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.

Corcel PLC

("Corcel" or the "Company")

Warrant Exercise and TVR

14 October 2025

Corcel Plc (London AIM: CRCL), the Angola-Brazil-focused energy company, is very pleased to announce that further to the announcement on 30^th September 2025, the acceleration clause of the outstanding 1,666,875,000 February 2025 Warrants (the 'Warrants') had been triggered, and that there have been exercises of  Warrants totalling 1,332,500,000 to date, generating proceeds of £2,998,125. 

Scott Gilbert Corcel CEO commented: "We are very pleased to see that investors have exercised their Warrants well ahead of the deadline. We are confident that the rest of the Warrants will be exercised generating the funds for our operational activities as per plan."

Of the 1,332,500,000 Warrants exercised, 332,500,000 fell under the Block Admission dated 24^th June 2025. An application has been made for a further 1,000,000,000 Warrant Shares to be admitted to trading on AIM, which is expected to occur on or around 17 October 2025 (the "Admission"). The Warrant Shares will rank pari passu in all respects with the Ordinary shares of the Company currently trading on AIM.

The Company shall provide an updated TVR on 1^st November 2025 once the exercise period triggered in accordance with the terms of Warrant Instrument has lapsed.

Separately, 50,000,000 warrants were exercised as announced on 24 September 2025. These shares will be admitted to trading following completion of transfer and standard broker documentation and signatures, which is currently in process.

 Total Voting Rights: 

Following the Admission and including the recent warrant exercises under the Block Admission, the Company's issued share capital will comprise of 7,295,958,138 Ordinary shares with one voting right per share. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

For further information, please contact:

Scott Gilbert                                                                            

Corcel Plc, CEO & Director

[email protected]                                                                           

James Joyce / James Bavister / Andrew de Andrade   

Zeus, NOMAD & Broker

020 3829 5000        

Jonathan Wright / Rupert Holdsworth Hunt                             

Auctus Advisors LLP, Joint Broker

07711 627449

Patrick d'Ancona                                                                     

Vigo Consulting Limited, IR

0207 3900 230                                                                          

About Corcel:

Corcel has a notable oil and gas portfolio in onshore Angola that includes brownfield redevelopment opportunities and significant exploration upside. Corcel marked a new country entry into Brazil through the option to acquire rights to producing gas and exploration assets, further diversifying its portfolio and enhancing its growth potential.

Corcel's Angola portfolio consists of interests in three licenses:

·      KON - 16 upon completion: operated - 80% working interest - 71.5% net to CRCL

·      KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

·      KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

Corcel's Brazil portfolio consists of the option to acquire:

·      20% interest in the IRAI gas field

·      Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI field

·      ROFR for 100% of the adjacent TUC-T-172 exploration block, located in the state of Bahia, onshore Brazil

Corcel's Battery Metals portfolio consists of an 80% working interest in the Mt Weld Rare Earth Elements project in Western Australia.