Corcel PLC (LSE: CRCL) saw its shares climb in Friday’s trading after the oil and gas junior announced its near-term focus in Angola will be on geological and geophysical (G&G) activities.
The company confirmed it has received all necessary approvals to acquire new G&G data and plans to conduct an ‘enhanced full tensor gradiometry’ survey (eFTG) across three blocks (KON 11, KON 12, and KON 16).
Scheduled for the third quarter, this survey, along with other G&G activities, aims to provide fresh geological insights into the Tobias and Galinda fields, as well as other potential leads and prospects.
“The eFTG Survey over our blocks will enhance our geological understanding and bolster our efforts in the Kwanza basin, where we remain confident there is significant potential,” stated non-executive chair Antoine Karam.
“Despite our recent challenges, we remain focused on achieving our goals. I am fully committed to the company as non-executive chair, following the period where I served as interim executive chair,” Karam added.
Additionally, Corcel announced it has received £399,750 in new funds from the previously announced funding, with the issuance of 79.95 million shares and 79.95 million warrants. This includes 39.98 million shares taken up by Corcel director Geraldine Geraldo, who now holds 3.89% of the company’s shares.
An additional announcement regarding the remainder of the funding is expected later this month.
In London, Corcel shares were up 43.81%, trading at 0.15p each at the time of reporting, 15:38 BST.
