10th Jul 2024 11:37
(Alliance News) - Corcel PLC on Wednesday said it signed a collaboration agreement to identify acquisition opportunities in Brazil.
The London-based upstream oil and gas development company, with residual interests in battery metals has partnered with Brazilian onshore energy services provider Conterp Servicos Tecnicos Ltd.
Corcel shares were up 28% to 0.16 pence each in London on late Wednesday morning.
The two firms will work together to identify, evaluate and acquire producing onshore oil and gas fields in Brazil.
"The partnership will combine Conterp's local market knowledge and relationships, access to technology, services, equipment and expertise of asset management of onshore Brazil oil and gas fields with Corcel's subsurface capabilities, access to capital markets and offtakers," said Corcel.
Both parties are particularly interested in assessing opportunities in the Alagoas, Sergipe, Bahia, Rio Grande do Norte, Rio de Janeiro, and Espirito Santo regions, where Conterp already operates.
Interim Chief Executive Officer Scott Gilbert said: "Our collaboration with Conterp provides access to a pipeline of acquisition opportunities. Given the well-understood geological landscape and mature nature of the market onshore Brazil, our strength lies in our ability to execute 'above-the-ground.' This is where our partnership with Conterp is crucial".
By Elijah Dale, Alliance News reporter
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