Scirocco Energy to receive next payment for sale of Corallian shares

Wed, 06th Dec 2023 10:56

(Alliance News) - Scirocco Energy PLC on Wednesday said it will receive further payment from Shell UK Ltd for Reabold Resources PLC's sale of Corallian Energy Ltd.

Scirocco, an investing company focusing on opportunities within the transition energy market, will receive a payment of GBP108,333 equating to GBP1.30 per Corallian share. Scirocco previously received an initial payment of around GBP67,000 corresponding to 80 pence per Corallian share.

As announced in November last year by Reabold Resources, the next tranche of payments will be distributed to former Corallian shareholders from Wednesday.

The final payment of GBP1.10 per Corallian share will be paid following Shell being granted development & production consent for the Victory development from the North Sea Transition Authority.

This final payment would bring the total potential consideration per Corallian share up to GBP3.20.

Scirocco Chief Executive Officer Tom Reynolds stated: "We're pleased to provide this update which adds cash to Scirocco's balance sheet. The sale of legacy assets such as Ruvuma and Corallian creates optionality for the Company's ongoing assessment of pathways to deliver value to investors."

Scirocco shares fell 15% to 0.26 pence each in London on Wednesday morning.

By Hugh Cameron, Alliance News reporter

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