Corcel Plc, the pan Angola-Brazil focused upstream energy company, is pleased to announce its unaudited half-year results for the six months ended 31 December 2025.
CEO Statement
Dear Shareholders,
Transitioning from Momentum to Execution
The second half of 2025 marked a decisive step forward for Corcel. Having spent the prior twelve months rebuilding the Company's foundations, this reporting period has been characterised by execution, consolidation, and the establishment of a well-capitalised platform for the next phase of growth.
We entered the period with momentum and exit it with operational progress, strengthened liquidity, and a clear pathway toward drilling and potential production. Corcel is now firmly transitioning from repositioning to delivery.
Angola: Seismic Completion, Preparation for Drilling, and Technical Progress
In Angola, where Corcel, through its subsidiary Atlas Petroleum Exploration Worldwide Ltd ("APEX"), holds a commanding 85% interest (71.5% net to Corcel) in its operated KON-16 block, the focus has been on advancing the technical and operational workstreams required to move towards drilling.
In early November 2025, we received ministerial approval to commence the KON-16 seismic campaign and immediately began acquisition of the 326 line-km 2D seismic programme. Over a period of just over three months, and with the collaboration of more than 270 team members, we successfully delivered the largest onshore seismic programme in the Kwanza Basin in over 15 years, with no recorded incidents.
This programme represents a major milestone for the Company. The data acquired, which is of very high-quality, is expected to significantly de-risk our first exploration well, planned within the next twelve months, targeting both post-salt and pre-salt structures of material scale.
Our focus now turns to processing and interpretation of the seismic data, well planning, and progressing discussions around a potential farm-down.
Across KON-11 and KON-12, technical work by the operator has continued to advance. Ongoing subsurface evaluation supports the potential for these assets to contribute to nearer-term production while complementing our broader exploration strategy.
Together, our Angolan portfolio represents a balanced position across high-impact exploration and potential production within a concentrated and strategically advantaged acreage position.
Disciplined Growth and Portfolio Expansion
Our strategy remains focused on building a complementary production-led portfolio capable of generating near-term cash flow. While Brazil remains an important pillar of this strategy, we are also evaluating opportunities across the wider Latin American region and Angola. We continue to see attractive entry points for well-structured transactions and are progressing discussions aligned with our investment criteria.
In addition, we are actively assessing opportunities to expand our acreage position across the onshore Kwanza Basin.
Strengthened Financial Position
A key highlight of the period has been the continued strengthening of our balance sheet.
In July 2025, the Company welcomed new shareholders through a placing of 锟�1.1 million from institutional investors, with strong participation from the Board. This was followed by the accelerated exercise of outstanding warrants, contributing 锟�3.85 million. In December 2025, a further 锟�3 million investment was received at a premium to previous raises from two strategic long-term investors. Post-period, the Company secured an additional 锟�3.6 million strategic investment from existing shareholders, again at a premium.
While the issuance of new equity may appear dilutive at first glance, the manner in which we have raised capital over the past twelve months reflects a disciplined and value-focused approach. We have consistently raised funds at or above prevailing market prices, supported by high-quality strategic investors. The Company's share price performance over this period reflects growing market confidence in both our strategy and execution.
As an exploration-led business, access to capital is fundamental. What differentiates Corcel is the discipline with which that capital has been secured and deployed, alongside the strength and alignment of the investor base we have built. Over the past year, despite the issuance of new equity, the Company's market capitalisation has increased significantly, rising from just under 锟�10 million to approximately four times that level today, while the share price has increased by around 150%.
This progress we have made has strengthened our financial position and provides the flexibility required to execute our strategy and pursue growth opportunities.
Building a Scalable Platform
Alongside operational and financial progress, we have continued to strengthen the Company's leadership and technical capability.
The addition of experienced industry professionals, combined with enhanced governance structures and continued alignment of the Board and management with shareholders, ensures that Corcel is well positioned to execute the next phase of its strategy.
We are building a scalable energy business with the technical, commercial, and financial foundations required to deliver sustained value.
Outlook: A Defining Period Ahead
Corcel is entering one of the most active and important periods in its recent history.
Our priorities for the remainder of the financial year and beyond are:
锟� Finalise processing and interpretation of the KON-16 seismic data
锟� Prepare for the first exploration well in KON-16
锟� Advance acquisition-led production opportunities
锟� Maintain disciplined capital allocation while preserving flexibility
锟� Work closely with the operator of KON-11 and KON-12 to progress toward operational and production outcomes
We are firmly in the execution phase of our strategy, supported by a strong asset base and the capability to deliver at pace.
Closing Remarks
Corcel has undergone significant transformation over a relatively short period. The progress achieved during this half year reinforces our confidence in both the quality of our assets and the strength of our strategy.
We are moving forward with increasing confidence as we approach key milestones that have the potential to deliver material value for shareholders.
On behalf of the Board, I would like to thank our shareholders, partners, contractors, employees, and ANPG ("Ag锟絥cia Nacional de Petr锟絣eo, G锟絪, e Biocombust锟絭eis") for their continued support. We look forward to the next phase of our development with focus and discipline.
Yours sincerely,
Scott Gilbert
Chef Executive Officer