focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCorcel Share News (CRCL)

Share Price Information for Corcel (CRCL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.335
Bid: 0.32
Ask: 0.35
Change: -0.01 (-2.90%)
Spread: 0.03 (9.375%)
Open: 0.345
High: 0.345
Low: 0.335
Prev. Close: 0.345
CRCL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Corcel acquires 90% of Atlas Petroleum for GBP800,000, paid in shares

Wed, 24th May 2023 14:32

(Alliance News) - Corcel PLC on Wednesday said it has signed a deal to acquire 90% interest in Atlas Petroleum Exploration Worldwide Ltd.

Corcel is a London-based mining and mineral resource development company with interests in flexible energy storage and production. It manages operations in Papua New Guinea, Canada, Australia, and the UK.

The firm said it will pay consideration of GBP800,000 via the issue of 200 million new shares at GBP0.004 per share, locked up for 18 months.

Simultaneous to the acquisitions, APEX shareholders will make a GBP282,741 investment in Corcel, alongside investors from Brazil and Argentina's oil and gas sectors.

Corcel said APEX holds working interests of between 20% and 35% in three onshore blocks in Angola, containing two historically producing oilfields - which have potential for redevelopment of 85 million barrels P50 gross contingent oil resource - as well as one exploration license.

The exploration license has prospective resources of 1.46 billion barrels of oil, Corcel said.

Chair James Parsons said: "I am delighted to announce this first acquisition in our oil and gas strategy, providing a strong initial platform on which to progress our pan-Angola/Brazil growth strategy. The metrics on this acquisition are compelling for Corcel shareholders and the window is now open for rapid further consolidation onshore Angola alongside new asset acquisitions in Brazil.

"The Kwanza basin has been producing for 35 years, is a well understood petroleum system and has both significant scale and upside. Corcel sees significant opportunities to increase the legacy operator estimated resources given the structural configuration of the basin and recent new structural mapping."

Corcel shares rose 2.1% to 0.32 pence each in London on Wednesday afternoon.

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
8 Jul 2014 09:05

DIRECTOR DEALINGS: Caracal Energy CFO, Non-Executive Convert Bonds

Read more
3 Jul 2014 07:21

Glencore Receives Approval In Canada For Caracal Buy

Read more
11 Jun 2014 15:50

Numis Chief reduces stake with sale of 3m shares

Oliver Hemsley, the Chief Executive Officer of Numis, has traded in three million shares, reducing his stake by almost a quarter to 9.4m. The 270p-a-share disposal generated £8.1m. The sale comes around one month after the group posted a 59% jump in first half revenue at £51.5m. Adjusted pre-t

Read more
9 Jun 2014 07:37

UK MORNING BRIEFING: Firm Open As Lloyds Sets TSB Price Range

LONDON (Alliance News) - UK shares have opened fractionally higher Monday following rising markets in Asia and a higher close on Wall Street on Friday. China reported strong trade figures for May on Sunday, lending Monday a positive tone.

Lloyds Banking will price t

Read more
9 Jun 2014 06:44

Glencore Takeover Of Caracal Energy Gets Court, Shareholder Approval

LONDON (Alliance News) - Caracal Energy Inc Monday said its proposed acquisition by Glencore PLC has been approved by both its shareholders and the Court of Queen's Bench in Canada, with the takeover expected to close within a month. The oil and gas exploration and development company said

Read more
15 May 2014 07:47

UK MORNING BRIEFING: Dixons Carphone PLC Is Born

LONDON (Alliance News) - Shares have opened marginally higher in London Thursday amid a flurry of UK corporate news and European economic statistics.

Electronics retailer Dixons Retail and mobile phone retailer Carphone Warehouse confirmed they will

Read more
15 May 2014 05:30

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Thursday, May 15
Read more
14 May 2014 15:15

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Thursday, May 15
Read more
13 May 2014 15:30

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Wednesday, May 14
Read more
13 May 2014 05:11

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Tuesday, May 13
Read more
12 May 2014 15:16

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Tuesday, May 13
Read more
12 May 2014 05:10

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Monday, May 12
Read more
9 May 2014 17:01

Caracal Energy Swings To Profit In First Quarter On First Revenue

LONDON (Alliance News) - Caracal Energy Inc Friday said it had swung into a pretax profit in the first quarter of 2014, as it saw its first oil revenues from its Badila Field in Chad. The company, which is set to be acquired by GlencoreXstrata PLC, posted a pretax profit of USD8.7 million i

Read more
9 May 2014 15:13

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Monday, May 12
Read more
9 May 2014 05:26

UK AGM, EGM Calendar - Week Ahead

UK AGM, EGM Calendar
Friday, May 9
Read more

Quickpicks are a member only feature

Login to your account