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And don't forget that their farm-in partner at Mt Weld, Riversgold Limited, walked away from the project. That does not happen very often. And the boss of Riversgold is David Lenigas, who previously couldn't speak highly enough about Mr Karam. Something must have changed.

Can anyone explain to me why they would do a premium-priced placing on the same day that they issue the disastrous news that their 'number 1' well - TO-14 - has not flowed any oil at all, let alone commercial quantities?

"Maybe they are very bullish and would rather buy them from Jennings than see others buy them so cheaply?"

The Call Option from 29th Feb 2024 offered to buy the 99 million shares from Jennings at 1.2p per share. Today's Put option says that Jennings can sell these shares to EXT for 0.75p per share. It would appear that they are not as 'bullish' today as they were in February - in fact, they are 37.5% less bullish.

Don't lose sight of exactly who EXT are. They are Mr Karam and one of his mates and nothing more.

"Mr Karam has a 45% interest in Extraction Srl, an Italian company, which in turn holds 100% of the issued shares of EPM, an English company. Mr Karam and Giovanni Colangelo are the directors of EPM, and Mr Colangelo is the sole director of Extraction Srl. Extraction Srl and EPM are investment companies that were formed in 2023 with a mandate to make investments across the natural resources sector."

EXT do not need the shares. They - EXT - have just taken 100 million new shares in the placing. For some reason, they are pretending to dangle a carrot in the face of R Jennings which has the net effect of stopping Jennings from selling the 99 million shares. Maybe EXT think that if Jennings sell the 99 million shares on the open market then it will crash the share price. If it does, then so be it.

EXT are not stupid. There will be an "auto-exercise" condition attached to this Put Option, which will basically mean that it is never going to happen, as with The Call Option. They (EXT) or CRCL management (if they exist beyond EXT which is very doubtful) just haven't bothered to attach the conditions to the RNS (which is very convenient and all part of this attempt to get the share price higher by whatever means, fair or foul.

AJMHO

'up to' being the same words that were used in the Call Option. They (EXT) didn't appear to buy any of the shares though. Not one. It is just a lot of nonsense to attempt to breathe some life into the fast-dying share price.

The management must be scratching their heads trying to work out how to get the share price back up to previous levels. They are trying every trick in the book. What's next?

I can guarantee that there is an "auto-exercise function" in this agreement which has not been disclosed. With the Call Option the deal would only "auto-exercise" when the share price reached a certain level for so many days and on specific volume. Without these conditions being met it was just a figure on paper.

There is no way that EXT will let this Put Option go through at that price without some conditions also and exactly what these are we do not know.

I think that most people can work out that with TO-14 being a no-flow disaster, and with TO-13 being in the same field and probably also very unlikely to flow, then the share price certainly isn't going to be rising in the near future. Besides, I expect that TO-13 will take the customary 2 months to flow test so the share price will drift on no news as it usually does.

The previous Put Option was worded that EXT had the option to purchase the shares from R Jennings. It also contained a caveat as copied below which appears to state that EXT would only have to make the purchase if the share price reached a certain level for so many days and at a specified volume.

"Under the terms of this agreement, EXT has the right from 1 March 2024 until 1 June 2024, to purchase up to 99,000,000 ordinary shares of the Company from RJ, representing 5.58% of the ordinary shares currently in issue, at a price of £0.012 per share. This price represents a 37% premium to the most recent closing price of the Company's shares.

The Option contains an auto-exercise function, such that it will be deemed to have been exercised if the shares trade over £0.015 as measured on a VWAP basis for five consecutive trading days and in an aggregate minimum volume of 20,000,000 shares."

Today's RNS appears to state that R Jennings has the option to sell the 99 million shares to EXT with no terms attached. Obviously, if this is the case, then Jennings would sell them immediately. But are there any terms attached which have not been outlined in today's RNS? Is this more deceit and trickery by the desperate management?

I see that the only other share that Edgein has posted about is COPL. Oh dear, that is a very bad sign.

I expect that he will be telling us that they are off to Brazil next to acquire some more (possibly worthless) assets.

Buys galore piling in with this latest 'con' RNS.

Unfortunately, the Put Option is as good as worthless while the share price is 3 times lower than the option price. And maybe Jennings might be wise to sell these shares anyway to get some profit from them as by the time TO-13 fails to flow the share price might be down to 0.10p!!!

AJMHO

16 April 2024

Corcel PLC

Put Agreement

16 April 2024

Corcel Plc (London AIM: CRCL), the Angolan-focused exploration and production company, announces that it has been notified that Extractions Premium & Mining Ltd. ("EXT"), which currently holds a 21.26% interest in Corcel, has entered into a Put Option Agreement (the "Option") with Richard Jennings ("RJ") and has cancelled the Call Option Agreement previously announced on 29 February 2024.

Under the terms of this agreement, RJ has the right from 16 April 2024 until 1 September 2024, to sell up to 99,000,000 ordinary shares of the Company to EXT, representing 4.87% of the ordinary shares currently in issue, at a price of £0.0075 per share. This price represents approximately a 142% premium to the most recent closing price of the Company's shares.

That's it, move the posts. What a complete bunch of idiots. Why dangle this carrot in front of R Jennings? Are EXT so worried about Jennings selling these shares? and if so then why? If EXT just wanted more shares they can buy them at about 0.30p - and that is about 60% less than this silly Put Option price.

Is this just another desperate attempt to bolster the ailing share price? If so then I don't think that it is going to work. And yes, the market did see through this rather ludicrous premium-priced placing and instead of getting the share price up to 0.5p it has fallen to half that.

Blimey, some bloody unicorn!!

I had such high hopes for this company but unfortunately it has all come to nothing. The share price is back to where it was when this asset was first acquired.

The thing is that if Sonangol can get T0-14 to flow at around 50bopd then that would be around 10bopd net to Corcel. That would be a good result and very positive according to many of the posters on here.

The more I re-read the 2 RNS's and the more I think about it, the more ludicrous this 'premium-placing' looks. Does the management and EXT think shareholders are completely stupid?

What is going to be the difference at TO-13? If TO-14 is only flowing water with traces of oil then you can more or less guarantee that is the state of the whole field. After all, TO-14 was the 'stand out' well from the whole field flowing so we were led to believe as nearly 10 times more than the other 6 producing wells. This is just not going to happen.

The premium placing was obviously done to stop the share price from completely collapsing but it won't stop it from collapsing over the coming days and weeks.

I see that the market has seen through this ludicrous, dodgy premium placing already as the share price is down by 10.96%.

There is a time and a place for premium placings and it is not when they announced a failed flow test.