Malceys comments on the RNS16 Oct 2023 18:47
This is the deal that shareholders have been waiting for from Scirocco and although it has taken longer than expected that is all behind them now. With a cash payment of $2.54m now received the company is on target to receive in total some $16m over the next year or two.
The next payments are all contingent but the next is tied to the JV getting FID and with the development licence imminent that seems to be likely in Q4. After that the payments are linked to production and should payout mainly this tear and next.
Scirocco finds itself in a very strong position and I for one am glad that I remained confident that the deal would happen as expected, not something that I think everyone even close to the tent were so confident. This deal leaves the company with no financial liabilities and clean as a whistle with money in the bank to continue with the sustainable energy policy.
The management promised to reengage with shareholders following the Ruvuma deal and that is what they are planning to do, the opportunities are out there, the team have a strong idea of what is best for the future and to create long term value. And they said it wouldn’t happen…