Corcel plc has acquired an additional 20% in its operated block KON-16 in the Kwanza Basin, onshore Angola.
FUNDRAISE
The acquisition, subject to approvals, is through its 90% owned subsidiary Atlas Petroleum Exploration Worldwide Ltd (APEX), taking its total holding to 55% gross, with 49.5% net to Corcel and at no cost.
KON-16 covers 1,022 km2 (252,500 acres) and underwent an enhanced full tensor gradiometry survey (eFTG) earlier in September, with results expected to design 2D seismic acquisition.
Corcel has also raised £1.22 million via a subscription of 1.22 billion new ordinary shares at a price of £0.001 per share with strategic investors to fund its activities in Angola and Brazil.
The company said it had limited remaining shareholder authority to issue new ordinary shares for cash on a non-pre-emptive basis and would therefore issue the shares in two stages.
An initial 580m placing shares will be issued under existing share authorities, with a further 640m to be issued conditional upon, among other things, shareholders’ vote at the next general meeting.
Following admission of the 580m initial placing shares, the company’s total issued share capital will consist of 3,038,300,515 ordinary shares, each with one voting right, and none held in treasury.
Chief executive Scott Gilbert added that the acquisition gave Corcel a “commanding position” in the “most exciting” onshore block in the Kwanza Basin.
“Additionally, the support secured in this fundraise from strategic investors that have deep experience in oil and gas sector, and in Angola in particular, is a testament to our sound strategy and a foundation for sustainable growth.”
Corcel’s strategy focuses on three “energy verticals” of exploration, near term production, and a battery metals portfolio.