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IN BRIEF: Scirocco completes "transformative" Ruvuma divestment

Mon, 16th Oct 2023 11:30

Scirocco Energy PLC - investing company targeting assets within the European sustainable energy and circular economy markets - Completes divestment of its 25% non-operated interest in the Ruvuma asset in Tanzania to ARA Petroleum Tanzania for USD2.5 million. The cash call loan facility provided by APT fully settles by completion, leaving Scirocco with no ongoing associated liabilities. "This is a transformative divestment for Scirocco and we are delighted to have reached this watershed moment for the company," says Chief Executive Officer Tom Reynolds. He adds that the receipt of the initial consideration puts the company on a solid financial footing to explore and evaluate opportunities in line with its strategic focus on energy, circular and vector sectors.

Current stock price: 0.55 pence, up 45% on Monday

12-month change: up from 0.21p on October 17, 2022

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com