Corcel PLC (LSE:CRCL) shares moved higher in Friday’s deals after the oil and gas junior told investors that its near-term focus in Angola will be on geological and geophysical (G&G) activities.
The company, in a statement, said it had received all relevant approvals to acquire new G&G data, and, it is planning an ‘enhanced full tensor gradiometry’ survey (eFTG) across three blocks (KON 11, KON 12, and KON 16).
This surveying, supported by other G&G activities, is slated for the third quarter and is expected to provide new geological insights into the Tobias and Galinda fields, as well as other potential leads and prospects.
"The eFTG Survey over our blocks will enhance our geological understanding and bolster our efforts in the Kwanza basin, where we remain confident there is significant potential,” said non-executive chair Antoine Karam.
“Despite our recent challenges, we remain focused on achieving our goals, and I remain fully committed to the company as non-executive chair following the last few months where I have been interim executive chair."
Also, the company noted it had now received £399,750 of new funds through the funding announced last month, with the issue of 79.95 million shares and 79.95 million warrants – including 39.98 million shares taken up by Corcel director Geraldine Geraldo, who now holds 3.89% of the company’s shares.
A further announcement is expected later this month, regarding the remainder of the funding.
In London, Corcel shares were up 12.4% changing hands at 0.12p each.