Corcel is now advancing into the planning and preparation phase for drilling its first pre‑salt and post‑salt KON‑16, massive high-quality salt layer reservoirs in Angola, sighting the successful completion of the high‑quality 2D seismic programme on the block in February.
The additional £3.6 million raised by the company through a subscription by its existing strategic investors will now enable the Company to accelerate key workstreams, including the procurement of critical long‑lead items and securing a drilling rig earlier.
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.
“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,” Scott Gilbert, Corcel’s CEO, commented.
