Corcel plc announced changes to its executive management team and intended changes to its Board of Directors. 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.