Corcel plc has acquired a further 30% in its operated Block KON-16 and sold a 5% share for $2.5 million in the asset located within the Kwanza Basin, onshore Angola.
ADVANTAGE
Proceeds will accelerate and fund the company’s 2025 seismic programme in KON-16 ahead of drilling an initial exploration well during 2026.
Corcel’s subsidiary Atlas Petroleum Exploration Worldwide Ltd (Apex) acquired the additional interest from joint venture project partner Intank Global DMCC for $500,000.
The additional interest gives Apex an 85% controlling interest in the 1,000km2 block, subject to governmental approval.
Apex has also signed a binding heads of terms for a strategic alliance with Sintana Energy Inc for the 5% sale, which gives KON-16 an “indicative gross value of $50,000,000” pre-seismic.
Corcel said that the strategic alliance would be through a joint study and bid agreement targeting further opportunities onshore and offshore Angola.
Following completion of both transactions, Corcel’s interest in KON-16 will increase from 49.5% to 71.5%.
“We are extremely pleased to have executed two value-accretive transactions in rapid succession,” added chief executive officer Scott Gilbert.
“Upon completion, our acquisition of an additional working interest and the strategic alliance with Sintana are clear validations of Corcel’s first-mover advantage in the onshore Kwanza Basin.
“Starting with a 35% gross interest in KON-16, we increased our stake to 55% in September 2024 at no cost to Corcel.
“Today, with a modest outlay, we have secured a controlling interest in the block.
“We have firmly consolidated, monetised, and funded forward – all while preserving substantial long-term upside.
“Our focus now shifts to operational delivery and continuing to scale with discipline.”