Scirocco Energy plc has agreed a two-month extension for the sale of its joint venture Ruvuma gas interests in Tanzania to allow more time for tax clearance. DEVELOPMENT LICENCE The company said that the process was taking longer than expected, prompting the agreement with operator ARA Petroleum Tanzania (APT) to amend the long stop date […]
Tag: Scirocco Energy plc
Scirocco independent NED Don Nicolson to leave
Scirocco Energy plc independent non-executive director Don Nicolson is to leave the board on or around the date of the 2023 general meeting. Mr Nicolson’s skills focus on oil, gas and natural resources but the company is now introducing a renewable energy strategy. He will support Scirocco as chairman of the audit committee until the […]
Scirocco looks to early payment from Ruvuma sale
Scirocco Energy plc expects early revenues at the joint venture group Ruvuma gas project in Tanzania, with first gas now targeted for October 2023. OPERATIONS The company is still waiting to complete the sale of its 25% interest for up to $16 million to ARA Petroleum Tanzania (APT), before it leaves the oil and gas industry […]
Scirocco expects to sell Ruvuma interest during Q1 2023
Scirocco Energy plc said it now expected to sell during the first quarter of 2023 its 25% share of the Ruvuma gas asset in Tanzania. CLEARANCE The company agreed to sell its asset to ARA Petroleum Tanzania (APT), with a view to completing the transaction during December 2022. Scirocco today said that the Tanzanian fair […]
Scirocco agrees repayment of Prolific Basins loan
Scirocco Energy plc said it had agreed an amendment to repaying the outstanding $545,000 investment facility with USA-based investor Prolific Basins LLC. RUVUMA CASH The company defaulted on the loan after shareholders defeated two resolutions at the general meeting in early August. Scirocco today said that it would use available cash resources, strengthened by the […]
Scirocco to receive up to £267,000 from Corallian sale
Scirocco Energy plc stands to receive up to £267,000 from its minor share in Corallian Energy Ltd, part of which has been conditionally sold. INVESTMENT Investor Reabold Resources plc announced earlier this week that it was due to sell its stake in Corallian for £32 million gross. In 2018, Scirocco subscribed for 83,333 shares at […]