Corcel PLC (LSE: CRCL) shares jumped 25% to 0.27p in Wednesday morning trading after the company announced it had significantly strengthened its position in Block KON-16 in Angola’s Kwanza Basin and secured $2.5 million in funding through a strategic partnership with Sintana Energy Inc.
Corcel, through its subsidiary APEX, has increased its gross stake in KON-16 to 85% by acquiring an additional 30% interest. At the same time, it has divested a 5% net interest in the block to Sintana, marking the asset with a pre-seismic valuation of $50 million.
As part of the deal, Corcel and Sintana have entered into a broader strategic alliance aimed at identifying further oil and gas opportunities in Angola. The proceeds from the transaction will fund an upcoming seismic campaign ahead of a planned exploration well in 2026.
“We are extremely pleased to have executed two value-accretive transactions in rapid succession,” said Corcel CEO Scott Gilbert. “Starting with a 35% interest, we increased our stake to 55% in September 2024 at no cost. Today, with a modest outlay, we’ve secured a controlling interest in the block, while monetising and funding the next stage—preserving significant long-term upside.”
Sintana CEO Robert Bose added: “Our partnership with Corcel gives us a strong platform for entering Angola, and we’re particularly excited about the potential of KON-16.”
The deal marks a major milestone in Corcel’s strategy to become a key player in underexplored onshore African energy basins.
