corcel plc said wednesday it has signed its first oilandgas acquisition with the purchase of a 90 interest in atlas petroleum exploration worldwide for 800000 pounds 993280 in shares the mining company said that atlas has working interests in several historically producing oil assets in kwanza basin onshore angola including working interests of between 20 and 35 in three onshore blocks the consideration will be satisfied through the issuance of 200 million new ordinary shares locked up for 18 months at the same time there will be a gbp282741 investment in corcel by atlas shareholders and investors from the oilandgas sector in brazil and angola resulting in the issuance of a further 707 million shares the metrics on this acquisition are compelling for corcel shareholders and the window is now open for rapid further consolidation onshore angola alongside new asset acquisitions in brazil executive chairman james parsons said shares at 0836 gmt were up 002 pence or 79 at 034 pence