Corcel

Corcel Plc, trading as CRCL on the Alternative Investment Market of the London Stock Exchange, is an upstream oil and gas development company with a strategic focus on building a pan-Angolan/Brazilian portfolio. Founded in 2004 and listed in 2005, the company was formerly known as Regency Mines Plc before rebranding in August 2020. A significant strategic realignment occurred in July 2023 with the acquisition of a 90% interest in Atlas Petroleum Exploration Worldwide Ltd (APEX), marking a decisive pivot towards oil and gas.

The company's business model is centered on a three-pillar strategy: high-impact exploration, the acquisition of cash-flow positive producing assets, and maintaining residual interests in battery metals to align with the energy transition. Corcel's primary operations are concentrated in the prolific Kwanza Basin in onshore Angola, where it holds interests in three blocks: KON-11, KON-12, and KON-16. The company acts as the operator for the KON-16 block, viewing it as a core asset with significant exploration potential. In Brazil, Corcel is actively pursuing a secondary M&A market, targeting the acquisition of smaller, producing onshore assets to establish near-term, low-risk cash flow. This dual focus on Angola and Brazil leverages the common geology, language, and historic ties between the two nations.

Revenue generation is anticipated from the development and production of its oil and gas assets. The strategy involves using funds from producing assets, like those targeted in Brazil, to support longer-term, high-upside exploration activities in Angola. The company supplements its financial resources through corporate transactions, joint ventures, and partnerships. Corcel also holds legacy interests in battery metals, including an 80% working interest in the Mt Weld Rare Earth Elements project in Western Australia, viewing these as a key part of the global energy transition.

The leadership team, which underwent a restructuring around mid-2023, is helmed by CEO Scott Gilbert, appointed in early 2024. Gilbert brings over 15 years of international oil and gas experience, particularly in Africa and Latin America, with previous executive roles at Halliburton and Weatherford. His entrepreneurial background in the sector and experience as a founding member of APEX directly align with Corcel's M&A-driven strategy. The management team's extensive experience in both Angola and Brazil is a core component of its strategy to unlock value from its asset base.

Keywords: upstream oil and gas, Kwanza Basin, Angola exploration, Brazil onshore oil, energy E&P, Corcel Plc, AIM listed, oil development, petroleum exploration, asset acquisition, Scott Gilbert, battery metals, rare earth elements, KON-16, South Atlantic margin, energy transition, hydrocarbon exploration, producing assets, brownfield redevelopment, oil and gas investments