Investment Update - Corallian Energy

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 £1.50 per share.  Scirocco has previously received an initial payment of c. £67,000 corresponding to £0.80 per Corallian share. Based on the Reabold announcement, Scirocco expects to receive a payment of £108,333 corresponding to £1.30 per Corallian share. The final contingent payment of £1.10 per Corallian share, bringing the total potential consideration up to £3.20 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 Tom Reynolds, CEO	[phone]
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert Collins	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Barry Archer / George Pope	[phone]

 

END