Corcel plc is to sell its 41% interest in the Mambare nickel-cobalt project and associated Oro Nickel joint venture, following no response from its partner’s pre-emption notice and time extension. ADVICE In March 2023, Corcel restructured its Papua New Guinea assets in a 50-50 joint venture with Integrated Energy Metals (IEM) to create a new carried […]
Tag: Corcel plc
Corcel to acquire new data on Angola blocks
Corcel plc has received approval to acquire new geological and geophysical data on its three onshore Angola blocks. FOCUS KON-11 and KON-12, considered brownfield redevelopment with historic production from the Tobias and Galinda fields, and operated KON-16 will be subject of an enhanced full tensor gradiometry survey (eFTG). The programme follows “inconclusive results” at the end […]
Corcel partner halts TO-13 drill on ‘minimal oil’
Corcel plc said that initial drilling and testing had been suspended of its onshore TO-13 well in Angola following “inconclusive results”. POTENTIAL “After several weeks of well testing and engineering efforts the well has produced minimal levels of water and oil to date,” added the company. Operator Sonangol will turn its focus to geological and geophysical […]
Corcel issues 3.5m SIP shares
Corcel plc has issued 3,556,362 ordinary shares of £0.0001 each in the company under its share incentive plan for the 2023-24 tax year. The scheme was agreed in the Trustees meetings on 2 April and 8 May 2024. The SIP allows eligible employees to have monthly salary deductions to be held by the SIP Trustees until the end […]
Corcel receives £400,000 of fundraise
Corcel plc has to date received £399,750 cash of April’s £1.3m fundraise. The company will issue 79,950,000 of tranche I shares, including 39,975,000 shares to director Geraldine Geraldo. The company will also issue 79,950,000 warrants. Corcel expects the balance of the tranche I funds of £400,000 and the tranche II funds of £500,000 in due course. […]
Corcel appoints Scott Gilbert as interim CEO
Corcel plc has appointed Scott Gilbert as interim chief executive with immediate effect and, subject to regulatory checks, to the board as an executive director. Mr Gilbert is a co-founder and vendor of Atlas Petroleum Exploration Worldwide Ltd with interests in blocks acquired by Corcel in the Kwanza Basin, Angola. Since December 2023 he has […]