Corcel plc said that the put option agreement over 99m shares of the company, representing 4.87% of the ordinary shares currently in issue, has been exercised with Extractions Premium & Mining Ltd (EXT). EXT, which currently holding 21.26% of Corcel, will also acquire an additional 100m new ordinary shares of Corcel following a forthcoming general meeting […]
Tag: Corcel plc
Corcel shareholder cancels 99m share call option
Corcel plc’s shareholder Extractions Premium & Mining Ltd has entered a put option agreement with Richard Jennings and cancelled the call option from February 2024. Under the terms of the agreement, Mr Jennings has the right from 16 April 2024 until 1 September 2024, to sell up to 99 million ordinary Corcel shares to EXT. The […]
Corcel finds ‘significant’ water in TO-14 clean-up
Corcel plc found “significant” water production with oil shows and nominal oil saturation levels from clean-up operations using nitrogen at the TO-14 well, onshore Angola. DATA Operator Sonangol has now completed initial well test efforts at the well while engineering work continues. Nitrogen shortages in Luanda have prompted Sonangol to move to test TO-13, […]
Corcel raises £1.3m via premium placing
Corcel plc has raised £1,299,750 via a 37% premium placing, including an investment from one of its directors, cornerstone shareholder Extraction Srl and other institutional investors. USES The company issued 259,950,000 new ordinary shares of £0.0001 at a price of £0.005 per share with one-for-one warrants at £0.01 per share, valid for 24 months. Extraction […]
Corcel targets first oil and listing
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 […]
Corcel’s earn-in partner exits Mt Weld
Corcel plc said its partner in the Mt. Weld rare earth element project has withdrawn from the earn-in agreement. CONTROL Riversgold Ltd, which could have spent A$500,000 to earn a 50% stake, made its decision as part of “a much larger tenement rationalisation process.” In December 2022, Corcel acquired the 171ha licence, situated near Laverton […]