Half-year Report

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")

Half Year Report

31 March 2025

Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is pleased to announce its unaudited half-year results for the six months ended 31 December 2024.

Chairman's Statement

Dear Shareholders,

I am pleased to present the interim results of Corcel Plc for the six-month period ending 31 December 2024.

Corcel entered this financial year with a clear mission - to transform into a high-growth energy platform driven by technical expertise, operational efficiency, and strategic capital allocation. We have focused on disciplined execution, strengthening our portfolio, and are making significant progress in our strategy. I am happy to report that the transformation is progressing satisfactorily.

In Angola, in our operated KON-16 block we made significant progress. The successful completion of the Enhanced Full Tensor Gradiometry (eFTG) survey post year-end was followed during this interim period by the processing and interpretation of the data. This critical work will set the next stage of our exploration programme, including seismic acquisition and eventual drilling. Our confidence in KON-16's pre-salt potential is reinforced by our increased equity position, now at 49.5%.

Meanwhile, activity continues on the non-operated blocks KON-11 and KON-12, where the operator's work to assess and resolve challenges encountered in the TO-13 and TO-14 wells remains ongoing. Corcel continues to work with the Operator to realise the future potential of these assets.

In Brazil, our entry through a strategic collaboration agreement has opened doors to low-risk, near-term production. Post interim period, in February 2025, we announced the successful result in the EI-1 well workover. Our efforts now turn to the second workover well, which will assist us in further evaluating the Irai opportunity, and Corcel's decision of potentially exercising the Option it holds to acquire 20% of the field. Additional opportunities are under active evaluation, consistent with our ambition to grow a robust production portfolio in this strategically important market.

Post interim period, in February 2025, we successfully raised £2.72m at a 6.7% premium to the previous day closing price to fund value-accretive ongoing operational activities across our assets, business development efforts to increase our interest in the Kwanza Basin, onshore Angola, and our growth strategy in Brazil. This capital injection allowed us to strengthen our balance sheet and financial position. It also demonstrates investor confidence in our assets and our team as a whole.

Our Board remains focused on governance and accountability, ensuring Corcel's growth is underpinned by strong oversight and prudent risk management as we scale operations.

Outlook

As we enter the second half of the financial year, Corcel is in a stronger, more focused position than ever before. Our near-term priorities are clear:

o  Finalising the eFTG data interpretation for KON-16 and advancing toward seismic and drilling;

o  Increasing our interests across the Kwanza Basin, onshore Angola;

o  Potentially converting the Irai option into our first production asset and identifying follow-on acquisitions in Brazil;

o  Supporting Sonangol's efforts to unlock value in KON-11 and KON-12;

o  Maintaining a disciplined approach to capital deployment, aligned with strategic value creation.

In summary, we are entering a phase of execution and delivery. The foundation laid over the past year is now enabling us to transition into a business capable of generating revenues while continuing to build long-term exploration and development upside.

I would like to thank our shareholders for their continued trust and support, and our employees and partners for their commitment to this shared vision. Together, we are building a stronger, more resilient Corcel.

Yours sincerely,

Pradeep Kabra Independent Non-Executive ChairmanCorcel Plc

CEO's Statement

Dear Shareholders,

Corcel has entered 2025 with strength. The groundwork laid over the past 9 to 12 months - both operationally and commercially - is now beginning to convert into tangible progress. With material developments across our portfolio in Angola and Brazil, a strengthened financial position, and a clear pathway to value delivery, Corcel is moving into a phase where momentum is unmistakably building.

Angola: A Leading Position in the Kwanza Basin

In Angola's Kwanza Basin - rapidly emerging as one of the most closely watched onshore energy frontiers globally - Corcel has secured a leading position. We now hold a 49.5% interest in our operated KON-16 block, a meaningful increase achieved at no cost to the Company. This enhanced position gives us both strategic control and expanded exposure to the significant upside this basin offers.

The completion of the Enhanced Full Tensor Gradiometry (eFTG) survey over KON-16, followed by the start of data processing during this reporting period, represents a pivotal technical step. This work will directly contribute towards our 2D seismic acquisition later this year, a programme that will define the roadmap toward the first new well on KON-16. Importantly, our operator status puts us in the driver's seat, enabling us to maintain strict cost discipline while driving forward value-accretive activity.

Elsewhere in the basin, work recommenced on the Tobias wells in KON-11, as the operator seeks to unlock value in this historic oilfield.

The Kwanza Basin is attracting increasing attention from international and regional players. Corcel was the first AIM-listed independent to secure operated acreage in this prolific region - and that first-mover advantage is now becoming a competitive edge, especially as we take steps to increase our interests across the basin.

Brazil: From Entry to Execution

Our expansion into Brazil is progressing at speed. In November 2024, we secured a binding option over the producing IRAI gas field, and by February this year, the first workover was successfully completed - confirming stabilised gas production at 120 BOEPD. The well has now been tied in and has come online, demonstrating not just technical success, but the speed and discipline with which our team and partners can deliver.

Following the outcome of the second workover, we will assess the commercial case for exercising the IRAI option - an investment decision that could see Corcel step into cash-generating production in Brazil. This rapid timeline, from deal signing to well reactivation, showcases our ability to move decisively in unlocking value.

With rights of first refusal over the remaining 80% of the IRAI field and the adjacent TUC-172 block, we are well positioned to scale our presence in this highly prospective basin.

Brazil is central to our production-led strategy, and we are actively evaluating several further opportunities to build a robust, margin-accretive portfolio.

Strengthened Financial Platform

In February 2025, we successfully raised £2.72 million in a placing completed at a 6.7% premium to the previous day's closing price - an uncommon achievement for an AIM-listed growth company in the current markets, and a clear signal of confidence in our direction. This followed an earlier raise of £1.22 million in September 2024, also supported by strategic energy-focused investors.

Taken together, these transactions have bolstered our balance sheet and provided the flexibility to accelerate activity across both Angola and Brazil - funding seismic planning, workovers, and business development without compromising capital discipline or shareholder value.

Execution-Focused - Catalysts Ahead

As we look ahead to the second half of the financial year, Corcel is focused on a) finalising KON-16 eFTG interpretation and preparing for 2D seismic acquisition; b) advancing the second IRAI workover and evaluating a potential step into revenue-generating production; and c) targeting growth through further asset consolidation in Angola and acquisition-led expansion in Brazil.

Corcel is no longer a company setting the stage - it is stepping into the spotlight. We are operating in two of the most exciting onshore energy plays globally, with strong partnerships, growing investor support, and a team executing with clarity and urgency.

To our shareholders, thank you for your continued support. With solid foundations in place and a clear strategy ahead, we're confident that the most exciting chapters for Corcel are still to come.

Sincerely,

Scott GilbertChief Executive OfficerCorcel Plc

Consolidated statement of financial position

as at 31 December 2024

The accompanying notes form an integral part of these financial statements.

Consolidated statement of income

for the period ended 31 December 2024

Consolidated statement of comprehensive income

for the period ended 31 December 2024

The accompanying notes form an integral part of these financial statements.

Consolidated statement of changes in equity

for the period ended 31 December 2024

The movements in equity during the period were as follows:

The movements in equity during the period were as follows:

Consolidated statement of cash flows

for the period ended 31 December 2024

Half-yearly report notes

for the period ended 31 December 2024

9 Capital Management

Management controls the capital of the Group in order to control risks, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern.

The Group's debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.

There are no externally imposed capital requirements.

Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues.

There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year.

10 Events after the reporting period

On 18 February 2025 the Company announced a fundraising via the placing of 1,698,125,000 new ordinary shares at a price of £0.0016 per share, raising £2.7m before expenses. The placing included the issue of one for one warrants to investors with a strike price of £0.00225 exercisable for 2 years.

On 24 February 2025 the Company announced the initial results from the EI-1 well workover in the IRAI field, over which the Company holds an option to acquire a 20% interest. The initial results of the workover confirmed sustained gas production at 20,000 m3 per day, aligning with historic production rates and indicating the positive production potential for the field.

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  Joint Broker

07711 627449

Patrick d'Ancona Vigo Communications 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 by acquiring 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 Operated - 55% working interest - 49.5% 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.