REG - Scirocco Energy PLC - Investment Update - Corallian Energy

Scirocco EnergyAnnouncement

14/09/2022 15:45

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RNS Number : 4900Z  Scirocco Energy PLC  14 September 2022

14 September 2022

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 by Reabold Resources plc today
regarding the conditional sale of its investee company, Corallian Energy
Limited.

https://www.londonstockexchange.com/news-article/RBD/agreed-terms-of-conditional-sale-of-corallian/15627995

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 notes the price of up to £3.20 per share will
be paid to Corallian shareholders as a combination of initial cash plus
contingent payments offering a profitable exit with up to £267k of proceeds
net to Scirocco (based on estimated £3.20 per share).

Commenting on the update, CEO Tom Reynolds said:

"Following the disposal of Ruvuma interest announced on 13 June 2022 and
approved by shareholders on 29th June 2022, this represents another example of
Scirocco converting historical investments in oil & gas back into cash for
reinvestment in support of Sirocco's Investment Policy approved by
shareholders at AGM in July 2021.  The proceeds of this legacy investment
will strengthen the Company's financial position and provide more optionality
to consider the compelling investment opportunities currently being screened
by our Joint Venture EAG."

For further information:

 Scirocco Energy plc                                 +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

 Strand Hanson Limited, Nominated Adviser            +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney /  Robert Collins

 WH Ireland Limited, Broker                          +44 (0) 0207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                              +44 (0) 20 7466 5000

 Ben Romney / Jon Krinks

 

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