REG - Scirocco Energy PLC - Investment Update - Corallian Energy

Scirocco EnergyAnnouncement

19/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240119:nRSS2180Aa&default-theme=true

RNS Number : 2180A  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
(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                               +44 (0) 20 7466 5000

 Tom Reynolds, CEO

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

 Ritchie Balmer / James Spinney / Robert Collins

 WH Ireland Limited, Broker                        +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

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

 Ben Romney / Barry Archer / George Pope

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDKVLFFZFLZBBX