Corcel raises £3m to accelerate exploration, development plans

(Sharecast News) - Corcel announced on Monday that it has raised £3m through an equity placing to accelerate its exploration and development plans in Angola and beyond.

The AIM-traded energy company said the funds were secured at 0.35p per share, in line with its 15-day volume-weighted average price, and were backed by two new institutional investors described as having extensive experience in global capital markets.

It said the proceeds would support ongoing operations, including the company's 2D seismic programme at the KON-16 block in Angola, and advance multiple workstreams as it pursued exploration and production opportunities both domestically and internationally.

Corcel issued 857,142,858 new ordinary shares as part of the placing, with admission to trading on AIM expected on or around 11 December.

Following admission, the company's enlarged share capital would total 8,515,475,996 shares.

"I am delighted to welcome our two new shareholders to Corcel," said chief executive Scott Gilbert.

"Their support provides us with additional strength and optionality as we enter a pivotal phase for the company.

"Operations are now underway on our 2D seismic programme at KON-16, and we continue to advance multiple workstreams as we pursue growth opportunities both in Angola and internationally across the E&P life cycle."

He added that 2026 was set to be "a transformative year for Corcel, with several key milestones expected to drive substantial growth in shareholder value."

Corcel said the placing strengthened its balance sheet at a time of heightened operational activity, and positioned the group to capitalise on what it saw as a significant opportunity set across its asset base.

At 1401 GMT, shares in Corcel were up 1.45% at 0.35p.

Reporting by Josh White for Sharecast.com.

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