Investment Update - Corallian Energy

RNS Number : 4900Z

Scirocco Energy PLC

14 September 2022

 

14 September 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Investment Update - Corallian Energy

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, notes the announcement by Reabold Resources plc today regarding the conditional sale of its investee company, Corallian Energy Limited.

https://www.londonstockexchange.com/news-article/RBD/agreed-terms-of-conditional-sale-of-corallian/15627995

In line with its investment policy in 2018, Scirocco undertook a minor investment in Corallian through the subscription for 83,333 shares at a price of £1.50 per share.  Scirocco notes the price of up to £3.20 per share will be paid to Corallian shareholders as a combination of initial cash plus contingent payments offering a profitable exit with up to £267k of proceeds net to Scirocco (based on estimated £3.20 per share).

Commenting on the update, CEO Tom Reynolds said:

"Following the disposal of Ruvuma interest announced on 13 June 2022 and approved by shareholders on 29th June 2022, this represents another example of Scirocco converting historical investments in oil & gas back into cash for reinvestment in support of Sirocco's Investment Policy approved by shareholders at AGM in July 2021.  The proceeds of this legacy investment will strengthen the Company's financial position and provide more optionality to consider the compelling investment opportunities currently being screened by our Joint Venture EAG."

For further information:

Scirocco Energy plc Tom Reynolds, CEO Doug Rycroft, COO	[phone]
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney /  Robert Collins	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Jon Krinks	[phone]

 

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