Corcel plc has made a series of board changes with current chairman James Parsons becoming chief executive officer and executive director with immediate effect.
Scott Kaintz moves from the CEO role to chief financial officer and steps down from the board.
Antoine Karam joins the board as a non-executive chairman. He is a 45% shareholder of Extraction SrL which in turn holds 13.1% of Corcel, which will increase to 20.5% once the placing in March 2023 has fully completed.
Yan Zhao also joins the board as a non-executive director.
Still to join the board as non-executive director following regulatory checks is oil and gas executive Scott Gilbert, a vendor of Apex which sold the Kwanza Basin oil asset to Corcel.
The company’s recently appointed chief commercial officer and managing director Angola Geraldine Geraldo will join the board as an executive director, also subject to regulatory checks.
Lord Henry Bellingham has agreed to step down from the board with immediate effect.
Ewen Ainsworth will step down from the board once a new independent director is appointed.