Corcel Plc announced that it has signed a Collaboration Agreement with Conterp Servicos Tecnicos Ltda (Conterp), under which the companies will work together to identify, evaluate and acquire producing onshore oil and gas fields in Brazil. Under the Agreement, the Company and Conterp will collaborate to jointly develop a pipeline of onshore opportunities in Brazil, where they will use their respective resources to assess, rank and access with the intention to acquire attractive producing assets. 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.

The Parties have a particular interest at present in pursuing projects focused on producing onshore oil and gas field with significant development and exploration upside in the Alagoas, Sergipe, Bahia, Rio Grande do Norte, Rio de Janeiro, and Espirito Santo regions, where Conterp operates. Conterp is an energy services company, with over 20 years of experience and over 800 employees, providing Well Services, Drilling Contracting, Operation and Maintenance, and Asset Integrity Management services. Its portfolio holds a significant number of operational assets (equ equipment and technology) ranging from several workover rigs, to well services and well intervention equipment.

The Company views Conterp as a strong go-to-market partner for onshore Brazil oil and gas assets.