Corcel PLC has provided an update on its unsecured convertible loan note facility, which has the potential to extend 10,000,000 of funding to the Company. The facility attracts a 12% interest rate per annum and is convertible into new ordinary shares over the three-year life of the notes at a fixed price of 0.008. Currently, 1,000,000 has been drawn down from the facility, with 250,000 subsequently converted into equity. The Company is in discussions with the lender, Extraction Srl, regarding the next drawdown against the facility, with the expectation that the proceeds will fund ongoing activities in the Kwanza Basin, Angola. Extraction Srl is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam.