Corcel offloads interest in Aylesbury gas peaking project

16th Nov 2022 14:18

(Sharecast News) - Natural resources explorer and developer Corcel has sold its 40% interest in the Tring Road 50 MW gas peaking project outside of Aylesbury to Terra Firma, it announced on Wednesday.

The AIM-traded company said it agreed a sales price of £0.32m, with £0.12m to be paid immediately, and a further £0.2m at completion.

It said it intended to use the funds, once received, to further reduce its recently-restructured debt, as announced on 31 October.

For the year ended 31 July 2021, the losses attributable to the asset were £425, and the investment was held in its interim accounts balance sheet at £0.4m at the end of December.

"The disposal of the Tring Road Gas peaking project and the memorandum of understanding in respect of the restructuring of the company's Papua New Guinea-based battery metal interests through the proposed Singaporean joint venture with NPC announced in October, are significant milestones in the ongoing transformation of Corcel's business interests," said chief executive officer Scott Kaintz.

"We look forward to announcing further developments of these efforts in due course."

At 1017 GMT, shares in Corcel were down 0.18% at 0.32p.

Reporting by Josh White for Sharecast.com.