Corcel confirms extensions to gas peaker project deals

4th Feb 2022 14:18

(Sharecast News) - Natural resources explorer and developer Corcel updated the market on its interest in two UK gas peaker assets on Friday.
The AIM-traded firm agreed with FPC Electric Land in November to extend its 100% rights over the Avonmouth project to 1 February 2022.

On Friday, it said that to allow additional time for discussions with potential funding providers to conclude, both parties now considered the existing agreement and rights to have been extended, although no formal extension documentation had been executed.

Separately, it said the owners of the Tring Road Project, where Corcel held a 40% interest, had agreed to extend the site's leasing rights with the landowner, and had completed a lease extension agreement.

"The company continues in active discussions with several potential investors and sources of funding for the gas peaker projects, and will update the market on further developments in due course," Corcel's board said in its statement.

At 1107 GMT, shares in Corcel were flat at 1.35p.