Corcel Plc announced a series of changes to its Board following its recent pivot to oil and gas and the acquisition of an Angolan onshore oil portfolio. Further to the announcement of Mr. Antoine Karam joining the Board as a Non-Executive Director, the Company announced that regulatory checks are now complete, and Mr. Karam joins the Company with immediate effect as the Non-Executive Chairman. Further to the announcement of Mr. Yan Zhao joining the Board as a Non-Executive Director, the Company is also delighted to announce that regulatory checks are now complete, and Mr. Zhao therefore joins the Company with immediate effect as Non-Executive Director.

Mr. Parsons, the Company's existing Chairman, will immediately assume the role of Chief Executive Officer and Executive Director. Mr. Kaintz, the Company's current Chief Executive Officer, will assume the role of Chief Financial Officer and will step down from the Board with immediate effect. As previously announced, Scott Gilbert, (a vendor of APEX and experienced oil and gas investor and executive) will be joining the Board as a Non-Executive Director, subject to regulatory checks.

In addition, Ms Geraldine Geraldo, the Company's recently appointed Chief Commercial Officer and MD Angola, will be joining the Board as an Executive Director subject to regulatory checks. Ms Geraldo is a Luanda based oil and gas professional and entrepreneur with a long experience working for Chevron in Angola. Lord Henry Bellingham has agreed to step down from the Board with immediate effect.

Mr. Ewen Ainsworth has also agreed to step down from the Board once a new independent Director is appointed to the Board. The Board of the Company will therefore, upon completion of all regulatory checks, consist of Mr. Karam (Non-Executive Chairman), Mr. Parsons (Chief Executive Officer), Ms Geraldo (Chief Commercial Offer and MD Angola) with Mr. Zhao, Mr. Gilbert and one new independent Director as Non-Executive Directors. The following information is disclosed pursuant to paragraph (g) Schedule two of the AIM Rules for Companies.

Antoine Karam(aged 64) directorships and partnerships in the last five years are as follows: Current Directorships: EXTRACTION S.R.L.; SERENDIPITY ENERGIA S.R.L.; APPROOVIA; GAB LOTTO LIMITED; AFRIMART; OPENWAY GROUP. Past Directorships: GOGREEN STORE S.R.L.; CYBER1 and AMWALINVEST S.A.L. Yan Zhao(aged 45) directorships and partnerships in the last five years are as follows: Current Directorships: SHANDONG NEW POWDER CO LTD; SHANDONG NEW POWDER COSMO AMT; HONG KONG NEW POWDER INTERNATIONAL TRADING LTD; SINGAPORE NEW POWDER COSMO LTD; INTEGRATED BATTERY METALS PTE. LTD.; ZIBO YOUZHI ENTERPRISE MANAGEMENT SERVICE CO., LTD.; SENTIENT BUSINESS MANAGEMENT (SHENZHEN) CO., LTD.; and SALTA DEVELOPMENT LIMITED.

Past Directorships: SENTIENT EQUITY PARTNERS.