Business
Corcel Consolidates KON16 Interest & Secures $2.5M
Corcel Consolidates KON16 Interest & Secures $2.5M.
About this update from Corcel Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \nCorcel PLC\n(\"Corcel\" or the \"Company\")\n \nCorcel Consolidates Block KON-16 Interest and Secures $2.5M through Strategic Alliance with Sintana Energy Inc\n \n \n14 May 2025\n \nCorcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company is very pleased to announce that, through its subsidiary Atlas Petroleum Exploration Worldwide Ltd (\"APEX\"), it has conditionally acquired an additional 30% gross interest in its operated Block KON-16 in the Kwanza Basin, onshore Angola, from a joint venture partner of the block, subject to Governmental approval. Concurrently, Corcel is also delighted to announce the signing of a binding heads of terms for a strategic alliance with Sintana Energy Inc (SEI: TSX-V) (\"Sintana\"), a transaction that secures $2,500,000 in exchange for a 5% net interest in Block KON-16. The result of these two transactions, upon completion, will increase Corcel's net interest in Block KON-16 from 49.5% to 71.5%.\n \nHighlights:\n· APEX acquires an additional 30% gross (27% net to CRCL) interest in Block KON-16, consolidating an 85% controlling interest in its high-impact, high-potential operated block;\n· APEX has entered into a binding heads of agreement to sell a 5% net interest in Block KON-16 to Sintana Energy Inc for a cash consideration of $2,500,000, which provides an indicative gross value of $50,000,000 for the entirety of KON-16, pre-seismic;\n· Corcel enters a strategic alliance with Sintana Energy Inc through a Joint Study and Bid Agreement (\"JSBA\"), which targets further opportunities in onshore and offshore Angola; and\n· Transaction proceeds enable Corcel to accelerate and fund its 2025 seismic program in KON-16 leading to drilling an initial exploration well in KON-16 in 2026. \n \nScott Gilbert, Chief Executive Officer at Corcel commented: \"We are extremely pleased to have executed two value-accretive transactions in r...