Scirocco Energy advancing transition energy investment plans – Proactive Investors USA

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05:24 Thu 22 Sep 2022
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Scirocco Energy PLC is an AIM investing company targeting attractive production and development opportunities within the European transition energy market.
Scirocco Energy PLC (AIM:SCIR) has noted the announcement by Reabold Resources PLC (AIM:RBD) regarding the conditional sale of its investee company, Corallian Energy Ltd.
In 2018, Scirocco invested a minor stake in Corallian via the subscription of over 83,000 shares at £1.50 each.
A price of up to £3.20 per share will now be paid to Corallian shareholders in initial cash plus contingent payments that will offer a profitable exit to the company.
In a statement, Tom Reynolds, chief executive of Sirocco, commented: “Following the disposal of Ruvuma interest announced on 13 June 2022 and approved by shareholders on 29 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.”
Scirocco Energy PLC (AIM:SCIR) gave investors an update on its non-operated legacy asset in Tanzania, where partner ARA Petroleum is advancing talks with the authorities over a gas sales agreement (GSA).
The company, in a statement, relayed details announced simultaneously by Aminex, Scirocco’s other partner in Tanzania, confirming that seismic data capture continues at the Ntorya project – with around half of the programme now complete, it is expected that the campaign will complete by mid-October.
Scirocco Energy said it has now received written confirmation from the Tanzania Petroleum Development Corporation (TPDC) that it will not exercise its right of first refusal over the Ruvuma asset.
The junior wants to sell its 25% stake in Ruvuma, with TPDC’s decision one of two pre-emption rights that need to be waived.
Tom Reynolds from Scirocco Energy talks to Proactive about the deal with Wentworth Resources to divest its 25% stake in Aminex PLC (LSE:AEX)‘s (Aminex PLC (LSE:AEX)) Ntorya field development project in Tanzania.
Reynolds explains the rationale behind the divestment for a project that will require capital investment in the coming months. He goes on to explains how they will proceed with new investments in sustainable energy.
Solo Oil Plc (“Solo”) is a London (AIM) listed oil and gas investment company engaged in the acquisition and development of a diverse global portfolio of oil and gas assets. The company has a core portfolio of non-operated assets in Tanzania, including a stake in the prolific Ruvuma Basin, an interest in the producing Kiliwani North gas development on the Songo Songo Island, and a 10% interest Helium One, including the Rukwa project. Other assets include non-operated interests in the Weald and Wessex Basins (Horse Hill and Isle of Wight) onshore UK, a strategic investment in Burj Africa in Nigeria and an enhanced Oil Recovery project in Ontario, Canada.  In this note, we provide a brief description of the Kiliwani North, Ruvuma and Rukwa helium assets, as well as our estimate of risked value for the company which represents a substantial upside to the current share price. Solo (SOLO.LON) has net 2P producing resources of 2.0BCF and net 2C resources of 32.6BCF with a potential upside to 206BCF of hydrocarbon gas in Tanzania, as well as 10BCF of unrisked prospective resources of helium; whilst we estimate that the Horse Hill and Isle of Wight projects represent 5-6MMbbl of additional oil resources.
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The above has been published by Proactive Investors Limited (the “Company”) on its website and is made available subject to the terms and conditions of use of its website (see T&C ). …
Capital Network's oil and gas analyst Lionel Therond talks through Solo Oil Plc (LON:SOLO) and looks at the company's valuation and outlook.
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