AIM-listed Corcel, the pan Angola-Brazil focused energy company, has announced a placing to raise £2.72m at a 6.7% premium to yesterday's closing price to fund value-accretive ongoing operational activities across its assets, business development efforts to increase its interest in the Kwanza Basin, onshore Angola, and its growth strategy in Brazil.
Highlights:
- Completion of an equity funding raising of £2.72m before expenses at a price of £0.0016 per share from strategic investors with significant experience in the oil & gas sector
- Placing price represents approximately a 6.7% premium to the closing price on 17 February 2025
- Net proceeds enable Corcel to accelerate growth initiatives in Angola and Brazil and focus on operational actives which will be catalyst for unlocking value to shareholders
- Video interview with Corcel CEO Scott Gilbert https://tinyurl.com/2zysbd47
Scott Gilbert, Corcel's CEO, commented: 'This capital injection strengthens Corcel's financial position and balance sheet, enabling us to accelerate progress on our key projects with confidence. We are focused on delivering near-term catalysts that will drive significant value for our shareholders. The onshore Kwanza Basin in Angola is rapidly emerging as a highly sought-after region for energy companies worldwide. As the first London-listed independent exploration & production company to enter the onshore Kwanza Basin, we are excited about Corcel's future in the region, the benefits our first mover advantage bring and the opportunities ahead in an area we believe has the potential to add significant material value to our business.
With a clear strategy in place, the support of our shareholders and an extensive runway, we look forward to increasing our interest in the Basin, conducting extensive subsurface studies on our core assets, and advancing preparations for the upcoming seismic program later this year. At the same time, we remain committed to delivering on our broader business plan across Angola and Brazil. We sincerely appreciate the continued backing of our shareholders and warmly welcome our new investors as we embark on this next phase of growth. I look forward to updating the market on our progress in an exciting year for Corcel.'
Source: Corcel
