Corcel plc (AIM: CRCL): Insiders and large shareholders exercise warrants at a premium to share price
• Charlestown Energy Partners, certain of the company's directors, and other private investors have exercised 50 million warrants at an exercise price of 0.50 pence per share, representing a ~40% premium to the share price prior to the announcement.• These warrants formed part of a 125 million warrant transfer from SNPC (Shandong New Powder COSMO) to the participating shareholders. SNPC has retained 41.5 million warrants.
• In exchange, the expiry date of the unexercised 116.5 million warrants has been extended from December 2025 to December 2026.
• A 2D seismic acquisition programme (326-line km) contract over KON-16 has been awarded. Acquisition is expected to start in 4Q25 and to finish before YE25. Seismic processing is scheduled to occur during 1Q26, with results expected in 2Q26.
• This will allow the company to move to drilling in 2026 a high-impact well on KON-16. Our unrisked NAV for KON-16 is 20 p per share. The first well is expected to target pre- and post-salt prospects at the same time with ~245 mmbbl WI prospective resources (net to Corcel).
• The overall unrisked prospective resources on KON-16 net to Corcel’s WI are estimated at ~745 mmbbl.
• We re-iterate our target price of 1.50 p per share.
Valuation
Our ReNAV is unchanged at 1.49 p per share. It includes only one pre-salt and one post-salt prospect at KON-16. The overall unrisked NAV of the company based on its entire portfolio of leads and prospects is ~24 p per share.
Regency Mines is engaged as a natural resource exploration and development company. Co. manages a balanced portfolio of mineral and oil and gas projects and investments at different stages of development. Co. is active in multiple international locations including the U.K., Papua New Guinea, the U.S. and Greenland.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
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