Business
Oil Acquisition in Angola
Oil Acquisition in Angola.
About this update from Corcel Plc
[{"type":"text","content":"\n\n\nCorcel PLC\n(\"Corcel\" or the \"Company\")\n \nOil Acquisition in Angola - Vendor Equity Subscription - TVR\n24 May 2023\nCorcel Plc (London AIM: CRCL), the extractive industries exploration and development company, with interests across battery metals and oil and gas, announces that it has signed its first oil and gas acquisition with the purchase of a 90% interest in Atlas Petroleum Exploration Worldwide Limited (\"APEX\"), that has working interests in several historically producing oil assets in the Kwanza Basin, onshore Angola. \nHighlights\n \no Entry into onshore Angola through the acquisition of a 90% interest in APEX - owner of working interests of between 20% and 35% in 3 onshore blocks containing two historically producing oilfields for re-development and one exploration licence\no Initiates the Company's pan-Angola/Brazil strategy capitalising on both the resource opportunities as well as the historic ties and shared geology and language between the two countries\no Brownfield re-development potential on 2 existing fields (Tobias and Galinda) of 85 MMbls P50 gross unrisked remaining contingent oil resources (APEX estimates), 15.98 MMbls net to Corcel\no Additional exploration potential of 1,460 MMbls gross unrisked P50 prospective oil resources post-salt/pre-salt (APEX estimates), 297.1 MMbls net to Corcel\no Consideration for the acquisition is £800,000 satisfied through the issuance of 200,000,000 new ordinary shares at a price of £0.004, locked up for 18 months\no Simultaneous investment in Corcel of £282,741 by APEX shareholders and investors from the oil & gas sector in Brazil and Angola, resulting in the issuance of 70,685,250 new ordinary shares at a price of £0.004\no Combination of the recent Mt. Weld partial sale proceeds and the vendor placing ensures project is fully funded for the licence acquisition phase\no Mr Scott Gilbert, a vendor, joining the Board as a Non-Executive subject to regulatory checks - Mr Gilbert brings a long track record as an executive and investor in the oil and gas sector internationally, including Angola and Brazil\n \nCorcel Executive Chairman, James Parsons, commented:\n\"I am delighted to announce this first acquisition in our oil and gas strategy, providing a strong initial platform on w...