Corcel Raises Net Interest in Angola KON-16 Block to 71.5%

Corcel PLC (LSE:CRCL) has increased its net interest in Block KON-16 in Angola’s onshore Kwanza Basin to 71.5% following government approval for the consolidation of an additional interest and an agreement with Sintana Energy.

The Angolan government approved the consolidation of a 30% interest in KON-16 held by Intank into Corcel’s APEX subsidiary.

Corcel also entered into a US$2.5 million agreement with Sintana Energy covering an indirect 5% interest in the block. Following the transactions, Corcel’s net interest increased from 49.5% to 71.5%, while APEX’s operated position stands at 85%.

The Sintana transaction includes a structured net profit interest. Corcel described the agreement as providing additional non-dilutive funding.

The company is also issuing new shares to settle transaction-related fees and has updated its total voting rights following the issuance.

Corcel Advances KON-16 Drilling Preparations

Alongside the ownership changes, Corcel has continued technical work ahead of a planned exploration drilling campaign at KON-16 in 2027.

The company has received final pre-stack time migration, or PSTM, seismic data and completed a geomechanical programme for the block.

Corcel has also appointed NRG Well Management to undertake detailed well engineering and drilling design. Road access scouting is under way, while the company continues efforts to secure farm-down arrangements.

The work is focused on prospects including Sirius and Canopus as Corcel progresses from subsurface evaluation towards planning for exploration drilling.

The company is targeting a drilling campaign during 2027, subject to approvals, funding and rig availability.

More about Corcel

Corcel PLC is an AIM-listed energy exploration company focused on assets in Africa and Latin America.

Its current portfolio includes Block KON-16 in Angola’s onshore Kwanza Basin, where the company is undertaking seismic analysis, geomechanical studies and well engineering in preparation for potential exploration drilling.

Corcel uses transactions, partnerships and share issuances as part of its approach to funding and progressing its exploration portfolio.