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
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.