Corcel plc said it was on the verge of a material transformation to become “a sizeable, listed oil and gas developer”.
OPERATOR
During H2 2023, the company refocused on hydrocarbons in the Kwanza Basin, Angola and is considering further transactions in the region and overseas.
The six months also saw a new board of directors and the company’s technical and financial capabilities widened.
“All of these efforts were designed to prepare the company for its next phase of growth,” said executive chairman Antoine Karam.
“Corcel’s expanded capabilities include areas such as geology, drilling, business and commercial development, facilitating Corcel moving from passive E&P investor to operator over the course of the year.”
Plans for 2024 include a competent persons report which, on positive test results, would lead to installation of an early production system with the aim of first oil and formal production by the end of the year.
Corcel also aims to maximise value from its “heritage assets” of Mambare nickel-cobalt in Papua New Guinea and Canegrass lithium in Australia.
During the period, the company’s administrative expenses nearly trebled to £1.4m compared with £527,000 in H2 2022.
Total administrative expenses of £1.4m (£527,000) included payroll of £499,000 (£235,000).
Cash from operating activities showed losses totalling £1.3m (£700,000) while cash and cash equivalents fell to £143,000 (£226,000).
Post period and as at 1 March 2024, Corcel’s second largest shareholder is investor Extraction Srl with 302m shares, equal to 18% of the share capital. Mr Karam holds a 45% interest in Exraction Srl.