Scirocco Energy PLC - Leeds, England-based oil & gas investment company - Says first-quarter revenue from anaerobic digestion asset Greenan Generation Ltd was GBP323,000, up 35% from GBP240,000 the year before. Scirocco has a 50% interest in Greenan through its 50% joint venture Energy Acquisitions Group Ltd. In Tanzania, it says operational activities under the Ruvuma production sharing agreement, in which Scirocco owns a 25% working interest, have progressed under the operator ARA Petroleum Tanzania. APT has further advanced the well planning for the Chikumbi-1 well with all long lead items contracts executed, while a target spud date for the well has been set for November 2022, it adds.
Chief Executive Officer Tom Reynolds says: "The investments targeted by EAG seek to deliver two valuable resources: sustainable energy from biogas and sustainably sourced organic fertiliser. EAG has positioned itself in two very exciting markets and we look forward to supporting the company's growth going forward.
"The priority of management remains to progress the ongoing, material discussions on the sale of the company's interest in Ruvuma, to remove the funding requirement and to achieve our stated strategy to pivot to sustainable energy and circular economy markets, where EAG represents a robust, scalable platform primed for growth in an exciting sector."
Current stock price: 0.45 pence
12-month change: down 66%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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