Corcel Plc (AIM: CRCL), an Angola-Brazil-focused energy company, has raised $4.8mn which it will use to advance into the planning and preparation phase for drilling its first pre and post-salt exploration well at its KON-16 project in Angola.
It announced on March 19 that it raised the funding via a subscription with a number of its existing strategic investors.
“The additional capital will enable the company to accelerate key workstreams, including the procurement of critical long‑lead items and the early securing of a drilling rig,” said Corcel in a release.
“By locking in these items ahead of the wider market, Corcel strengthens its operational timetable, reduces exposure to supply‑chain bottlenecks, and positions itself to commence drilling within the next 12 months. This proactive approach also enhances the company's strategic position as it progresses farm‑down discussions, demonstrating clear operational momentum and reducing execution risk for potential partners.”
Corcel completed a 2D seismic programme on KON 16 in February.
After raising $4mn in December 2025, the company said it is now well-positioned to accelerate its dual‑track growth plan to advance preparations for the KON‑16 high-impact exploration well while simultaneously progressing the acquisition of a producing asset and expanding its acreage position across the onshore Kwanza Basin.
'In line with our disciplined approach of funding the company at key milestones, following a very successful 2D seismic campaign in KON-16, we are delighted to secure this additional strategic investment in Corcel from existing shareholders at the current market price,' Scott Gilbert, Corcel's CEO, commented.
'This provides us with additional balance sheet strength as we head towards the drilling of our first well on KON-16. We continue to maintain a methodical approach to capital allocation, ensuring that any transaction we pursue is highly value-accretive and strengthens the company over the long term, delivering sustainable value for our shareholders.'
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