Corcel PLC on Friday said Antoine Karam will step down from the role of non-executive chair and Andrew Fairclough will pick up the role on an interim basis.

Shares in the London-based upstream oil and gas development company were down 6.7% to 0.14 pence each in London on Friday afternoon.

Corcel said that Fairclough has over 28 years of experience in finance and in the oil and gas industry.

The company also confirmed Scott Gilbert’s appointment as permanent chief executive, having previously been appointed as interim CEO.

Gilbert picked up the role in April, having previously been a consultant to the company.

Fairclough commented: ‘I look forward to supporting Scott and the management team through this transition phase as they progress G&G and other efforts in Angola and the pursuit of M&A opportunities in Brazil under the collaboration agreement signed with Conterp, that we announced this week.’

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