Scirocco Energy Regulatory News (SCIR)

16 November 2020

Scirocco Energy plc

("Scirocco" of "the Company") 

Helium One Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive production and development opportunities within the European energy market, is pleased to note the announcement that Helium One Global Ltd has now published its Admission Document in connection with its proposed admission to trading on AIM ("Admission") and conditional placing and subscription to raise £6 million before expenses ("Placing"). For the announcement made by Attis Oil & Gas (AIM:AOGL), please see here.  

Key Points

·£6 million raised (before expenses) by the conditional Placing of 211,267,597 ordinary shares at 2.84 pence per share

·The Placing attracted strong support from institutional and other investors and was significantly oversubscribed. 

·Net Proceeds will primarily be used to fund infill seismic acquisition and three well drilling programme in Q1/Q2 2021 targeting high priority Prospects over the Rukwa Project.

·Admission is expected to become effective and dealings in the Ordinary Shares will commence on AIM at 8.am on 4 December 2020. 

Commenting on the transaction, Scirocco's CEO Tom Reynolds said:

"It is great news to see that there has been such a positive reaction to the placing, and the £6 million will be sufficient for the drilling programme that they propose. We are confident about this transaction and what it will also mean for Scirocco and our shareholders. We look forward to being updated with progress and welcoming Helium One to AIM on the 4 December."

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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