Member Info for ICB888

The actual live buy/sell prices are currently 1.35/1.333 on Barclays so a further move Up looks highly likely. AEX hit 1.32p on expectation of news in August so it would be disappointing if it didn’t return to that level at least now.

I have expressed the opinion on many occasions that ARA would not move forward until the ARA/SCIR transaction had completed. This has proved to be correct. I expect that the news flow from ARA/AEX will start to flow quickly now. One could argue that as todays SCIR news relates to Ruvuma it should be RNSed by AEX. Perhaps they will be able to release further news at the same time as I am sure they have been moving things along in the background.

Can’t get a live quote on AEX but now Up 13% at 1.3p. 1.37p has just been paid for 433000.

Now we are sucking diesel, can’t get a live quote not for the first time today. Looks like it’s going to have a good afternoon.

Now Up 8.7% at 1.25 as volume reaches 5.8 million. 1.28p has been paid.

Particularly note from the SCIR RNS:

“ US$3 million payable upon Final Investment Decision (FID) being by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be. Given the progress made on the development to date, with first gas being targeted for December 2023, Scirocco is confident of receiving this payment later in 2023”

SCIR are confident on receiving a further payment bases on FID later in 2023 and reference first gas being due in December 2023. Expect announcements from AEX imminently.

RNS Number : 2331Q

Scirocco Energy PLC

16 October 2023

16 October 2023

Scirocco Energy plc

("Scirocco" or "the Company")

Completion of Ruvuma Divestment

Scirocco Energy plc (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, today announces an update on the Ruvuma transaction.

Scirocco is pleased to announce it has completed the transaction with ARA Petroleum Tanzania ("APT") for the divestment of its 25% non-operated interest in the Ruvuma asset, Tanzania.

In accordance with the SPA, Scirocco has received the balance of completion payment consideration of $2.54 million (equivalent to $3.0 million completion payment less the $0.5 million advance received following signature as well as contractual adjustments). The cash call loan facility provided by APT and used by Scirocco to fund cash calls during the interim period has also been fully settled by completion and Scirocco has no ongoing associated liability.

Following completion Scirocco will be entitled to receive a series of contingent payments which depend on progress on the development activity of Ruvuma:

-- US$3 million payable upon Final Investment Decision (FID) being by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be. Given the progress made on the development to date, with first gas being targeted for December 2023, Scirocco is confident of receiving this payment later in 2023.

Gold now touching 1900 having risen strongly this week. Some gold companies are starting to respond to this but so far CNR is not reacting.

AP’s interview sparked the highest volume of the week of 2.4 million in what otherwise had been a low volume week. It will be interesting to see if we get decent volume today as news gets ever closer and could land any day.

Good start this morning. Last 2 trades 40000 AT buy at 15p followed by 100000 buy at 15p.

Snott

You may think you are amusing but you are actually showing your complete lack of understanding about how long deals can take. The actual time scale is not within CHAR’s control so if they state specific timescales they become a hostage to fortune and damage their negotiating position. If you haven’t got anything sensible to say it’s perhaps best to say nothing.

Adonis has to be careful what he says prior to the deal being signed and the RNS is issued. What he is telling us is that the partner will be an O&G Major. My own thoughts on the basis of our partner on the other 2 pillars, Renewables and Green Hydrogen, is that we will go for the treble and it will be Total. There are clearly close links already and one would think the largest offshore gas field in Morocco, which should get much larger as the wider field is explored, would be very attractive to Total. It may of course be someone else as 40 companies have had a look but it should all be revealed soon.

Currently back above 125p on low volume of 870000 which is the lowest for 10 days with volumes in the 1 to 3 million range being the norm. The last time this went to 125p 9 days ago the volume was 9.8 million which lifted it from 102p. Interesting times as the reports of the pipeline reopening soon are increasing in number and positivity.

The sp today looks managed as if to fulfill an order. 6p has been paid on about a third of the trades with the majority of others very close to 6p such that 3.87 million Buys v 1.02 million Sells. Trading since 1pm has been very light but it’s been poised to move above 6p. Instead the MM’s have recently moved it down 0.85% by moving the spread from 5.80/6.00 to 5.80/5.90. Let’s see what happens into the close.

Anchois will be partnered and Adonis went on to say the Partner will not just have financial strength but also the technical capability to make this happen.

Remember the last SCIR RNS on the 2nd October:

“ Scirocco is pleased to announce that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks.

Commenting on the update, CEO Tom Reynolds said:

"Ministerial approval brings us one step closer to the impending completion of this transformative transaction, and we are grateful to the Tanzanian authorities for their support. This is a watershed moment for the Company that completes Scirocco's evolution from an investor in diverse hydrocarbon assets into an investor into cash-generative assets within the European sustainable energy and circular economy markets. We see a broad range of opportunities in these markets providing scope for low-risk, sustainable returns. We look forward to announcing completion of this long-awaited divestment in the coming weeks”

That was the final hurdle with the Government. Remember the previous SCIR RNS on 28th September stated:

“ Although significant progress has been made, in order to allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania ("APT") have executed amendments to extend the longstop date of the proposed transaction from 30 September 2023 to 20 October 2023.”

One would expect that following the Minister approving that transaction it will now be completed in the next 9 days.

Once that happens one would expect all the Government approvals ARA is waiting for will arrive very quickly and they will press the button to commence operations. October should be a good month for AEX and it’s shareprice.

A good day for TLY on another poor day for markets Up 6.9% to7.75p on volume of 543000 following a Holdings RNS from a large shareholder who has increased its holding. TLY closed at a low of 6.40p last Wednesday but has climbed since then 21% to reach todays close. The last trades today were at 7.95p which should bode well for tomorrow as the increased shareholding was only announced 15 minutes before the close. This rise should start to worry the shorters and we could see a decent rise as the shorts start to close.

It is a given that everyone is very frustrated that we are not getting updates on Satoshipay or Dynasty. I am sure Tony is very frustrated but we must remember Tony can’t force Satoshipay or Dynasty to release news. They are both private companies and have no obligation to release news. You all presumably knew that when you invested in BLU and it is totally pointless to keep whinging about it on here and blaming Tony. We know Tony is trying to get a price on our stake in Satoshipay but that will not be easy as any buyer would want to know what we want to know, which is its value. Patience is required.

I think it’s down to the market but so far the 2 days of buy back has not had a positive effect on the shareprice. However it is allowing shares to be bought back cheaply and we should see the benefit when market sentiment improves. We should get an RNS about a new Investment before too long based on Ed’s comments at the last presentation which should attract some attention.

Yellow Cake announced on 27 September that it was having a capital raise worth $125.0m through the issue of 18.7m shares at 550.0p per share – a move that Berenberg said was "taking advantage of an attractive market".

"The proceeds will be used to acquire circa 1.5m pounds of physical uranium (U3O8) from Kazatomprom as part of its $100.0m annual option to acquire physical uranium at the circa 12% in-the-money price of $65.50 per pound," Berenberg explained.

The funds will also be put towards working capital and general corporate costs, and to "potentially fund opportunistic additional purchases of uranium", according to the company.

"This allows Yellow Cake to further capitalise on tight spot volumes, which can keep prices elevated," said Berenberg, which raised its target price on the stock from 550.0p to 658.0p.