Malcys Blog comment on RBS19 Mar 2026 15:57
It’s always good when key shareholders approach the management asking to invest more money and it speaks volumes about the respect that Scott Gilbert, Geraldine Geraldo and their team are held in as well as the asset base that they have built up in such a short time.
The raise, £3.6m at a nil discount price of 0.4p per share along with a warrant exercisable at 0.7p which also carries an accelerator at the company’s discretion. It adds significant optionality, particularly should there be an extension of the drilling programme after the imminent KON-16 exploration well.
The reason for this raise is for that programme and will contribute to the long-lead items and of course rig procurement. It makes the company incredibly financially robust and with a strong balance sheet which gives scope for further M&A and the ability for Corcel to tighten its grip onshore Angola where it will end up dominating areas such as KON-11 and KON-12.
It is quite difficult to realise what the journey that Corcel has been and in such a short time. It has created an excellent platform for growth and assembled a fine list of shareholders keen to back the company ahead of any needed funding which gives the company that optionality I was talking about. Right now it’s all about that and fire power that it has built up, Corcel went straight into the Bucket list and has fully justified its presence, over 1 month it’s up 25%, over 6 it’s 19% and y/y up 132%. My TP remains at 2p which I am totally comfortable with.
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