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.
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
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.