REG - Corcel PLC - Board Changes

CorcelAnnouncement

22/12/2023 13:30

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RNS Number : 8318X  Corcel PLC  22 December 2023

Corcel PLC

("Corcel" or the "Company")

 

Board Changes

22 December 2023

 

Corcel Plc, (London AIM: CRCL), the Angolan focused exploration and production
company, is delighted to announce the appointment of Ms Geraldine Geraldo, Mr
Pradeep Kabra and Mr Andrew Fairclough to its Board of Directors, and the
future appointment of Ms Jennifer Ayers and Mr Deepak Kabra, following
completion of regulatory checks, thereby complementing and completing its
pivot to oil and gas and its dedication to the current and future development
of its Angolan onshore oil portfolio.

 

Corcel Executive Chairman, Antoine Karam, commented: " Following several
months of restructuring efforts, I am very pleased to announce the full
revised Board of Directors of Corcel Plc.  We thank Geraldine, Pradeep and
Andrew who will be formally joining immediately, and we look forward to
completing the required due diligence process with Jennifer and Deepak in the
near term.  Once completed, we believe this revised Board will have the deep
executive and oil and gas technical and advisory experience required to drive
Corcel to its next level of development, building on the work we have already
done to reshape the portfolio and commence our operations in Angola.  The
Company plans a series of investor events during the course of 2024 offering
the chance to engage with the new Board directly.

 

We also thank Ewen Ainsworth for his multiple years of service at Corcel, his
having joined during a historically challenging time for the Company, and now
departing with the business in fundamentally excellent shape with bright
prospects.

 

We look forward to announcing the completion of the final board additions in
due course and to announcing further advancements at our operations in
Angola."

 

Board Changes:

 

Further to the announcement of 13 June 2023, the Company is pleased to
announce multiple changes to the Corcel Board of Directors.

 

Further to the announcement of 13 June 2023, Ms Geraldine Geraldo, the
Company's MD Angola and Chief Commercial Officer, joins the Board with
immediate effect as an Executive Director.  Ms. Geraldo brings with her a
legal and business development background, with over 15 years of experience in
the oil and gas sector.  Ms. Geraldo has held multiple positions with Chevron
in the USA and in Angola, and is also an entrepreneur and the founder of
multiple businesses.

 

Mr. Pradeep Kabra, joins the Company with immediate effect as a Non-Executive
Director.   Mr. Kabra brings over 35 years of oil and gas experience in
nearly all facets of the upstream oil and gas sector.  Mr. Kabra currently
serves as the MD of Ojas Consulting SA, based in Geneva, providing oil and gas
technical, strategic, financial and investment banking services across Asia,
Africa and the Middle East.  Previously he was the CEO and Director of
ShaMaran Petroleum Corporation, listed on the Nasdaq and several other
markets, which conducted oil exploration and development helping open up the
Kurdistan region of Iraq.  Prior to this he held various positions in the
industry with Addax Petroleum, Petro Canada and Lundin Oil.

 

Mr. Andrew Fairclough, joins the Company with immediate effect as an
Independent Non-Executive Director.   Mr. Fairclough brings over 28 years of
finance and oil and gas experience, including most recently being the CFO of
Serinus Energy plc, an AIM and WSE listed oil and gas production company with
assets in Tunisia and Romania and prior to that CFO of Whalsay Energy Limited,
a UKCS oil and gas appraisal and development company.  Prior to this Mr.
Fairclough was an investment banker with extensive experience in M&A and
capital markets, predominantly at Flemings, Rothschild and Merrill Lynch.

 

Subject to completion of regulatory checks, Ms. Jennifer Ayers, the Company's
Chief Technical Officer, will join the board in due course.  Ms. Ayers has
over 25 years of experience in the oil and gas sector, having trained as a
geologist, and then held senior positions at CNOOC, Chevron and TotalEnergies,
having also spent time at Netherland, Sewell & Associates focusing on
audit reserve bookings.  Ms. Ayers will join the Board as the Chief Technical
Officer, and currently serves as a consultant until due diligence is
completed.

 

Subject to completion of regulatory checks, Mr. Deepak Kohli, a Non-Executive
Director, will join the Board in due course as a Non-Executive.  Mr. Kohli is
the CEO of Faber Capital, based in Dubai, which is active in M&A advisory,
capital restructuring, capital raising and asset management in the oil and gas
and other sectors.  Prior to this Mr. Kohli served as the Global Head of Debt
Capital Markets at Standard Chartered Bank.  He brings deep experience in
corporate finance and capital markets, and a background in audit and
accounting.

 

As previously announced, Mr. Ainsworth, a Non-Executive Director, will step
down from the Board with immediate effect.  Mr. Scott Gilbert, a vendor of
the APEX transaction, will no longer be joining the Board, and instead will
become a consultant to the Company, in order to focus on full time
opportunities in the oil and gas sector.

 

The Board of the Company will therefore, upon completion of all regulatory
checks, consist of Mr. Karam (Executive Chairman), Ms. Geraldo (Chief
Commercial Offer and MD Angola), Ms. Ayers (Chief Technical Officer), and Mr.
Kohil, Mr. Kabra and Mr. Zhao (Non-Executive Directors), and Mr. Fairclough
(Independent Non-Executive Director).

 

The current and incoming Directors have the following shareholdings in the
Company:

 

 Directors          Ordinary Shares        Total shares  % of Issued Share Capital  Options  Warrants
                    Direct    Indirect                                              0
 Antoine Karam      0         135,709,008  135,709,008   8.48%                      0        94,996,305
 Geraldine Geraldo  0         39,200,000   39,200,000    2.45%                      0        0
 Yan Zhao           0         38,833,333   38,833,333    2.43%                      0        0
 Pradeep Kabra      0         0            0             0.00%                      0        0
 Andrew Fairclough  0         0            0             0.00%                      0        0

 

 

The following information is disclosed pursuant to paragraph (g) Schedule two
of the AIM Rules for Companies.

GERADLINE GERALDO (aged 40) directorships and partnerships in the last five
years are as follows:

 

Current Directorships:

GQM Global Holdings LLC

Roque Online LLC

 

Past Directorships:

GDC Energy Limited

Wire Wire Limited

Muanza Geraldo Construção

PRADEEP KABRA (aged 67) directorships and partnerships in the last five years
are as follows:

 

Current Directorships:

 

Ojas Consulting SA

Core Securities Private Limited

K.G.Somani Insovlency Professionals

Futech IOT Private Limited

Lapis Investment Management LLC

 

 

Past Directorships:

 

Core Petroleum Limited

CISO Cybersecurity Private Limited

Silver Star Solar Private Limited

ANDREW FAIRCLOUGH (aged 54) directorships and partnerships in the last five
years are as follows:

 

Past Directorships:

            Serinus Energy plc

            Serinus Holdings Limited

            Serinus Petroleum Consultants Limited

            Serinus Tunisia BV

            Serinus Energy Romania SA

            Serinus BV

 

Andrew Fairclough was previously a director of Xcite Energy Limited (a company
registered in the BVI), which was quoted on AIM, a market of the London Stock
Exchange. Liquidators were appointed to Xcite Energy Limited, at the
bondholders' request, on 05 December 2016. The total amount owing to creditors
was c. £119.3mm. The company was dissolved on 16 November 2017.

 

There is no further information to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules.

 

For further information, please contact:

Antoine
Karam
Corcel Plc Executive Chairman

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

James Joyce / James Bavister /Andrew de Andrade
            WH Ireland Ltd NOMAD & Broker

0207 220 1666
 
 

Patrick
d'Ancona
           Vigo Communications IR

0207 3900
230

 
 

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

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