KON-16 and other conditions precedent are also satisfied.
The issue of shares for the transaction, announced in May 2023, is underway.
PLACING SHARES
Corcel has issued 85,714,285 new ordinary shares to Extraction Srl, a company controlled by Antoine Karam, from the second tranche of the £1 million placing with a cornerstone investor on 28 March 2023.
The investor group has also nominated Mr Karam as a non-executive to the Corcel board.
The first tranche of £300,000 received in April was used to reduce outstanding debt.
On admission, Corcel’s total issued share capital will comprise 1,309,312,406 ordinary shares, each with voting rights. The company holds no shares in treasury.