Investment Update - Corallian Energy

Scirocco Energy PLC

19 January 2024

 

19 January 2024

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 third and final 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 over the coming days.

https://www.londonstockexchange.com/news-article/RBD/notification-of-final-tranche-of-shell-payment/16293787

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 two payments; an initial payment of c. £67,000 corresponding to £0.80 per Corallian share and a second payment of £108,333 corresponding to £1.30 per Corallian share. Based on the Reabold announcement, Scirocco expects to receive a payment of £91,666 corresponding to £1.10 per Corallian share, bringing the total consideration up to £3.20 per Corallian share, now that Shell has received the 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 these assets creates optionality for the Company's ongoing assessment of alternative options and next steps."

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]

 

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