Corcel Plc, the Angola-Brazil focused energy company, is very pleased to announce that, following sustained share price performance, it has triggered the acceleration clause on the 1,698,125,000 warrants originally issued in February 2025 (the "Warrants"), 31,250,000 of which have previously been exercised, as announced on 24 June 2025.
Highlights:
· Acceleration of the 1,666,875,000 Warrants, if and once exercised at their strike price of £0.00225 per share, shall generate net proceeds of approximately £3,750,000;
· Further strengthens Corcel's balance sheet and fully funds the seismic program in the company's operated KON-16 block in the Kwanza basin onshore Angola;
· Reflects continued and growing investor support and confidence in Corcel's strategy and portfolio.
Scott Gilbert Corcel CEO commented: "If fully exercised, these Warrants will generate nearly £3.8 million. Alongside this, the recently announced transaction with Sintana Energy Inc. (14 May 2025) will contribute an additional £1.8 million. Together, these transactions will deliver approximately £5.6 million, fully funding the company's seismic program in KON-16 as well as other operational activities across our assets and business development through to the end of 2026. This positions us strongly as we prepare for a potential farm-out to drill one of the first onshore exploration wells in the Kwanza Basin since the 1980s, targeting both post-salt and pre-salt high impact prospects.
We view this acceleration as a pivotal milestone for Corcel: the company is now significantly stronger financially and well-positioned to enter an exciting new phase of growth."
In accordance with the terms of the Warrant Instrument, as the Company's ordinary shares have traded at or above £0.003 for 25 consecutive trading days, Corcel has exercised its right to accelerate the exercise period. Warrant holders now have until 1 November 2025 to exercise their Warrants, after which any unexercised Warrants will lapse.