REG - Corcel PLC - Chairman and Management Appointment

CorcelAnnouncement

19/11/2024 07:00

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RNS Number : 6985M  Corcel PLC  19 November 2024

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Corcel PLC

("Corcel" or the "Company")

Chairman and Management Appointment

 

19 November 2024

 

Corcel Plc (London AIM: CRCL), the pan-Angola-Brazil focused energy company,
is pleased to announce the appointment as Chairman of current Independent
Non-Executive Director Mr. Pradeep Kabra, taking over from Mr. Andrew
Fairclough who was appointed as Interim Chairman on 12 July 2024 and will
continue on the Board as Independent Non-Executive Director and Chair of the
Audit Committee.

The Company is also pleased to announce the appointment of Mr. Richard Lane as
its Chief Operating Officer. This is a non-board appointment.

Pradeep Kabra, Corcel's Independent Non-Executive Chairman, commented: "I am
extremely pleased to accept the position of Independent Non-Executive Chairman
of Corcel Plc. I look forward to working closely with the executive team to
effectively develop Corcel's existing portfolio of exploration, brownfield
development assets and new venture opportunities to create value for all
stakeholders. My thanks to Andrew for his leadership during the critical
transition phase and his continued involvement as Independent Non-Executive
Director in the company."

Scott Gilbert, Corcel's Chief Executive Officer, commented: "First, I want to
express my gratitude to Andrew for his leadership and guidance during this
critical transition phase since July 2024. His efforts have been instrumental
in laying the foundation for rebuilding our Company, and I'm pleased that he
will continue to contribute as a valued member of the Board.

Next, I'm thrilled to welcome Pradeep as our new Chair. Pradeep has over 35
years of experience in the E&P space and his deep expertise in the oil and
gas sector, combined with his entrepreneurial vision, will bring immense
strategic value to Corcel.

Finally, I'm equally excited to have Richard join the executive team. His
exceptional technical and operational expertise, particularly in the Kwanza
Basin in Angola and Brazil - regions where he has extensive experience - will
be crucial as we advance our assets and execute on our growth strategy in
these key markets."

Board:

Mr. Pradeep Kabra has over 35 years of oil and gas experience in nearly all
facets of the upstream oil and gas sector and has been a Non-Executive
Director on Corcel's board since December 2023. Mr. Kabra was the President
and CEO of ShaMaran Petroleum Corporation, listed on the Nasdaq OMX First
North Growth Market and the TSX Venture Exchange in Toronto, which conducted
oil exploration and development helping open up the Kurdistan region of Iraq.
Prior to this he held various leadership positions in the industry with Addax
Petroleum, Petro Canada and Lundin Oil. He has a master's degree with
distinction in Petroleum Law and Policy from the Centre for Energy, Petroleum,
Mineral Law and Policy at the University of Dundee. Mr. Kabra also holds a
degree in Law from Delhi University and is a Qualified Chartered Accountant.

Following his recent appointment as Chief Financial Officer at Jadestone
Energy Plc, Mr. Andrew Fairclough is stepping down from his role as Chairman
of Cocel but remains on the Board as Independent Non-Executive Director and
Chair of the Audit Committee. Mr. Fairclough has nearly 30 years of corporate
finance, capital markets and senior management and board experience across
multiple geographies, including corporate strategy, debt and equity
structuring and capital raising, mergers and acquisitions, capital management,
financial planning, budgeting and financial reporting.

Management Appointment:

Mr. Richard Lane is an experienced Executive Officer with a strong geoscience
and operations background, skilled in Oil Field Development,
Geology/Geophysics, New Venture Evaluations, Exploration/Development Drilling,
Oil/Gas Well Workovers, and Commercial Evaluations.

Mr Lane was recently Chief Operating Officer at Petro-Victory Energy
(TSX-listed E&P company with 38 operated E&P assets in Brazil),
achieving a 1350% share price increase and a US$256 million 2P NPV10 valuation
for assets that had been purchased for US$2 million. He was also formerly
employed at Glencore E&P (FTSE100) working within the subsurface team
taking a lead in all E&P related new ventures. Areas of focus include
Latin America, Africa, and the Middle East. MSc educated with over 16 years
oil industry experience.

As this is a non-board appointment the requirements of AIM Rule 17 or Schedule
2 paragraph (g) of the AIM Rules for Companies do not apply.

 

For further information, please contact:

 

Scott
Gilbert
Corcel Plc CEO & Director

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

 

James Joyce / James Bavister / Andrew de Andrade
Zeus NOMAD & Broker

020 3829 5000
 
 

 

Jonathan Wright / Rupert Holdsworth
Hunt                              Auctus Advisors
Joint Broker

07711 627449

 

Patrick d'Ancona
 
Vigo Communications IR

0207 3900 230
 

 

About Corcel

 

Corcel has a notable oil and gas portfolio in onshore Angola that includes
brownfield redevelopment opportunities and significant exploration upside.
Corcel marked a new country entry into Brazil by acquiring rights to producing
gas and exploration assets, further diversifying its portfolio and enhancing
its growth potential.

 

Corcel's Angola portfolio consists of interests in three licences:

·    KON - 16 Operated - 55% working interest - 49.5% net to CRCL

·    KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

·    KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

 

 Corcel's Brazil portfolio consists of the option to acquire:

·    a 20% interest in the IRAI gas field

·    a right-of-first refusal ("ROFR") over the remaining 80% in the IRAI
field, and

·    another ROFR for 100% of the adjacent TUC-T-172 exploration block,
located in the state of Bahia, onshore Brazil.

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