Scirocco Energy Share Discussion Threads

[tomboyb] 03/8/2023 09:52

August 2023

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Ruvuma Transaction Update - Tax Clearance Received

Scirocco Energy (AIM:SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide an update r egarding the Ruvuma asset, in which Scirocco awaits completion of the divestment of its 25% interest to ARA Petroleum Tanzania ("APT") .

Announcing Significant Progress on the Completion of Ruvuma

As communicated via RNS on the 31 August 2022, the Company entered a binding agreement with ARA Petroleum Tanzania ("APT") to divest its 25% non-operated interest in the Ruvuma asset, Tanzania, for a total consideration of up to US$16 million. Since then, the transaction has gone through multiple stages of approval The Company has now received confirmation from the Tanzania Revenue Authority ("TRA") of the assessed tax liability of c. GBP150k, which was in line with the Company's expectations, and which has now been paid by the Company. The TRA issued a Tax Clearance Certificate to Scirocco on 3(rd) August 2023 representing a major milestone towards final completion.

Scirocco will now write to the Tanzanian Minister for Energy to obtain the final approval of the transfer of the licence interest to APT. On receipt of this approval, all conditions precedent to the transaction will be satisfied and Scirocco and its counterparty ARA Petroleum Tanzania can proceed to complete the transaction by the amended long stop date of 31 August 2023.

At completion, Scirocco expects to receive the balance of the completion payment of c. US$2.5 million (equivalent to $3.0 million completion payment less the $0.5 million advance received following signature of the agreement with APT). Following completion, as a reminder to Shareholders, Scirocco will then 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;

-- Up to US$8 million payable in the form of a 25% net revenue share from the point when Ruvuma commences delivery of gas to the gas buyer. These payments will be made following the sale of gas has commenced and based on the current development timeline are estimated to commence in Q1 2024;

-- Contingent consideration of US$2 million payable on gross production reaching a level equal to or greater than 50 Bcf. This will require consistent production over a period of time from the licence and is unlikely to be payable before 2025 at the earliest.

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

'It is very encouraging to have progressed to this stage in the transaction and we thank the representatives of the TRA and our advisers for their diligent work throughout the process. We are now working with our counterparty APT to deliver the final approval from the Minister of Energy in order to complete the transaction as soon as possible. Completion of the Ruvuma sale will mark Scirocco's transition from an investor in cash consuming natural resource assets to an investor in cash generative sustainable energy assets. The expected cash payments from the sale significantly exceed Scirocco's current market capitalisation and the Board is confident of being able to deploy available capital into attractive platform companies such as EAG to grow shareholder value over time."

ENDS

For further information:

[tomboyb] 03/8/2023 09:21

500k max left online -

[tomboyb] 03/8/2023 09:20

1 mill buy -

[tomboyb] 03/8/2023 08:42

Scirocco announces that its CEO Tom Reynolds will provide a live AGM Presentation via Investor Meet Company on 9th Aug 2023 at 11:00am BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet SCIROCCO ENERGY PLC via:

hxxps://www.investormeetcompany.com/scirocco-energy-plc/register-investor

[tomboyb] 02/8/2023 17:47

Should be an interesting month -

2 trades of 1.5mill and 750k taken out sells at 0.43p -

[tomboyb] 02/8/2023 15:14

up to $16million due by month end -

[tomboyb] 02/8/2023 13:49

20% up -

Taken into account previous post on major investors stake >> 1p per share -

It looks like they hold quite a large chunck of the company -

[tomboyb] 02/8/2023 13:30

Bid is actually 0.41p big premium -

Lets see how much interest there is in Scir this month -

Will be quite a few baggers over the hols -

[tomboyb] 02/8/2023 12:38

0.45p looking to be broken -

[tomboyb] 02/8/2023 12:01

NT at 0.45p -

[tomboyb] 02/8/2023 11:24

MMs bidding at 0.389p -

Big premium -

[tomboyb] 02/8/2023 11:05

50k left at 0.445p -

Blimey -

[tomboyb] 02/8/2023 10:29

News on cash should get this to a few baggers -

[tomboyb] 02/8/2023 10:12

Gone blue -

[tomboyb] 02/8/2023 10:08

Just picked up that 100k -

[tomboyb] 02/8/2023 10:05

Only 100k = 150k available online -

Any news on this? -

[manual dexterity] 31/7/2023 14:10

If SCIR can get the green business or green opportunities once the sale on Ruvuma completes then interest may well be garnered. There are quite a few large shareholders here in excess of 1p per share.

[manual dexterity] 28/7/2023 14:25

Some activity. Hopefully get some news on Rumuva sale.

[barony] 28/7/2023 10:09

They’re doing nowt to generate interest in the company. Maybe delay in getting the Tanzania cash in is holding them back from pushing the stock?

[manual dexterity] 26/7/2023 14:47

They are due up to 16millon dollars. Its been an up market yet scir has hardly moved. I hold a few but main shift has been in other shares Ceo and chairman should really depart. That would in addition popel the share price.

[barony] 26/7/2023 14:09

I hope we hear about the Tanzania cash coming soon. Preferably before 9th August.

[barony] 12/7/2023 21:45

Why isn’t the share price gently moving up on more positive news today?

[manual dexterity] 05/7/2023 13:48

Up to $16million to come for scirocco.

[manual dexterity] 30/6/2023 10:03

Tried to get back in today below 0.30p but market makers not to keen to sell at this level.