REG - Corcel PLC - Management and Board Changes

CorcelAnnouncement

25/04/2024 07:15

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RNS Number : 9328L  Corcel PLC  25 April 2024

Corcel PLC

("Corcel" or the "Company")

Management and Board Changes

25 April 2024

 

Corcel plc, (London AIM: CRCL), the pan Angolan/Brazilian focused exploration
and production company, is delighted to announce changes to its executive
management team and intended changes to its Board of Directors.

 

Management and Board Changes:

 

Further to the announcement of 22 December 2023, Scott Gilbert, a co-founder
and vendor of APEX in Angola (who in May 2021 were awarded the interest in
blocks KON-11, KON-12 and KON-16), and an experienced oil and gas investor and
executive, will be joining the Company with immediate effect as interim CEO
and, subject to customary regulatory checks, will also be joining the Board as
an Executive Director.

 

Mr. Gilbert, who has been acting as a consultant to the Company developing
opportunities in both Brazil and Angola, brings with him 15 years of
experience in the oil & gas sector, having worked in engineering, business
development, and executive roles for major oil & gas services companies
across the globe, with a considerable amount of time spent in Sub-Sahara
Africa and Latin America, namely Angola and Brazil. Mr. Gilbert is also an
entrepreneur who has co-founded and invested in several businesses within the
oil & gas sector, thus bringing to the Company invaluable experience in
deal origination, M&A, and post-merger integration.

 

Ms. Jennifer Ayers will no longer be joining the board, but will remain as the
Company's Exploration Director, focused on Angola exploration and new venture
efforts together with the rest of the executive team.

 

The Board of the Company will therefore, upon completion of all regulatory
checks, consist of Mr. Karam (Executive Chairman), Mr. Gilbert (interim CEO),
Ms. Geraldo (Chief Commercial Offer and MD Angola), Mr. Kabra, Mr. Kohli and
Mr. Zhao (Non-Executive Directors), and Mr. Fairclough (Independent
Non-Executive Director). Mr. Kohil's regulatory checks remain in progress.

 

Corcel Executive Chairman, Antoine Karam, commented: "Building on several
months of restructuring efforts, I am very pleased to announce another
critical change which I believe will help continue the transition of the
Company into the organisation that I envisage to deliver significant returns
for shareholders. We have made much progress but there is still much to do and
Scott Gilbert's arrival will help facilitate that process. I would like to
welcome Scott who will be joining us immediately, and upon completion of the
due diligence process in the near term will also join the Board. The
management team and the Board that I have assembled during my time as
Executive Chair have the deep executive and oil & gas technical and
advisory experience required to drive the Company 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 leadership team directly. Lastly, we look forward to announcing further
advancements at our operations in Angola and M&A activities in Brazil in
the near term."

 

Corcel Interim CEO Scott Gilbert, commented: "I am delighted to be joining the
team at such a pivotal - and exciting - time for the Company. With the efforts
made over the last few months, from business development to operations, we are
poised for significant growth and strategic opportunities in the Company's
regions of focus. I strongly believe that my background, along with my
hands-on experience in Angola and Brazil, positions me uniquely to contribute
towards achieving our ambitious goals. We have a strong foundation, and with
the combined expertise of our team and the strategic vision of our Board, I am
confident in our ability to navigate the evolving landscapes of the energy
sector. Together, we will focus on enhancing our portfolio, sustainable
practices, and strategic partnerships that will strengthen our operational
excellence and maximize value for our stakeholders. I look forward to
contributing to the Company's success, ensuring that we not only meet but
exceed our expectations."

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

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