{"id":122536,"title":"Corcel Shares Surge 25% After Strengthening KON-16 Position and Securing $2.5M from Sintana","publisher":"Share Talk","author":"sharetalk","published":"2025-05-14T09:31:58+00:00","modified":"2025-05-14T09:31:58+00:00","canonical_url":"https://www.share-talk.com/corcel-shares-surge-25-after-strengthening-kon-16-position-and-securing-2-5m-from-sintana/","markdown_url":"https://www.share-talk.com/corcel-shares-surge-25-after-strengthening-kon-16-position-and-securing-2-5m-from-sintana.md","json_url":"https://www.share-talk.com/corcel-shares-surge-25-after-strengthening-kon-16-position-and-securing-2-5m-from-sintana.json","category":"Energy","categories":["Energy"],"tags":["Angola","Corcel","CRCL","gas","investment case","Kwanza Basin","oil","Robert Bose","Scott Gilbert","Sintana Energy Inc","Sonangol"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2025/05/Corcel-PLC.webp?fit=1200%2C800&quality=80&ssl=1","format":"news","language":"en-GB","content":"**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.\n\nCorcel, 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.\n\nAs 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.\n\n“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.”\n\nSintana 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.”\n\nThe deal marks a major milestone in Corcel’s strategy to become a key player in underexplored onshore African energy basins."}