Business
Operational Update, CFO Appointment & New Branding
Corcel PLC has provided an operational update, announcing that the KON-16 pre-salt exploration well is targeted within the next 12 months, with farm-down discussions actively underway with multiple potential strategic partners. New seismic data confirms key Sirius and Canopus prospects and has increased seismic coverage across the block by 227%, with PSTM seismic results expected by the end of July 2026. The company also appointed Leandro Schujmann as CFO, who brings significant energy finance experience in Africa and Latin America, and has launched a refreshed corporate branding and website. Disclaimer*
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 \nOperational Update, CFO Appointment and Launch of New Corporate Branding\n \n \n12 May 2026\n \nCorcel Plc (London AIM: CRCL), the Africa-Latin America-focused energy company, is pleased to provide an operational update, announce changes in management and launch its refreshed corporate branding and website.\n \nHighlights:\n \n· KON-16 progressing toward drilling, with the pre-salt exploration well targeted within the next 12 months.\n \n· Farm-down discussions active with multiple potential strategic partners ahead of drilling.\n \n· New seismic confirms key Sirius and Canopus prospects and delivers a 227% increase in seismic coverage across the block.\n \n· PSTM (Pre Stack Time Migrated) seismic results expected end-July 2026, supporting further prospect maturation and\npartner review.\n \n· Leandro Schujmann appointed CFO, bringing significant Africa and Latin America energy finance experience.\n \nKON-16: Operational Progress and Farm-Down Process\n \nFollowing completion of the 326 line‑km 2D seismic acquisition programme in February 2026, the Company continues to advance the technical and operational workstreams required ahead of drilling the pre-salt exploration well in the onshore Kwanza basin on KON‑16.\nCurrent work includes drilling engineering and well design, permitting and regulatory sequencing, long‑lead procurement planning and rig engagement discussions with prospective contractors.\nThese activities remain aligned with the Company's internal schedule, supporting a planned drilling window within the next 12 months, subject to final approvals and partner alignment.\nThe Company continues to progress its farm‑down process and remains in active dialogue with multiple potential counterparties. The objective is to secure a strategic partner ahead of drilling the p...