Corcel Regulatory News (CRCL)

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:

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 

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.