Corcel plc (AIM: CRCL): Seismic and drilling permits received
• Corcel has received final ministerial approval for the Environmental Impact Assessment, granting full environmental clearance to proceed with seismic acquisition activities within the KON-16 Block.• The approved licence encompasses both 2D seismic acquisition and future exploration drilling operations.
• The seismic programme is underpinned by £3.85 mm in proceeds from the accelerated exercise of warrants. Additional funding is anticipated upon completion of the farm-in agreement with Sintana Energy.
• The 2D seismic acquisition campaign, covering 326 line-kilometres, will begin immediately. Processing is scheduled for Q126, with interpreted results expected in Q2/Q326.
• These results will support the drilling of a high-impact exploration well on KON-16 in 2026. The initial well is designed to test both pre- and post-salt targets, with ~245 mmbbl of prospective resources net to Corcel’s working interest.
• Our unrisked NAV for KON-16 stands at 20 p per share. Total unrisked prospective resources across the block are estimated at ~745 mmboe (net to Corcel). 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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