Further Strategic Investment

Corcel PLC

19 March 2026

 

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")

Corcel announces further strategic investment to accelerate growth strategy

19 March 2026

Corcel Plc (London AIM: CRCL), the Angola-Brazil focused energy company, is pleased to announce that it has  raised £3.6 million through a  subscription with a number of its existing strategic investors . The subscription was undertaken after these  shareholders approached the Company to increase their investment at the current market price.  The new ordinary shares have been issued at £0.004 per share, in line with the Company's 15-day volume-weighted average price.

Following the successful completion of the high‑quality 2D seismic programme on KON‑16 in February, Corcel is now advancing into the planning and preparation phase for drilling its first pre‑salt and post‑salt exploration well on the block. 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. 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.

This investment represents a strong endorsement of Corcel's strategy to build a leading onshore upstream company across Angola, Brazil, and other priority jurisdictions through disciplined organic and inorganic growth. It also serves as a highly complementary follow‑on to the £3 million raised in December 2025 and the Company is now well-positioned to accelerate its dual‑track growth plan: advancing 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. Together, these financings strengthen Corcel's balance sheet, enhance its strategic flexibility, and reinforce the Company's ability to execute value‑accretive transactions at pace.

Scott Gilbert, Corcel's CEO, commented: "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. 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"

Fundraising

In the fundraising, which was conducted by Auctus Advisors LLP, the Company will issue 950,000,000 new ordinary shares of £0.0001 each ("Placing Shares") at a price of £0.004 per share to raise £3.6 million before expenses.

Investors will receive one warrant for each Placing Share subscribed in the fundraising (a "Warrant").  Each Warrant will enable the holder to subscribe for one new ordinary share in the Company at a price of £0.007 for a period expiring on 31 December 2027.  An accelerator clause will apply to the Warrants, such that if the daily volume weighted average price of the Company's ordinary shares on AIM is equal to or exceeds £0.0085 for a period of 25 consecutive trading days, then the Company shall have the right, but not the obligation, to give notice to the warrant holders that the Warrants must then be exercised within a further 30-day calendar period. 

Admission & Total Voting Rights

Application will be made for the Placing Shares to be admitted ("Admission") to trading on AIM and it is expected that Admission will occur on or around 24 March 2026.

Following Admission, the Company's total issued share capital will consist of 9,465,475,996 Ordinary Shares, with one voting right per Ordinary Share. The Company does not hold any Ordinary Shares in treasury.  This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Scott Gilbert                                                                         

Corcel Plc, CEO & Director

[e-mail]                      

Melissa Byeon                                                                      

Corcel Plc, Public Relations Officer

[e-mail]                                              

James Joyce / James Bavister / Andrew de Andrade     

Zeus, NOMAD & Broker

020 3829 5000        

Jonathan Wright / Rupert Holdsworth Hunt                                

Auctus Advisors LLP, Joint Broker

07711 627449                                                                        

About Corcel

Corcel has a notable oil and gas portfolio in onshore Angola that includes brownfield redevelopment opportunities and significant exploration upside. Corcel marked a new country entry into Brazil through the option to acquire rights to producing gas and exploration assets, further diversifying its portfolio and enhancing its growth potential.

Corcel's Angola portfolio consists of interests in three licenses:

·    KON - 16 upon completion: operated - 80% working interest - 71.5% net to CRCL

·    KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

·    KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

Corcel's Battery Metals portfolio consists of an 80% working interest in the Mt Weld Rare Earth Elements project in Western Australia.

 

END