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IN BRIEF: Scirocco completes "transformative" Ruvuma divestment
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
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Latest SCIR News
- IN BRIEF: Scirocco Energy sees minor shareholder rebellion at AGM
9 Aug 2023 - IN BRIEF: Scirocco Energy close to sealing ARA Petroleum stake sale
3 Aug 2023 - UK shareholder meetings calendar - next 7 days
2 Aug 2023 - Aminex notes Ruvuma operations progress; Scirocco has clarity on sale
12 Jul 2023 - EARNINGS SUMMARY: Wentworth swings to loss as M&P takeover drags on
30 Jun 2023 - TRADING UPDATES: Acquisition of Hurricane Energy clears another hurdle
25 May 2023 - Scirocco Energy shares rise on Grenan's strong quarterly performance
6 Apr 2023 - Scirocco investment in EAG performing well
6 Apr 2023
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