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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Scirocco Energy Plc | LSE:SCIR | London | Ordinary Share | GB00BF1BK408 | ORD 0.20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.25 | 0.20 | 0.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSCIR
RNS Number : 7906V
Scirocco Energy PLC
06 December 2023
6 December 2023
Scirocco Energy plc
("Scirocco Energy" or "the Company")
Investment Update - Corallian Energy
Scirocco Energy (AIM:SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, notes the announcement yesterday by Reabold Resources plc ("Reabold") that it has been informed that the next tranche of the payment from Shell U.K. Limited ("Shell") for the sale of the entire issued share capital of Corallian Energy Limited ("Corallian"), as announced on 1 November 2022 by Reabold, will be distributed to former Corallian shareholders from today.
https://www.londonstockexchange.com/news-article/RBD/ps5-2-million-received-for-the-sale-of-corallian/16237541
In line with its investment policy in 2018, Scirocco undertook a minor investment in Corallian through the subscription for 83,333 shares at a price of GBP1.50 per share. Scirocco has previously received an initial payment of c. GBP67,000 corresponding to GBP0.80 per Corallian share. Based on the Reabold announcement, Scirocco expects to receive a payment of GBP108,333 corresponding to GBP1.30 per Corallian share. The final contingent payment of GBP1.10 per Corallian share, bringing the total potential consideration up to GBP3.20 per Corallian share, is payable following the receipt by Shell of Development and Production Consent for the Victory development from the North Sea Transition Authority.
Commenting on the update, CEO Tom Reynolds said:
"We're pleased to provide this update which adds cash to Scirocco's balance sheet. The sale of legacy assets such as Ruvuma and Corallian creates optionality for the Company's ongoing assessment of pathways to deliver value to investors."
For further information:
Scirocco Energy plc +44 (0) 20 7466 Tom Reynolds, CEO 5000 Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert +44 (0) 20 7409 Collins 3494 WH Ireland Limited, Broker +44 (0) 207 Harry Ansell / Katy Mitchell 220 1666 Buchanan, Financial PR +44 (0) 20 7466 Ben Romney / Barry Archer / George Pope 5000
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(END) Dow Jones Newswires
December 06, 2023 02:00 ET (07:00 GMT)
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