Business
Half-year Report
Corcel PLC has released its unaudited half-year results for the six months ended 31 December 2025, reporting a significant strengthening of its financial position through multiple capital raises totaling £1.1 million, £3.85 million, £3 million, and a post-period £3.6 million, resulting in a market capitalization increase to approximately four times its previous level and a 150% share price rise. Operationally, the company completed a major 326 line-km 2D seismic program in Angola's KON-16 block, which is expected to de-risk future exploration wells, while also advancing technical work on KON-11 and KON-12. The company incurred administrative expenses of £2,806,000 for the period, up from £1,321,000 in the prior year, attributed to building operational and leadership capabilities. Despite a reported loss of £2,923,000 for the period, the company maintains a positive outlook, focusing on seismic data interpretation, well planning, and potential production opportunities. Disclaimer*
About this update from Corcel Plc
The 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. Corcel PLC ("Corcel" or the "Company") Half Year Report 30 March 2026 Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused upstream energy company, is pleased to announce its unaudited half-year results for the six months ended 31 December 2025. CEO Statement Dear Shareholders, Transitioning from Momentum to Execution The second half of 2025 marked a decisive step forward for Corcel. Having spent the prior twelve months rebuilding the Company's foundations, this reporting period has been characterised by execution, consolidation, and the establishment of a well-capitalised platform for the next phase of growth. We entered the period with momentum and exit it with operational progress, strengthened liquidity, and a clear pathway toward drilling and potential production. Corcel is now firmly transitioning from repositioning to delivery. Angola: Seismic Completion, Preparation for Drilling, and Technical Progress In Angola, where Corcel, through its subsidiary Atlas Petroleum Exploration Worldwide Ltd ("APEX"), holds a commanding 85% interest (71.5% net to Corcel) in its operated KON-16 block, the focus has been on advancing the technical and operational workstreams required to move towards drilling. In early November 2025, we received ministerial approval to commence the KON-16 seismic campaign and immediately began acquisition of the 326 line-km 2D seismic programme. Over a period of just over three months, and with the collaboration of more than 270 team members, we successfully delivered the largest onshore seismic programme in the Kwanza Basin in over 15 years, with no recorded incidents. This programme represents a major milestone for the Company. The data acquired, which is of very high-quality, is expected to significantly de-risk our first exploration well, planned within the next twelve months, targeting both post-salt and pre-salt structures of material scale. Our focus now turns to processing and interpretation of the seismic data, well planning, and progressing discussions around a potential ...