(Alliance News) - Scirocco Energy PLC on Tuesday said its chief operating officer has stepped down with immediate effect.
The investing company targeting assets within the European sustainable energy and circular economy markets said Doug Rycroft's departure followed completion of the divestment of its 25% non-operated interest in the Ruvuma asset in Tanzania to ARA Petroleum Tanzania for USD2.5 million last month.
"As a secondee from Gneiss Energy, which assisted us with the disposal of Ruvuma, Doug has played a critical role in managing Scirocco's interest in Ruvuma since 2018 and overseeing the divestment process. I'd like to thank him for his hard work in assisting that transformative transaction over the line," said Chief Executive Officer Tom Reynolds.
"As we previously communicated to the market, the board's priority in the near-term is to preserve cash until we land on the next investment and the shrinking of the executive team supports that focus."
Last month, Reynolds said 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.
Shares in Scirocco were up 3.9% to 0.30 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Scirocco Energy (SCIR)