Corcel PLC Reports Progress in Angola and Brazil, Strengthens Financial Position

Corcel ( (GB:CRCL) ) has provided an announcement.

Corcel PLC has announced its unaudited half-year results for the period ending December 2024, highlighting significant progress in its strategic transformation into a high-growth energy platform. The company has strengthened its position in Angola’s Kwanza Basin by increasing its equity in the KON-16 block to 49.5% and successfully completing an Enhanced Full Tensor Gradiometry survey, which will guide future exploration activities. In Brazil, Corcel has made strides in production through a strategic collaboration, achieving successful results in the EI-1 well workover and evaluating further opportunities. The company has also raised £2.72 million to support ongoing operations and growth strategies, reflecting investor confidence. As Corcel enters the second half of the financial year, it aims to finalize data interpretation for KON-16, increase interests in the Kwanza Basin, and potentially convert the Irai option into a production asset, while maintaining disciplined capital deployment.

More about Corcel

Corcel PLC is a pan Angola-Brazil focused energy company, primarily involved in the exploration and development of energy resources. The company is strategically positioned in the energy sector with a focus on operational efficiency and strategic capital allocation, aiming to transform into a high-growth energy platform.

YTD Price Performance: 16.45%

Average Trading Volume: 29,185,927

Technical Sentiment Signal: Buy

Current Market Cap: £9.87M

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