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Pin to quick picksCorcel Share News (CRCL)

Share Price Information for Corcel (CRCL)

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Share Price: 0.165
Bid: 0.15
Ask: 0.18
Change: -0.015 (-8.33%)
Spread: 0.03 (20.00%)
Open: 0.18
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Low: 0.165
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IN BRIEF: Corcel makes payment for Angola oil blocks as funds arrive

Fri, 14th Jul 2023 09:41

Corcel PLC - battery metals mining and oil and gas in Brazil and Angola - Makes required USD821,000 payment of risk service contract signature bonuses to Agencia Nacional de Petroleo, Gas e Biocombustiveis in Angola for Corcel's three oil block licenses there. The contracts relate to Corcel's acquisition last month of a 90% interest in Atlas Petroleum Exploration Worldwide Ltd. The Atlas Petroleum portfolio has three main licenses - KON-11, KON-12 and KON-16 - containing 21 historical wells in total.

The payment comes as Corcel receives all GBP1.1 million from the equity raise it announced back in March. Corcel also has received GBP226,958 from the raise it announced in May.

Current stock price: 0.27 pence, up 5.5% in London early Friday

12-month change: down 45%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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Corcel joint venture refused mining lease in Papua New Guinea

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7 Jun 2024 18:41

IN BRIEF: Corcel's Angolan blocks to acquire new data through survey

Corcel PLC - Angola and Brazil-focused oil exploration and production firm - Says the KON 11, KON 12, and KON 16 blocks in Angola have received all the relevant approvals to acquire new data through an enhanced full tensor gradiometry survey. Non-Executive Chair Antoine Karam says: "The eFTG Survey over our blocks will enhance our geological understanding and bolster our efforts in the Kwanza basin, where we remain confident there is significant potential. Despite our recent challenges, we remain focused in achieving our goals."

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7 Jun 2024 11:36

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IN BRIEF: Corcel completes initial well testing; raises GBP1.3 million

Corcel PLC - London-based mining and resource development company - Notes the conclusion of initial well test efforts at TO-14 well in the Kwanza Basin, onshore Angola, where the company has a 20% working interest. Says local operator Sonangol EP decides to move to testing to TO-13 well. The equipment move is expected to take approximately seven days after which formal testing will begin, it says. Chair Antoine Karam says: "With TO-13 testing shortly to commence, we will soon have an additional data set to aid in our efforts to both produce commercial oil in the short term and to reactivate and build out the Tobias field over the longer term." Corcel also reports that it has raised GBP1.3 million through through a fundraising via the issue of 260 million new ordinary shares at 0.005 pence each. This includes a GBP500,000 investment from shareholder, Extraction SRL.

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Corcel to shift exploration focus amid nitrogen shortage

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IN BRIEF: Corcel updates on progress of testing in Angola

Corcel PLC - London-based mining and resource development company - Provides an update on the testing of the TO-14 well in the onshore Block KON-11, in Angola, where it has a 20% working interest. Says testing of the TO-14 well continues following significant weather and equipment related delays earlier in the year. Explains reactivation of the fractured carbonate reservoir has been challenging, however there is continued focus on engineering solutions to flow test the well from the most prospective zones identified during the drilling phase. Notes continued engineering work is being conducted to identify solutions to flow both TO-14 and the yet untested TO-13 well. Additional activities are being progressed across the Corcel acreage in KON-11, KON-12, and KON-16. An electromagnetic full-tensor gravity survey is scheduled to begin by early May.

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