Corcel PLC
("Corcel" or the "Company")
Half
Year Report
28 March
2024
Corcel Plc ("Corcel" or the
"Company"), the Angola focused exploration and production company
announces its unaudited half-yearly results for the six-months
ended 31 December 2023.
Highlights:
o Productive six months focused on completing the transition to
focusing on oil and gas, restructuring the balance sheet, expanding
the executive team and deepening the Board of Directors
o Operational focus falling firmly on Angola with additional
initiatives under consideration in Angola and overseas
o Progress at KON-11, Kwanza Basin, onshore Angola, with the
Company participating in the drilling of two wells in the historic
Tobias Field - TO-13 and TO-14
o TO-14 currently undergoing flow testing having encountered
weather and engineering delays, testing work continues on the well
with oil encountered and ultimate commercial prospectivity is yet
to be determined
o Operator at KON-11 intends to complete testing of TO-14 and
move to test TO-13
o Data collection and planning activities expected on Blocks
KON-12 and KON-16 during the course of 2024 with the goal to
delineate future well targets
o Continued rationalisation of legacy mining assets including
exploration results at Canegrass and ongoing disposal of interest
in Mambare nickel/cobalt project
Chairman's
Statement:
Dear Shareholders,
We believe that early 2024 finds
Corcel on the verge of a material transformation, with the
groundwork for these developments having been meticulously laid
over the final six months of 2023.
During the period, the Company
completed the acquisition of interests in three oil blocks in
Angola, namely KON-11, KON-12 and KON-16. The acquisition of
these interests, at a reasonable cost, allowed Corcel to accelerate
its transition to oil and gas and facilitated our participation in
the reopening of the Kwanza Basin, in Angola. The Kwanza Basin is a
prolific oil and gas region, shut down prematurely due to civil war
in country, which began in the mid-1970s and didn't conclude until
2002. The broad attractiveness of onshore Angola includes
brownfield targets, marginal field tax rates, an extremely
supportive government and an oil ministry keen to see onshore
production make up for the declines offshore. In addition, we
believe Angola has a compelling mix of blue-sky exploration targets
offering a number of potentially high upside exploration and
development prospects.
E&P activities in Angola began
nearly immediately following the acquisition, with preparation for
drilling the Tobias-13 ("TO-13") well in KON-11 commencing at the
end of August 2023 and well spud the following month.
Following the completion of the TO-13 well, the operator at KON-11,
Sonangol, moved the rig to the Tobias-14 ("TO-14") location, where
we drilled near the most prolific historic producer of the Tobias
oilfield, having reached several thousand barrels per day alone at
its peak. Tobias had been drilled and operated by Petrofina
from the 1960s to the 1990s, where, on the back of only a small
number of wells, peak production reached some 17,500
bbls/day.
Following completion of the TO-14
well, Sonangol moved directly to testing, before encountering a
series of weather and logistical delays that slowed progress early
in the year. Now, at the time of writing, formal flow testing
has begun, and while engineering challenges have been encountered
and have been frustrating, we remain positive, knowing we have
encountered oil in the well and don't yet know its ultimate
commercial prospectivity. While success is never assured in
oil and gas, we look forward to continued progress on TO-14 leading
to definitive results and then to the operator proceeding to test
the previously drilled TO-13 well.
Following testing results from
these initial wells, the Company intends to embark on a
comprehensive development plan during the balance of 2024. This
plan is set to include a competent persons report, which will lead
to our ability, if supported by positive test results, to book
reserves and potentially access other financing structures.
Positive results also would lead to the installation of an early
production system being installed, with an aim to reach first oil
and formal production by the end of the year. These two
existing wells would then over time be joined by additional
appraisal wells, as the KON-11 block partners move toward full
field development and reactivation of the Tobias
field.
Following closely behind KON-11,
development of KON-12 is likely to see a series of data collection
efforts to include eFTG "enhanced Full Tensor Gravity Gradiometry"
(a technology that is both cost-effective and which has been
developed materially over the past decade), as well as seismic
acquisition, moving on ultimately to drilling our first well in the
Block. Meanwhile, at Block-16, where Corcel is the operator,
we anticipate a similar order of activities as at KON-12, but with
our having more control over the timing and ultimate sequencing of
events. KON-16 in particular, offers substantial upside in
the form of post-salt targets of 456 MMBbls and pre-salt targets of
1,029 MMBbls, a historic well that had oil shows in both the pre
and post salt, and geology very analogous to the offshore Cameia
discovery, which has to date identified some 500 MMBbls. The
Company considers that the timing of KON-16 development may well be
materially accelerated if KON-11 results prove
favourable.
Meanwhile, the Company continues to
plan and consider its next steps in the sector, which may include
further transactions in the region and overseas, but which would,
if pursued, be targeted to supplement the Company's primary focus
on execution in Angola.
Elsewhere in the business, the
Company saw the ongoing development and disposal of its residual
mining interests, with terms agreed for the sale of our 41%
interest in the Mambare nickel/cobalt project in Papua New
Guinea. Initial work was also conducted and results received
at the Canegrass lithium project, where data pointed to broader
prospects that might include nickel and vanadium. The Board
meanwhile seeks to maximize the value of these heritage assets,
while maintaining a firm eye on our operations in
Angola.
More broadly, the six months to 31
December 2023, saw the Company's balance sheet reinvigorated with
the retirement of all historic corporate debt, and the installation
of a convertible loan note facility. A new Board of Directors
was recruited and installed, and our technical and financial
capabilities substantially widened. All of these efforts were
designed to prepare the Company for its next phase of growth.
Corcel's expanded capabilities include areas such as geology,
drilling, business and commercial development, facilitating Corcel
moving from passive E&P investor to operator over the course of
the year.
With the personnel and primary
project pieces now in place, it is up to the reinvigorated team to
drive the business towards its goals for the benefit of all of our
stakeholders. While we have accomplished a great deal over
the past six months, this is clearly only the beginning of our
journey, and we look forward to a bright future in 2024 as we look
to build a sizeable, listed oil and gas
developer.
The Board and I want to thank our
shareholders for their support.
Antoine Karam
Executive Chairman
Consolidated statement of financial position
as at 31 December 2023
|
Notes
|
31 December
2023
|
|
31 December
2022
|
|
30 June
2023
|
|
|
Unaudited,
£'000
|
|
Unaudited,
£'000
|
|
Audited,
£'000
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Investments in associates and joint
ventures
|
6
|
-
|
|
1,921
|
|
-
|
Exploration and evaluation
assets
|
|
3,499
|
|
1,217
|
|
2,014
|
Property, plant and
equipment
|
|
494
|
|
52
|
|
1
|
FVTOCI financial assets
|
7
|
1
|
|
1
|
|
-
|
FVTPL financial assets
|
7
|
-
|
|
-
|
|
1
|
Other receivables
|
|
749
|
|
1,514
|
|
2,231
|
Total non-current assets
|
|
4,743
|
|
4,705
|
|
4,247
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
143
|
|
226
|
|
257
|
Trade and other
receivables
|
|
208
|
|
215
|
|
754
|
Total current assets
|
|
351
|
|
441
|
|
1,011
|
Assets held for sale
|
8
|
3,091
|
|
-
|
|
1,575
|
TOTAL ASSETS
|
|
8,185
|
|
5,146
|
|
6,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
Equity attributable to owners of the
parent
|
|
|
|
|
|
|
Called up share capital
|
9
|
2,871
|
|
2,770
|
|
2,842
|
Share premium account
|
|
29,005
|
|
25,674
|
|
28,138
|
Shares to be issued
|
|
-
|
|
75
|
|
-
|
Other reserves
|
|
2,453
|
|
2,412
|
|
2,481
|
Retained earnings
|
|
(29,211)
|
|
(27,457)
|
|
(27,945)
|
Total equity
|
|
5,118
|
|
3,474
|
|
5,516
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
776
|
|
758
|
|
715
|
Short term borrowings
|
|
2,291
|
|
914
|
|
602
|
Total current liabilities
|
|
3,067
|
|
1,672
|
|
1,317
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
|
8,185
|
|
5,146
|
|
6,833
|
|
|
|
|
|
|
|
The accompanying notes form an
integral part of these financial statements.
Consolidated statement of income
for the period ended 31 December
2023
|
Notes
|
6 months to 31 December
2023
|
|
6 months to 31 December
2022
|
|
|
Unaudited,
£'000
|
|
Unaudited,
£'000
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of JV
projects
|
|
166
|
|
353
|
Administrative expenses
|
3
|
(1,388)
|
|
(527)
|
Project expenses
|
|
(32)
|
|
(44)
|
Foreign currency
(loss)/gain
|
|
63
|
|
16
|
Finance costs, net
|
|
(74)
|
|
(431)
|
Share of loss of associates and
joint ventures
|
|
-
|
|
(67)
|
Loss for the period before taxation
|
|
(1,265)
|
|
(700)
|
Tax expense
|
|
-
|
|
-
|
Loss for the period after taxation
|
|
(1,265)
|
|
(700)
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
Loss per share - basic,
pence
|
4
|
(0.09)
|
|
(0.13)
|
Loss per share - diluted,
pence
|
4
|
(0.09)
|
|
(0.13)
|
Consolidated statement of comprehensive
income
for the period ended 31 December
2023
|
|
6 months to 31 December
2023
|
|
6 months
to 31 December 2022
|
|
|
Unaudited,
£'000
|
|
Unaudited,
£'000
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period
|
|
(1,265)
|
|
(700)
|
Unrealised foreign currency
gain/(loss) on translation of foreign operations
|
|
(29)
|
|
(38)
|
Revaluation of FVTOCI
investments
|
7
|
|
|
-
|
Total comprehensive loss for the period
|
|
(1,294)
|
|
(738)
|
|
|
|
|
|
The accompanying notes form an integral part of
these financial statements.
Consolidated statement of changes in equity
for the period ended 31 December
2023
The movements in equity during the
period were as follows:
|
Share
capital
|
Share
premium account
|
Shares to
be issued
|
Retained
earnings
|
Other
reserves
|
Total
Equity
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
As at 1 July
2022 (audited) Changes in equity for six months ended 31 December
2021
|
2,751
|
24,961
|
75
|
(26,757)
|
2,095
|
3,125
|
Profit/ (loss) for the period
|
-
|
-
|
-
|
(700)
|
-
|
(700)
|
Other comprehensive (loss)/income for the
period
|
-
|
-
|
-
|
-
|
-
|
-
|
Unrealised foreign currency gain arising on
translation of foreign operations
|
-
|
-
|
-
|
-
|
(38)
|
(38)
|
Total
comprehensive (loss)/income for the period
|
-
|
-
|
-
|
(700)
|
(38)
|
(738)
|
Transactions
with owners
|
|
|
|
|
|
|
Issue of shares
|
19
|
738
|
-
|
-
|
-
|
757
|
Share issue and fundraising costs
|
-
|
(25)
|
-
|
-
|
-
|
(25)
|
Options issued
|
-
|
-
|
-
|
-
|
27
|
27
|
Warrants issued
|
-
|
-
|
-
|
-
|
328
|
328
|
Total Transactions with
owners
|
19
|
713
|
-
|
-
|
355
|
1,087
|
As at 31
December 2022 (unaudited)
|
2,770
|
25,674
|
75
|
(27,457)
|
2,412
|
3,474
|
As at 1 July
2023 (audited)
|
2,842
|
28,138
|
-
|
(27,945)
|
2,481
|
5,516
|
Changes in
equity for six months ended 31 December 2023
|
|
|
|
|
|
|
Profit/ (loss) for the period
|
-
|
-
|
-
|
(1,265)
|
-
|
(1,265)
|
Other comprehensive (loss)/income for the
period
|
-
|
-
|
-
|
-
|
-
|
-
|
Unrealised foreign currency gain arising on
translation of foreign operations
|
-
|
-
|
-
|
-
|
(29)
|
(29)
|
Total
comprehensive (loss)/income for the period
|
-
|
-
|
-
|
(1,265)
|
(29)
|
(1,294)
|
Transactions
with owners
|
|
|
|
|
|
|
Issue of shares
|
29
|
867
|
-
|
-
|
-
|
896
|
Share issue and fundraising costs
|
-
|
-
|
-
|
-
|
-
|
-
|
Options issued
|
-
|
-
|
-
|
-
|
-
|
-
|
Warrants issued
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Transactions with
owners
|
29
|
867
|
-
|
-
|
-
|
896
|
As at 31
December 2023 (unaudited)
|
2,871
|
29,005
|
-
|
(29,210)
|
2,452
|
5,118
|
|
|
|
|
|
|
|
FVTOCI
investments reserve
|
Share-based payments reserve
|
Warrants
Reserve
|
Foreign
currency translation reserve
|
Total
other reserves
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
As at 1 July
2022 (audited)
|
(2)
|
116
|
1,450
|
531
|
2,095
|
Changes in
equity for six months ended 31 December 2022
|
|
|
|
|
|
Other
Comprehensive income
|
|
|
|
|
|
Share options granted during the
year
|
-
|
27
|
-
|
-
|
27
|
Warrants granted during the year
|
-
|
-
|
328
|
-
|
328
|
Unrealised foreign currency gains arising upon
retranslation of foreign operations
|
-
|
-
|
-
|
(38)
|
(38)
|
Total
comprehensive income/(loss) for the period
|
-
|
27
|
328
|
(38)
|
317
|
As at 31
December 2022 (unaudited)
|
(2)
|
143
|
1,778
|
493
|
2,412
|
As at 1 July
2023 (audited)
|
(2)
|
169
|
1,778
|
536
|
2,481
|
Changes in
equity for six months ended 31 December 2023
|
|
|
|
|
|
Other
Comprehensive income
|
|
|
|
|
|
Share options granted during the
year
|
-
|
-
|
-
|
-
|
-
|
Warrants granted during the year
|
-
|
-
|
-
|
-
|
-
|
Unrealised foreign currency gains arising upon
retranslation of foreign operations
|
-
|
-
|
-
|
(29)
|
(29)
|
Total
comprehensive income/(loss) for the period
|
-
|
-
|
-
|
(29)
|
(29)
|
As at 31
December 2023 (unaudited)
|
(2)
|
169
|
1,778
|
507
|
2,452
|
Consolidated statement of cash flows
for the period ended 31 December
2023
|
Note
|
6 months to 31December
2023
|
|
6 months
to 31 December 2022
|
|
|
Unaudited
£'000
|
|
Unaudited
£'000
|
|
|
|
|
|
Cash flows
from operating activities
|
|
|
|
|
(Loss)/profit
before taxation
|
|
(1,265)
|
|
(700)
|
Decrease/(increase) in receivables
|
|
546
|
|
62
|
Increase in payables
|
|
61
|
|
435
|
Depreciation
|
|
1
|
|
-
|
Share-based payments
|
|
-
|
|
355
|
(Gain)/loss on foreign exchange
|
|
(35)
|
|
-
|
Finance cost, net
|
|
74
|
|
103
|
Share of loss of associates and joint ventures,
net of tax
|
|
-
|
|
67
|
Net cash flows
from operations
|
|
(618)
|
|
322
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
Additional investments in JVs and investment in
associates
|
|
-
|
|
(12)
|
Purchase of financial assets carried at
amortised cost
|
|
-
|
|
-
|
Investment in exploration and evaluation
assets
|
|
(1,485)
|
|
(20)
|
Purchase of property, plant and
equipment
|
|
(494)
|
|
-
|
Net cash flows
from investing activities
|
|
(1,979)
|
|
(32)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from issue of shares
|
|
896
|
|
537
|
Interest paid
|
|
-
|
|
(103)
|
Proceeds of new borrowings, as received net of
associated fees
|
|
2,257
|
|
-
|
Repayment of borrowings
|
|
(641)
|
|
(509)
|
Net cash flows
from financing activities
|
|
2,512
|
|
(75)
|
|
|
|
|
|
|
|
|
|
|
Net decrease
in cash and cash equivalents
|
|
(85)
|
|
215
|
|
|
|
|
|
Cash and cash equivalents at the beginning of
period
|
|
257
|
|
25
|
Effects of foreign exchange translation on
currency holdings
|
|
(29)
|
|
(14)
|
Cash and cash
equivalents at end of period
|
|
143
|
|
226
|
|
|
|
|
|
Half-yearly report notes
for the period ended 31 December
2023
1
|
Company and Group
|
|
As at 30 June 2023 and 31 December
2023 the Company had one or more operating subsidiaries and has
therefore prepared full and interim consolidated financial
statements respectively.
|
|
The Company will report again for
the full year ending 30 June 2024.
The financial information contained
in this half yearly report does not constitute statutory accounts
as defined in section 435 of the Companies Act 2006. The financial
information for the year ended 30 June 2023 has been extracted from
the statutory accounts of the Group for that year. Statutory
accounts for the year ended 30 June 2023, upon which the auditors
gave an unqualified audit report which did not contain a statement
under Section 498(2) or (3) of the Companies Act 2006, have been
filed with the Registrar of Companies.
|
2
|
Accounting Polices
|
|
|
Basis of preparation
|
|
|
The consolidated interim financial
information has been prepared in accordance with IAS 34 'Interim
Financial Reporting'. The accounting policies applied by the
Group in these condensed consolidated interim financial statements
are the same as those applied by the Group in its consolidated
financial statements as at and for the year ended 30 June 2023,
which have been prepared in accordance with IFRS.
Going Concern
It is the prime responsibility of
the Board to ensure the Company and the Group remain going concerns
and so will be able to discharge its financial obligations as they
fall due. At 31 December 2023, the Group had cash and cash
equivalents of £0.143 million and £2.29 million of borrowings and
access to a variety of funding options, including the issuance of
convertible loan notes and the capacity to undertake capital market
placings of new shares.
Having considered the prepared
cashflow forecasts and the Group budget, expected operational costs
in Angola, as well as legacy battery metals projects, the Directors
currently believe that they will have access to adequate resources
in the 12 months from the date of the signing of these Financial
Statements. As a result, they consider it appropriate to continue
to adopt the going concern basis in the preparation of the
Financial Statements.
Should the Group be unable to
continue trading as a going concern, adjustments would have to be
made to reduce the value of the assets to their recoverable
amounts, to provide for further liabilities, which might arise, and
to classify non-current assets as current. The Financial Statements
have been prepared on the going concern basis and do not include
the adjustments that would result if the Group was unable to
continue as a going concern.
|
|
|
3
|
Administrative expenses
|
|
6 months to 31 December
2023
|
|
6 months to 31 December
2022
|
|
|
Unaudited
£'000
|
|
Unaudited
£'000
|
Staff
Costs:
|
|
|
|
|
Payroll
|
|
448
|
|
175
|
Pension
|
|
10
|
|
8
|
Staff welfare
|
|
3
|
|
-
|
Share based Payments -Staff
|
|
-
|
|
26
|
Total:
|
|
499
|
|
235
|
|
|
|
|
|
Professional
Services:
|
|
|
|
|
Accounting
|
|
57
|
|
51
|
Legal
|
|
35
|
|
17
|
Business Development
|
|
4
|
|
6
|
Marketing & Investor Relations
|
|
39
|
|
4
|
Funding costs
|
|
317
|
|
20
|
Other
|
|
86
|
|
35
|
Total:
|
|
538
|
|
133
|
|
|
|
|
|
Regulatory
Compliance
|
|
63
|
|
67
|
|
|
|
|
|
Travel
|
|
143
|
|
2
|
|
|
|
|
|
Office and Admin Costs:
|
|
|
|
|
General
|
|
78
|
|
18
|
IT costs
|
|
8
|
|
3
|
Depreciation
|
|
1
|
|
-
|
Rent - Main Office
|
|
16
|
|
14
|
Insurance
|
|
42
|
|
55
|
Total:
|
|
145
|
|
90
|
|
|
|
|
|
Total
administrative expenses
|
|
1,388
|
|
527
|
|
|
The following reflects the loss and share data
used in the basic and diluted profit/(loss) per share
computations:
|
|
|
6 months to
31 December
2023
|
|
6 months
to
31
December 2022
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
Loss attributable to equity holders of the
parent company, in Thousand Sterling (£'000)
|
(1,265)
|
|
(700)
|
|
|
|
|
|
|
Weighted average number of Ordinary shares of
£0.0001 in issue, used for basic and diluted EPS
|
(0.09)
|
|
(0.13)
|
|
|
|
|
|
|
Loss per share - basic and diluted,
pence
|
(0.09)
|
|
(0.13)
|
|
|
|
|
|
|
At 31
December 2023 and at 31 December 2022, the effect of all the
instruments is anti-dilutive as it would lead to a further
reduction of loss per share, therefore they were not included into
the diluted loss per share calculation.
|
|
|
Options
and warrants that could potentially dilute basic EPS in the future,
but were not included in the calculation of diluted EPS because
they are anti-dilutive for the periods presented:
|
|
|
6 months to
31 December
2023
|
|
6 months to
31 December
2022
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
Share options granted to employees - total, of
them
|
26,687,412
|
|
26,687,412
|
|
- Vested at the end of the reporting period
|
-
|
|
-
|
|
- Not vested at the end of the reporting period
|
26,687,412
|
|
26,687,412
|
|
Warrants
given to shareholders as a part of placing equity
instruments
|
290,500,000
|
|
615,665,670
|
|
|
|
|
|
|
Total number of instruments in issue not
included into the fully diluted EPS calculation
|
317,187,412
|
|
642,353,082
|
|
|
|
|
|
|
| |
5
|
Segmental analysis
|
|
|
The Group's operational segments are as
follows:.
|
|
|
For the
six-month period to 31 December 2023
|
Battery
Metals
|
Flexible
Grid Solutions (FGS)
|
Oil and
Gas
|
Corporate
and unallocated
|
Total
|
|
|
£'000
|
£'000
|
|
£'000
|
£'000
|
|
Result
|
|
|
|
|
|
|
Segment results
|
119
|
(1)
|
(14)
|
(1,295)
|
(1,191)
|
|
Loss before tax and finance costs
|
119
|
(1)
|
(14)
|
(1,295)
|
(1,191)
|
|
Finance costs
|
-
|
-
|
-
|
(74)
|
(74)
|
|
Profit/(Loss)
for the period before taxation
|
119
|
(1)
|
(14)
|
(1,369)
|
(1,265)
|
|
Taxation expense
|
-
|
-
|
-
|
-
|
-
|
|
Loss for the
period after taxation
|
119
|
(1)
|
(14)
|
(1,369)
|
(1,265)
|
|
Total assets
at 31 December 2023
|
4,234
|
-
|
3,618
|
332
|
8,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the six-month period to 31 December
2022
|
Battery
Metals (Nickel and Vanadium)
|
Flexible
Grid Solutions
|
Corporate
and unallocated
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
Result
|
|
|
|
|
|
Segment results
|
(110)
|
331
|
(490)
|
(269)
|
|
Loss before tax and finance costs
|
(110)
|
331
|
(490)
|
(269)
|
|
Finance costs
|
-
|
-
|
(431)
|
(431)
|
|
Loss for the
period before taxation
|
(110)
|
331
|
(921)
|
(700)
|
|
Taxation expense
|
-
|
-
|
-
|
-
|
|
Loss for the
period after taxation
|
(110)
|
331
|
(921)
|
(700)
|
|
Total assets
at 31 December 2022
|
4,742
|
2
|
402
|
5,146
|
|
|
|
|
|
|
6
|
Investments in associates and joint ventures
|
|
|
|
31 December
2023
Unaudited
£'000
|
31
December 2022
Unaudited
£'000
|
30
June 2023
Audited
£'000
|
|
At the beginning of the period
|
-
|
1,988
|
1,988
|
|
Additional investments in JVs
|
-
|
-
|
-
|
|
Share of loss for the period using equity
method
|
-
|
(67)
|
(76)
|
|
Impairments
|
-
|
-
|
(337)
|
|
Transfer to assets held for sale
|
-
|
-
|
(1,575)
|
|
At the end of
the period
|
-
|
1,921
|
-
|
|
In the year ended 30 June 2023, the
Group's interests in the Mambare JV were reclassified into Assets
Held for Sale following determination that the ongoing discussions
around the disposal of this project met the criteria for
classification under IFRS 5.
|
7
|
Financial assets
|
|
|
|
31 December
2023
Unaudited
£'000
|
31
December 2022
Unaudited
£'000
|
30
June 2023
Audited
£'000
|
|
FVTOCI
financial instruments at the beginning of the
period
|
1
|
1
|
1
|
|
Disposals
|
-
|
-
|
-
|
|
Revaluations and impairment
|
-
|
-
|
-
|
|
FVTOCI
financial assets at the end of the period
(unaudited)
|
1
|
1
|
1
|
8
|
Assets Held for Sale
On 16 October 2023, the Group
announced an agreement with Integrated Battery Metals (the
Purchaser) for the disposal of its 41% interest in the Mambare
nickel/cobalt project held via its interest in Oro Nickel Ltd,
following extensive discussions with the Purchaser over the course
of the financial year ended 30 June 2023.
Under IFRS 5, the interest in Oro
Nickel Ltd is classified as an Asset Held for Sale, as the
directors had made a definitive determination to dispose of the
asset prior to the reporting date of these financial
statements. As such, the carrying value of the investment in
the joint venture held in the group was £3,091,449 (2022: £Nil) at
the reporting date, comprising an investment in the JV of
£1,574,917 and loans to the JV of £1,516,532, and has been
reclassified on the balance sheet as Assets Held for
Sale.
|
|
|
9
|
Share Capital of the company
|
|
The share capital of the Company is
as follows:
|
|
|
Number of
shares
|
|
Nominal,
£'000
|
|
|
|
|
|
|
Allotted, issued and fully paid
|
|
|
|
|
Deferred shares of £0.0009
each
|
1,788,918,926
|
|
1,610
|
|
A Deferred shares of £0.000095
each
|
2,497,434,980
|
|
237
|
|
B Deferred shares of £0.000099
each
|
8,687,335,200
|
|
860
|
|
Ordinary shares of £0.0001
each
|
1,344,381,984
|
|
135
|
|
As
at 1 July 2023 (Audited)
|
|
|
2,842
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued in the period
|
|
|
|
|
Ordinary shares of £0.0001
each
|
294,432,718
|
|
29
|
|
Allotted,
issued and fully paid
|
|
|
|
|
Deferred shares of £0.0009 each
|
1,788,918,926
|
|
1,610
|
|
A Deferred shares of £0.000095 each
|
2,497,434,980
|
|
237
|
|
B Deferred shares of £0.000099 each
|
8,687,335,200
|
|
860
|
|
Ordinary shares of £0.0001 each
|
1,638,814,702
|
|
164
|
|
As at 31
December 2023 (Unaudited)
|
|
|
2,871
|
10
Capital
Management
Management controls the capital of
the Group in order to control risks, provide the shareholders with
adequate returns and ensure that the Group can fund its operations
and continue as a going concern.
The Group's debt and capital
includes ordinary share capital and financial liabilities,
supported by financial assets.
There are no externally imposed
capital requirements.
Management effectively manages the
Group's capital by assessing the Group's financial risks and
adjusting its capital structure in response to changes in these
risks and in the market. These responses include the management of
debt levels, distributions to shareholders and share
issues.
There have been no changes in the
strategy adopted by management to control the capital of the Group
since the prior year.
11 Events after the
reporting period
On 2 January 2024 the Group was
notified of the conversion of £250,000 of the convertible loan
notes issued to Extractions Premium and Mining Ltd. in the prior
year into 32,061,643 new ordinary shares. Following this
conversion a principal balance of £750,000 notes remained
owing.
On 10 January 2024 the Group was
notified of the exercise of 5,000,000 warrants for new ordinary
shares at a price of £0.0035 per share.
On 12 January 2024 the Group
granted 307,033,155 new options over ordinary shares to the
Directors and Key Executives of the Group. The options have a
exercise price of par, and vest over three years when the share
price of the Company reaches a range of values for 5 consecutive
days, from £0.016 to £0.064.
On 12 February 2024 the Group
announce3d the commencement of testing of its TO-14 well in
Angola.
On 29 February the Group was
notified of the conversion of the remaining £750,000 of outstanding
principal convertible loan notes by Extraction Srl, resulting in
the allotment of 432,555,025 new ordinary shares and in full
settlement of the remaining amounts owing under the convertible
loan note facility.
On 7 March 2024 the Group was
notified of the exercise of 100,000,000 warrants for new ordinary
shares at a price of £0.0021 per share.
On 18 March 2024 the Group
announced the results of initial exploration activities on its
Canegrass project, noting varying mineralisation results and the
potential for both vanadium and nickel
prospectivity.
For further information, please contact:
Antoine
Karam
Corcel Plc Executive
Chairman
Development@Corcelplc.com
James Joyce / James Bavister
/Andrew de Andrade
WH Ireland Ltd NOMAD &
Broker
0207 220
1666
Patrick d'Ancona
Vigo
Communications IR
0207 3900 230
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014
which is part of UK law by virtue of the European Union
(withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.