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Apologies, I mixed up my super majors! Total are building the pipeline between Tanzania and Uganda and Shell, Equinor are planning to build the LNG plant in Lindi, near to Ruvuma with talks expected to conclude this summer.
https://energycapitalpower.com/2021/05/05/tanzania-to-revive-30-billion-lng-project-in-lindi/
Morning Jam, Total have indeed pulled out of Mozambique and have confirmed they are now putting the money into the Tanzania/Ruvuma LNG
We have lots of HE1 updates; what about some SCIR updates? whats the plan for this money ? The Elephant in the room with Ruvuma is the security aspect. We have Total pulling out of the area just across the border. Total is a company with good experience in high risk areas and they will get some sort of security deal in place to resume work... but it will take time. @FROGsLEGS - I would think any buyers in the shadows will need to be convinced on the security aspect first
Looks like a few investors have sold out who may have been in SCIR for the HE1 asset play with some hedge in case HE1 doesn't play out - they have probably left and invested directly in HE1. Frank SCIR is covered for 3D and drill pad prep, but they need additional funds for the actual drilling - not sure what the cost of this is as yet though, so it may be covered as part as of that $5m investment facility!
I feel this is a good move to lock in cash now as nobody really knows what HE1 will do in the next 6 months - half way through Q2 now so moving quickly on the Ruvuma work programme
Good Luck
They need to tell us something. At one point i thought they where getting rid of the dead assests because they had a buyer. If it is rovuma gas going in to that pipe line and then that meeting on the 20th to sign it of should really bring us good news ? Big news . But i sit there and wonder surely they would need another big player then just zubiars to make it work . So is there a buyer for aex and scir lingering in the shadows .
grsshaw tbf I didn’t expect any fireworks on the SP but for LTH’s this is not what it is about really at this stage but getting the first 2 million out was the hardest bit in my mine and the rest they have the time to get the rest out as the SP surly rises, we all wanted the drill covered and it will be now and anything else is a bonus, we need the board to say they ring-fenced the money for Seismic & Drill and of course give us a forward strategy soon as they can, we won’t now need to raise any more money once the final stake is sold which must be a relief for many and also after the drill our asset will hopefully be much bigger, I can’t wait to say in a months time we now have a free ride on the 1st drill and covered our overheads for 12 months, this share will be a screaming “BUY” soon mark my words :o)
Thanks cperkin, so the market is valuing Ruvuma at just £5m!
I would say this RNS today is to say to market we have sold what we need to for now and at least investors now know how to value the HE1 stake (one the reasons I sold mine)
News and full update soon on Ruvuma is my guess here!
Good luck
Seems a very prudent move by the BOD to me & I would not be surprised if they let some more go before drill results.
All down to the drilling next month now to see what additional returns if any are achieved.
John, not to early just common sense to lock in a wedge.
I assume they need the cash now as it seems too early to sell more than they have to, to me.
Hopefully they will hold the remaining shares as a ( virtually ) free carry now to try and realise a far better return than they have achieved so far.
There are some on the HE1 share chat seeing the sale as good for them because it removes overhang others are saying SCIR are foolish to sell so early.
I believe they paid 2.55 mill but they still have around £2 million worth to sell at current price. So 2 million in the bank + £2million still left on the table (Not including the 1 million options)
Seems like good news to me - is this amount released what SOLO originally invested in HE1? sorry don't have the info to hand.
Assuming this cash is to pay for 3D for Ruvuma - seems likely with timings mentioned in their last communication!
Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive production and development opportunities within the European energy market, announces that, further to its Helium One Limited ('Helium One') TR1 notification released on 30 April 2021, Scirocco has sold a further 7,450,000 ordinary shares in Helium One since that date, for proceeds of c. £1.60 million, reducing its holding in Helium One to 9,556,088 ordinary shares, which represents c. 1.59% of Helium One's currently issued share capital.
In aggregate, Scirocco has realised c. £2.06 million in proceeds from its sale of Helium One ordinary shares since Helium One was admitted to trading on AIM.