Aankondiging • May 14
Corcel plc Announces Chief Financial Officer Changes Corcel PLC announces the appointment of Leandro Schujmann as Chief Financial Officer. Leandro brings over a decade of senior finance experience. He joins Corcel having worked at Prime Oil & Gas (now Meren Energy), where he ultimately served as CFO, managing a USD 3 billion investment portfolio and leading financing processes exceeding USD 4 billion. His experience across Latin America and Africa, including complex cross-border financing structures, aligns with the Company's operational footprint and growth plans. Scott Kaintz stepped down as Chief Financial Officer on March 31, 2026 to pursue opportunities outside the Company. New Risk • Dec 22
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (122% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (UK£33.2m market cap, or US$44.6m). Aankondiging • Dec 22
Corcel Plc, Annual General Meeting, Jan 28, 2026 Corcel Plc, Annual General Meeting, Jan 28, 2026. Location: the wigmore room, 33 cavendish square, w1g 0pw, london United Kingdom Aankondiging • Dec 09
Corcel Plc has completed a Follow-on Equity Offering in the amount of £3 million. Corcel Plc has completed a Follow-on Equity Offering in the amount of £3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 857,142,858
Price\Range: £0.0035
Transaction Features: Subsequent Direct Listing New Risk • Oct 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (96% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£2.3m net loss in 2 years). Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (UK£22.4m market cap, or US$30.0m). Aankondiging • Jul 15
Corcel Plc has completed a Follow-on Equity Offering in the amount of £1.1 million. Corcel Plc has completed a Follow-on Equity Offering in the amount of £1.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 292,647,056
Price\Range: £0.0034
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,882,351
Price\Range: £0.0034
Transaction Features: Subsequent Direct Listing New Risk • May 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (196% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£10.4m market cap, or US$13.9m). Aankondiging • Feb 24
Corcel plc Announces Successful Results of the EI-1 Well Workover, Brazil Corcel Plc announced the successful completion and initial results of the EI-1 well workover as reported by the operator, Petroborn Oleo e Gas S.A. ("Petroborn"), in the IRAI field, where the Company holds an Option to acquire an initial 20% interest, as previously announced on 18th November 2024. EI-1 well work over in the IRAI field, Brazil, confirms sustained gas production at 20,000m3/day (120 BOEPD /706 Mscf), aligning with historical production rates. The well is set to be brought online within the next 7 days, reinforcing Corcel's strategy of acquiring cash-generating assets. The EI-1 well was re-entered for testing at the gas zone, where a gas production rate of 20,000m3/day (120 BOEPD /706 Mscf) was observed during testing operations. As announced on 18th November 2024, the workover of the EI-1 Well, located onshore Brazil in the state of Bahia, is part of a two-well workover program where the Company, through its wholly-owned subsidiary CRCL Brazil Ltd., holds an option to acquire i) a 20% interest in the IRAI gas field, ii) a Right-of-First Refusal ("ROFR") over the remaining 80%, andiii) another ROFR for 100% of the adjacent TUC-T-172 exploration block ("IRAI Opportunity"), also located in the state of Bahia. The EI-1 Well was drilled in 1963 to a total depth of 576m and was temporarily abandoned by the operator at the time. EI-1 was then re-entered in 2019 and a gas bearing sandstone at 417m was tested and brought online for 22 months between 2020 and 2022. After producing a total of 19.8MMm3 of gas (120,000 barrels of oil equivalent) the well was shut-in for operational and commercial reasons. The EI-1well has now been re-entered again where the gas zone at 417m was tested and completed for production. During the testing operations (2 separate tests of 7 hours and 6.5 hours) a gas production rate of 20.000m3/day (120 BOEPD /706Mscf - at a stabilised rate) was reported by the operator. This rate compares to the historical production performance of the well where EI-1 produced an average of 20,000 m3/day in the last 3 months of production (March-May 2022) before it was shut-in. The operator is now working on the above ground gas production facilities and to connect the EI-1 well to the existing gas production infrastructure at IRAI. It is expected that the well will be brought online within the next7 days, immediately generating revenue to Petroborn, and subsequently to Corcel should it exercise the Option. The IRAI gas field is located in the Tucano Sul Basin, about 110km NW of Salvador, Brazil. IRAI is particularly attractive due to the shallow nature of the gas reservoirs, with producing gas zones ranging in depth from 220-825m across the field area. This, combined with the relatively high gas production rates seen in the field, with the EI-3 well peaking at >40,000m3/day ("250 BOEPD) of gas, provides the Company with a unique opportunity to materially increase production and revenue generation at low rates of expenditure. Gas reservoirs at IRAI are of good quality, and also in the field area. The company has positioned itself to expand its presence in a proven gas-producing region with low-cost, high-margin assets. Aankondiging • Feb 18
Corcel Plc has completed a Follow-on Equity Offering in the amount of £2.717 million. Corcel Plc has completed a Follow-on Equity Offering in the amount of £2.717 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,698,125,000
Price\Range: £0.0016
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing New Risk • Dec 17
New major risk - Revenue and earnings growth Earnings have declined by 4.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.1m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 4.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (90% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.01m market cap, or US$6.37m). Aankondiging • Nov 28
Corcel Plc, Annual General Meeting, Dec 20, 2024 Corcel Plc, Annual General Meeting, Dec 20, 2024. Location: wework, aviation house, room lga, 125 kingsway, wc2b 6nh, london United Kingdom Aankondiging • Nov 19
Corcel plc Announces Board Changes Corcel Plc announced the appointment as Chairman of Current Independent Non-Executive Director Mr. Pradeep Kabra, Taking over from Mr. Andrew Fairclough Who Was Appointed as Interim Chairman on 12 July 2024 and Will Continue on the Board as Independent Non-Executive Director and Chair of the Audit Committee. the Company Is Also Pleased to Announce the Appointment of Mr. Richard Lane as Its Chief Operating Officer. This Is A Non-Board Appointment. Mr. Pradeep Kabra Has over 35 Years of Oil and Gas Experience in Nearly All Facets of the Upstream Oil and Gas Sector and Has Been A Non-Executive Director on Corcel's Board Since December 2023. Mr. Kabra Was the President and CEO of Shamaran Petroleum Corporation, Listed on the Nasdaq Omx First North Growth Market and the Tsx Venture Exchange in Toronto, Which Conducted Oil Exploration and Development Helping Open Up the Kurdistan Region of Iraq. Prior to This He Held Various Leadership Positions in the Industry with Addax Petroleum, Petro Canada and Lundin Oil. He Has A Master's Degree with Distinction in Petroleum Law and Policy from the Centre for Energy, Petroleum, Mineral Law and Policy At the University of Dundee. Mr. Kabra Also Holds A Degree in Law from Delhi University and Is A Qualified Chartered Accountant. Following His Recent Appointment as Chief Financial Officer At Jadestone Energy Plc, Mr. Andrew Fairclough Is Stepping Down from His Role as Chairman of Cocel But Remains on the Board as Independent Non-Executive Director and Chair of the Audit Committee. Mr. Fairclough Has Nearly 30 Years of Corporate Finance, Capital Markets and Senior Management and Board Experience Across Multiple Geographies, Including Corporate Strategy, Debt and Equity Structuring and Capital Raising, Mergers and Acquisitions, Capital Management, Financial Planning, Budgeting and Financial Reporting. Mr. Richard Lane Is an Experienced Executive Officer with A Strong Geoscience and Operations Background, Skilled in Oil Field Development, Geology/Geophysics, New Venture Evaluations, Exploration/Development Drilling, Oil/Gas Well Workovers, and Commercial Evaluations. Mr. Lane Was Recently Chief Operating Officer At Petro-Victory Energy (Tsx-Listed E&P Company with 38 Operated E&P Assets in Brazil), Achieving a 1,350% Share Price Increase and a $256 million 2P Npv10 Valuation for Assets That Had Been Purchased for USD 2 Million. He Was Also Formerly Employed At Glencore E&P (Ftse100) Working Within the Subsurface Team Taking A Lead in All E&P Related New Ventures. Areas of Focus Include Latin America, Africa, and the Middle East. Msc Educated with over 16 Years Oil Industry Experience. Aankondiging • Nov 05
Corcel Plc Announces Resignation of Antoine Karam as Non-Executive Director Corcel Plc announced the resignation of Non-Executive Director Mr. Antoine Karam with immediate effect. New Risk • Oct 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£2.58m market cap, or US$3.37m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Aankondiging • Jul 12
Corcel plc Appoints Scott Gilbert as Permanent Chief Executive Officer Corcel Plc also confirms Mr. Scott Gilbert's appointment as permanent Chief Executive Officer, having previously been appointed as interim Chief Executive Officer, as announced on 25 April 2024. Mr. Gilbert will also be joining the Board as executive Director as soon as the regulatory checks are concluded. The Board of the Company will therefore consist of: Executive Directors (upon completion of Mr. Gilbert's regulatory checks): Mr. Scott Gilbert (Chief Executive Officer); Ms. Geraldine Geraldo (Chief Commercial Officer and MD Angola). Non-Executive Directors: Mr. Andrew Fairclough (interim independent non-executive Chairman); Mr. Pradeep Kabra (independent non-executive Director); Mr. Antoine Karam and Mr. Yan Zhao (non-executive Directors). New Risk • Jul 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 88% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£3.56m market cap, or US$4.51m). Aankondiging • Apr 26
Corcel plc Announces Management and Board Changes Corcel plc announced changes to its executive management team and intended changes to its Board of Directors. Further to the announcement of 22 December 2023, Scott Gilbert, a co-founder and vendor of APEX in Angola (who in May 2021 were awarded the interest in blocks KON-11, KON-12 and KON-16), and an experienced oil and gas investor and executive, will be joining the Company with immediate effect as interim CEO and, subject to customary regulatory checks, will also be joining the Board as an Executive Director. Mr. Gilbert, who has been acting as a consultant to the Company developing opportunities in both Brazil and Angola, brings with him 15 years of experience in the oil & gas sector, having worked in engineering, business development, and executive roles for major oil & gas services companies across the globe, with a considerable amount of time spent in Sub-Sahara Africa and Latin America, namely Angola and Brazil. Mr. Gilbert is also an entrepreneur who has co-founded and invested in several businesses within the oil & gas sector, thus bringing to the Company invaluable experience in deal origination, M&A, and post-merger integration. Ms. Jennifer Ayers will no longer be joining the board, but will remain as the Company's Exploration Director, focused on Angola exploration and new venture efforts together with the rest of the executive team. Aankondiging • Apr 24
Corcel Plc, Annual General Meeting, May 09, 2024 Corcel Plc, Annual General Meeting, May 09, 2024, at 11:00 Coordinated Universal Time. Location: WeWork, Aviation House, 125 Kingsway London United Kingdom New Risk • Mar 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£4.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.6m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (133% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.31m market cap, or US$9.23m). New Risk • Mar 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.31m (US$9.23m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (133% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.31m market cap, or US$9.23m). Aankondiging • Dec 28
Corcel plc Provides an Update on the Drilling Results of the Tobias-14 Well in the Onshore Block KON-11, in Angola Corcel Plc provided an update on the drilling results of the Tobias-14 ("TO-14") well in the onshore Block KON-11, in Angola where it has a 20% working interest (18% net). The Operator is Sonangol, one of the largest national hydrocarbon producers in Angola. Highlights: TO-14 well - located at the top of an anticlinal structure and an offset well from the largest historic producer in the field, has reached planned target depth of 781m; Full Binga reservoir section (80m) encountered in the well with identical zones encountered as in previous TO-13 well and oil shows throughout; The Operator and CRCL believe the results confirm the ability to reactivate production through an early production system ("EPS") and imply significant hydrocarbon potential remaining; Well clean-up and flow testing now begins on TO-14. The TO-14 well penetrated the entire Binga reservoir section (80m column) with potential pay zones seen in multiple intervals. TO-14, with a total depth of 781m, was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir. The location of the well is at the top of the field's anticlinal structure, set over the larger of the two compartments that constitute the reservoir. TO-14 drilling encountered high fractured Oolitic Limestones in the reservoir with good porosity values. Initial pressure readings support Corcel's predrill thesis that the reservoir has returned to its original pressure levels through active recharge of the system. The TO-14 well found no presence of water during drilling, despite the fact that the offset TO-4 well had been reported to have water out by the end of its production life, further indicating that the field has fully re-equilibrated. Overall, the drilling results for the TO-14 well were positive, with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field, confirming both moveable fluids and the ability to reactivate production in the field. Therefore, the consortium is proceeding to testing of the TO-14 and then the TO-13 wells, with the objective of flowing the wells and then moving on to the next phase focused on designing the early production system. As previously announced, KON-11 is considered a brownfield development and includes the historically producing Tobias field, drilled, and developed by Petrofina in the 1960s and 1970s, and inactive since the late 1990s. The Tobias field constituted 12 historic vertical wells, and Corcel and the operator believe that a revised interpretation of the existing structures along with the application of modern drilling and completion technology, including potentially adding sidetracks or horizontal drilling to the Field Development Plan ("FDP") will lead to a higher Original Oil in Place ("OOIP") figure recognized in the reactivated field and subsequently more producible field resource potential. The traditional Tobias field reservoir is in the Binga limestone, located at a depth of approximately 700m along the crest of the structure, with 4-14% primary rock porosity which is enhanced by an extensive, naturally fractured carbonate system. Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field. Corcel's estimated unproduced prospective oil resources are 65 MMbls with 11.7 MMbls net to CRCL. The field will qualify for marginal field fiscal terms, as outlined by the Angolan government, resulting in advantageous royalty, tax and other other projects. Aankondiging • Dec 22
Corcel plc Announces Board Appointments Corcel Plc announce the appointment of Ms. Geraldine Geraldo, Mr. Pradeep Kabra and Mr. Andrew Fairclough to its Board of Directors, and the future appointment of Ms. Jennifer Ayers and Mr. Deepak Kabra, following completion of regulatory checks, thereby complementing and completing its pivot to oil and gas and its dedication to the current and future development of its Angolan onshore oil portfolio. Aankondiging • Nov 30
Corcel Plc, Annual General Meeting, Dec 22, 2023 Corcel Plc, Annual General Meeting, Dec 22, 2023, at 10:00 Coordinated Universal Time. Location: We Work, 125 Kingsway London United Kingdom Aankondiging • Nov 15
Corcel plc Receives Notice from the Operator of the Onshore KON-11 Block in Angola Corcel Plc announced that it has received notice from the Operator of the onshore KON-11 block in Angola, where it has a 20% working interest (18% net), that the Tobias 14 well ("TO-14") has now spudded. The Operator is Sonangol, the national hydrocarbon producer in Angola. Block KON-11 Operations In continuation of the workplan for Block KON-11, and given the positive results from the Tobias-13 well (with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field), the consortium is taking steps towards implementation of an early production system ("EPS"). A well testing program for both TO-13 and TO-14 will commence after reaching total depth of the TO-14 well, with the objective of flowing both wells and designing an EPS. Resuming exploration activities in Block KON-11, specifically reactivating production in the onshore Kwanza Basin, which has been shut-in since the 1990's, represents an important milestone for the Angolan oil industry in general and Corcel in particular. The Company will make additional announcements on further progress at block KON-11 in due course. Aankondiging • Oct 18
Integrated Battery Metals Pte Ltd. made an offer to acquire 41% stake in Mambare nickel/cobalt Project from Corcel Plc (AIM:CRCL) for $4.1 million. Integrated Battery Metals Pte Ltd. made an offer to acquire 41% stake in Mambare nickel/cobalt Project from Corcel Plc (AIM:CRCL) for $4.1 million on October 16, 2023. The acquisition includes outstanding shareholder loans due to Corcel. Under the terms, $1.6 million shall be paid at completion. A further $1.4 million is payable in cash or through issuance of 1.5 million shares at $1 per share at the discretion of Corcel. A further amount of $1 million shall be paid 24 months after completion. Completion is subject to approval by Corcel shareholders. James Joyce, James Bavister and Andrew de Andrade of WH Ireland Limited acted as financial advisors for Corcel. New Risk • Oct 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 0.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (202% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£6.96m market cap, or US$8.53m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Sep 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£356k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£356k free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 0.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (183% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£6.52m market cap, or US$7.97m). Aankondiging • Sep 19
Corcel Plc announced that it expects to receive £10 million in funding from Extraction S.R.L Corcel Plc announces completion of an unsecured convertible loan note facility with Extraction Srl (the "Lender") that would potentially extend a total of £10m to the Company, to be drawn down over a three year period on September 18, 2023. The agreement with lender will fund GBP 1,000,000 in October 2023, GBP 1,000,000 in January 2024 and further GBP 8,0000,000 to potentially be made available over a three-year term. The loan proceeds are convertible into new ordinary shares at a fixed price of £0.008, a 79.8% premium from the most recent closing price on 15 September 2023, and bear 12% interest per annum Aankondiging • Aug 25
Corcel Plc Announces Commencement of Block KON-11 Exploration Work Corcel Plc announces that it has received notice from the operator of Block KON-11 in Angola, where it has a 20% working interest (18% net), that preparatory work has begun for drilling and appraisal on the block, located in the Kwanza Basin. The initial workplan, subject to the results of the first well, is expected to include one or more new wells with the primary focus being on the consortium moving directly to early oil production should the drilling program be successful. If the drilling results are positive, the consortium will then proceed to evaluating the geological and geophysical data, with the aim of improving the structural maps of the Block, and resume production. Resuming exploration activities in Block KON-11, specifically reactivating production in the Kwanza basin that has been shut-in since the 90's, represents an important milestone for the Angolan oil industry. The Company will make additional announcements on more detailed workplans and further progress at KON-11 in due course. Board Change • Dec 06
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Henry Bellingham was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target decreased to UK£0.08 Down from UK£100.00, the current price target is provided by 1 analyst. New target price is 2,362% above last closing price of UK£0.0032. Stock is down 73% over the past year. The company posted a net loss per share of UK£0.0044 last year. Recent Insider Transactions • May 20
Executive Chairman of the Board recently bought UK£68k worth of stock On the 12th of May, James Parsons bought around 3m shares on-market at roughly UK£0.022 per share. This was the largest purchase by an insider in the last 3 months. James has been a buyer over the last 12 months, purchasing a net total of UK£3.1k worth in shares. 
