Corcel PLC - oil exploration and production firm - conditionally acquires an additional 30% gross interest in its operation Block KON-16 in the Kwanza Basin, onshore Angola, from a joint venture partner. The deal was made via subsidiary Atlas Petroleum Exploration Worldwide Ltd and is subject to government approval. Corcel also announces the signing of a binding heads of terms with Sintana Energy Inc, for the sale of a 5% net interest in Block KON-16 to Sintana at a price of $2.5 million. The deal also involves a joint study and bid agreement with Sintana, which will target further opportunities in Angola. The two agreements, when completed, will increase Corcel’s net interest in Block KON-16 to 71.5% from 49.5%.
Current stock price: 0.30 pence, up 38% in London on Wednesday
12-month change: down 21%
Copyright 2025 Alliance News Ltd. All Rights Reserved.
