Corcel Plc (CRCL), a UK mining and mineral resource development company, has agreed to buy a stake in Atlas Petroleum Exploration Worldwide Ltd (APEX), a U.S. energy company.
The acquisition of a 90 percent interest in APEX is part of Corcel’s pan-Angola or Brazil growth strategy and provides a strong initial platform for further consolidation onshore Angola alongside new asset acquisitions in Brazil.
The transaction is valued at 800,000 pounds ($986,959), which will be settled via the issuance of 200 million new ordinary shares, priced at 0.004 pounds ($0.004) per share, and the consideration shares are locked up for eighteen months post-issuance.
The move, which will be contingent upon the formal execution of three risk service contracts, provides Corcel with opportunities to boost the legacy operator estimated resources and to explore large pre-salt structures on the blocks.