Corcel is an E&P with assets onshore Angola and Brazil. The company’s largest opportunity is its KON-16 block in the Kwanza basin in Angola, where Corcel is working up multi-hundred mmbbl pre-salt prospects, for potential exploration drilling in Q4 2026. This gives the potential for large drilling upside in an attractive, under-explored onshore basin. We have a positive outlook for the shares and value them at 1.22p.
