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Scirocco Energy plans to sell interest in EAG

Posted on Author editorial Comment(1)

Scirocco Energy plc plans to sell its interest and investment in Energy Acquisitions Group Ltd (EAG) for £2.6 million plus contingent consideration of up to a further £150,000.

SHAREHOLDERS

The sale, related to anaerobic digestion sites, is to OrbeNovo Sponsor LLP.

Scirocco said that the growth of EAG was “heavily dependent” on more investment but it was unable to issue new equity to raise cash despite asking its shareholders “several times” to do so.

A general meeting is expected to be held on 10 January 2024 for shareholders’ approval and net firm proceeds are expected in early 2024.

TANZANIA GAS

The company, originally focused on oil and gas, is awaiting its first payment from the sale of the Ruvuma gas project.

It still holds its remaining legacy asset of the 8.39% of Kiliwani North gas project, both in Tanzania 

Chief executive Tom Reynolds added that the company would continue to review alternative opportunities and its next steps.

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