Business
Final Results Ended 30 June 2023 & Notice of AGM
Final Results Ended 30 June 2023 & Notice of AGM.
About this update from Corcel Plc
[{"type":"text","content":"\n\n \nCorcel PLC\n(\"Corcel\" or the \"Company\")\n \nFinal Audited Results\nfor the Year Ended 30 June 2023 and\nNotice of Annual General Meeting\n \n30 November 2023\nThe Company's Annual Report and Financial Statements for 2023, extracts from which are set out below, together with the Notice of the Company's Annual General Meeting (\"AGM\"), have been published to shareholders and a copy of the documents is now available on the Company's website at www.corcelplc.com.\n \nThe AGM is to be held at We Work, 125 Kingsway, London, WC2B 6HN at 10:00 am on 22 December 2023.\n \n \nChairman's Statement\n \nCorcel is an AIM-listed oil and gas company advancing towards first oil through its interests in three blocks in onshore Angola. With drilling having completed on the first well at Block KON-11 and now underway at the second, the Company is making aggressive strides towards achieving its mid-term hydrocarbon production goals.\n \n \nStrategy Shift and Angola \nDuring the course of the year, the Company began, and has now largely completed, its transition from battery metals to oil and gas. Whilst it retains several battery metal interests, including exposure to lithium and rare earth elements, the Board believed that the opportunity for an attractive entry into near-term hydrocarbon production in Angola is the best long-term strategy to create value for shareholders. The Directors recognize the global energy transition already underway, but believe that oil and gas will remain key components in the world's energy mix for many years to come, offering strong returns to those with the right assets and funding, willing to invest in opportunities not always obvious to wider popular investor sentiment. \n \nThe Company's cornerstone achievement during the year was the acquisition of three interests in onshore blocks in Angola, KON-11/12/16, through the acquisition of a 90% interest in Atlas Petroleum Exploration Worldwide Ltd ''APEX''. Corcel's agreement to bring these assets into the Company - at what the Board considers very favourable pricing - has provided the Company with a firm foundation in Angola on which to build, and several additional opportunities are currently under consideration. The acquisition of APEX b...