Corcel plc non-executive director and former chairman Antoine Karam has resigned with immediate effect.
Interim non-executive chairman Andrew Fairclough said: “On behalf of the board, I would like to offer thanks to Antoine for all that he has done for the company, having led the change in strategic direction last year and for supporting it both financially and enthusiastically throughout his time on the board as we aim to deliver the value in this business, which he has always believed in.
“We wish him well in his future endeavours and, furthermore, thank him and Extraction on their promise of ongoing support.”
Mr Karam retains a 45% share of the company’s major investor Extraction SRL.
On 28 October EXT reduced its holding in Corcel from 18.85% to 4%.
Mr Karam holds 67,233,609 indirect shares, equal to 8% of the issued share capital, 125,962,320 options and 94,996,305 warrants.
Corcel’s assets are oil and gas onshore Angola and Brazil, lithium-rare earths in Australia and copper-nickel in Papua New Guinea.