TIDMCRCL
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 Options Warrants
Share Capital
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.
GBP119.3mm. 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
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END
BOAFELFDEEDSEEE
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