Put Option Execution and Placing Update

Corcel PLC

23 April 2024

 

Corcel PLC

("Corcel" or the "Company")

Put Option Execution and Placing Update

23 April 2024

Corcel Plc (London AIM: CRCL), the Angolan-focused exploration and production company, announces that in reference to the previous announcement of 16 April 2024, it has been notified by Richard Jennings ("RJ") of the immediate exercise of the Put Option Agreement over 99,000,00 shares of Corcel Plc, representing 4.87% of the ordinary shares currently in issue, with Extractions Premium & Mining Ltd. ("EXT"), which currently holds a 21.26% interest in Corcel. 

Corcel Executive Chairman, Antoine Karam, commented: "The acquisition of this material stake in Corcel demonstrates continued ongoing support by our cornerstone investors in Corcel and its prospects, and removes any notion of a material overhang in the Company's shares.  We thank Richard Jennings for his ongoing support of our development during this key period as we continue to advance our business interests in Angola."

Richard Jennings - Investor, commented: "I am very pleased that under the stewardship of Antoine Karam the trajectory and prospects of Corcel have been completely transformed with the new focus on the Company's Angolan oil fields. I and Catalyse Capital have provided support to Corcel for the last few years and we wish all shareholders every success in the Company's activities in Angola"

The Company also confirms, that further to the Placing (the "Placing") announced on 15 April 2024, the Company has received funds from one investor, has confirmed a bank transfer is in progress by Executive Director Geraldine Geraldo, and understands that a third investor is currently dealing with bank related administrative approvals in Angola in order to facilitate their transfer. 

EXT will also acquire an additional 100,000,000 new ordinary shares of Corcel following a forthcoming General Meeting ("GM") and completion of the Placing.  Following the Put Option and the Placing, Extractions Premium & Mining Ltd is expected to own 631,555,025 shares representing 29.58% of the enlarged share capital of the Company. 

The Company will provide further updates on settlement of the Placing and the timing of the GM in due course.   

For further information, please contact:

Antoine Karam                                                                        Corcel Plc Executive Chairman

[e-mail]                                                                                   

James Joyce / James Bavister /Andrew de Andrade             WH Ireland Ltd NOMAD & Broker

0207 220 1666                                                                                        

Patrick d'Ancona                                                                    Vigo Communications IR

0207 3900 230                                                                                      

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.

 

END