Corcel (GB:CRCL) has released an update.
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Corcel PLC has announced a strategic move into the Brazilian onshore gas market with its subsidiary CRCL Brazil Ltd securing a binding option agreement to acquire a 20% interest in the IRAI gas field and options for further interests in the TUC-T-172 block. This acquisition aims to diversify investor risk and boost cash flow with minimal shareholder dilution, as the company plans to fund workover operations to increase production. The move aligns with Corcel’s strategy to capitalize on opportunities arising from Petrobras’ onshore divestments, aiming for significant growth in Brazil’s hydrocarbon sector.
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