New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (UK£2.48m market cap, or US$3.08m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). 공고 • Feb 07
Forest Nominees Limited Issues a Letter to Scirocco Energy plc On February 6, 2024, Scirocco Energy announced that it has received a letter on February 2, 2024, from Forest Nominees Limited requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006. Forest Nominees Limited said that the Company can confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting. Forest Nominees Limited added that the single proposed resolution relates to a request for the directors to put in place a strategy to distribute cash proceeds from the sale of assets to shareholders. 공고 • Jan 12
Scirocco Energy Plc Announces Tom Reynolds Stands Down as Director of the Board Scirocco Energy Plc announced that CEO, Tom Reynolds, is standing down from his position as a Director of the Board of Scirocco, effective immediately, but will remain in his role as CEO until 12 July 2024, or an earlier date as agreed by Mr. Reynolds and the Company. The decision follows the completion of the General Meeting on 10 January 2024 to approve the divestment of Scirocco's investment in EAG, being Scirocco's sole material investment. As a result, Scirocco expects to require less active management resource of its portfolio and his decision to step down from the role will support Scirocco's efforts to preserve cash. As the only executive of Scirocco, Mr. Reynolds will continue to support the Company during the notice period as a range of strategic options available to the Company are further considered - including the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction. 공고 • Dec 22
Scirocco Energy Plc, Annual General Meeting, Jan 10, 2024 Scirocco Energy Plc, Annual General Meeting, Jan 10, 2024, at 10:30 Coordinated Universal Time. Location: offices of Pinsent Masons located at 141 Bothwell St, Glasgow, G2 7EQ Glasgow, United Kingdom 공고 • Nov 29
Scirocco Energy plc Announces Resignation of Doug Rycroft as COO Scirocco Energy announced that following completion of the divestment of its interest in Ruvuma, as planned, Doug Rycroft has stepped down from his position as COO of Scirocco with immediate effect. 공고 • Oct 18
ARA Petroleum Tanzania Limited completed the acquisition of 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR). ARA Petroleum Tanzania Limited agreed to enter into agreement to acquire a 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR) for $16 million on August 31, 2022. The consideration is comprised of an initial cash payment of $3 million due upon Completion, with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones which includes- US$3 million payable upon Final Investment Decision (FID) being by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be. Given the progress made on the development to date, with first gas being targeted for December 2023, Scirocco is confident of receiving this payment later in 2023. Up to US$8 million payable in the form of a 25% net revenue share from the point when Ruvuma commences delivery of gas to the gas buyer. These payments will be made following the sale of gas has commenced and based on the current development timeline are estimated to commence in Q1 2024. Contingent consideration of US$2 million payable on gross production reaching a level equal to or greater than 50 Bcf. This will require consistent production over a period of time from the licence and is unlikely to be payable before 2025 at the earliest. Other than for adjustments with respect to conditions precedent now fulfilled, including TPDC waiving its right of first refusal and Scirocco shareholder approval for the disposal having now been obtained by ARA Petroleum Tanzania. The transaction is expected to complete by December 31, 2022. As of December 6, 2022, The Tanzanian Fair Competition Commission ("FCC") has granted its unconditional approval and the Board considers it more likely that completion will be achieved in Q1 2023. Ritchie Balmer, James Spinney, Robert Collins from Strand Hanson Limited acted as financial advisors to Scirocco Energy Plc (AIM:SCIR).ARA Petroleum Tanzania Limited completed the acquisition of 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR) on October 16, 2023. 공고 • Jul 14
Scirocco Energy Plc, Annual General Meeting, Aug 09, 2023 Scirocco Energy Plc, Annual General Meeting, Aug 09, 2023, at 10:00 Coordinated Universal Time. Location: offices of Buchanan, 107 Cheapside, London, EC2V 6DN London United Kingdom 공고 • Jun 01
Scirocco Energy plc Announces Board Changes Scirocco Energy announced on 1 March 2023,Muir Miller has stepped down as a director of Scirocco Energy plc. Mr. Miller will be replaced by Niall Roberts on the board ofEnergy Acquisitions Group Ltd. ("EAG"). Scirocco owns 50% in the EAG Joint Venture which wholly owns and operates Greenan Generation Limited ("GGL"), a 0.5MW Anaerobic Digestor ("AD") plant in Northern Ireland. During the bulk of his tenure as a director Mr. Miller agreed to defer his director fees to preserve cash in the company. In order to meet its obligations to him - and consistent with other directors - the company has entered into an Options Deed which awards options to Mr. Miller to subscribe for shares in order to settle the total salary deferred between March 2021 and August 2022. Board Change • Mar 03
Less than half of directors are independent Following Non-Executive Director Niall Roberts' arrival on 01 March 2023, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-executive Director Muir Miller was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Jul 16
Non-Executive Director Jonathan Fitzpatrick has left the company On the 9th of July, Jonathan Fitzpatrick's tenure as Non-Executive Director ended after 3.2 years in the role. As of March 2021, Jonathan still personally held 24.53m shares (UK£141k worth at the time). Jonathan is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.83 years, which is considered inexperienced in the Simply Wall St Risk Model. 공고 • May 06
Scirocco Energy Plc Notes Positive Update Provided by Helium One Limited Announcing Completion of Extended Infill 2D Seismic Campaign and Identification of New Priority Drill Ready Targets Ahead of Commencement of Exploration Drilling Programme at Rukwa Project Scirocco Energy Plc noted the positive update provided by Helium One Limited ("Helium One"), announcing the completion of its extended infill 2D seismic campaign and identification of new priority drill ready targets ahead of commencement of exploration drilling programme at Rukwa Project (100% owned by Helium One) in Tanzania. Highlights of the Helium One announcement: Completion of an extended 200km 2D seismic campaign, including an additional 50 line kilometres providing further data on new priority prospects. Modern seismic data is of a higher quality than earlier work, resulting in a better understanding of the subsurface and reassessment of geological risk across its portfolio. Improved data resolution over multiple prospects, highlighted by an upgrade of the Tai prospect, with stacked targets believed to be across a larger area than those interpreted from historical data.
Zero lost-time injuries and no HSE incidents across 97,280 man-hours of remote working. Ongoing seismic interpretation supports improved drill targeting over the three/four hole exploration drilling campaign, now commencing in early-June with first hole planned at Tai prospect. 공고 • Mar 16
Reef Resources Ltd. acquired remaining 28.6% stake in Ausable Reef Gas Assets Located in Ontario, Canada from Scirocco Energy Plc (AIM:SCIR). Reef Resources Ltd. acquired remaining 28.6% stake in Ausable Reef Gas Assets Located in Ontario, Canada from Scirocco Energy Plc (AIM:SCIR) on December 1, 2020. James Spinney, Ritchie Balmer and Rory Murphy of Strand Hanson Limited acted as financial advisor to Scirocco Energy Plc.
Reef Resources Ltd. completed the acquisition of remaining 28.6% stake in Ausable Reef Gas Assets Located in Ontario, Canada from Scirocco Energy Plc (AIM:SCIR) on December 1, 2020. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of UK£3.03m, with losses widening by 139% from the prior year. 공고 • Sep 02
Solo Oil Plc to Report Fiscal Year 2019 Results on Sep 01, 2020 Solo Oil Plc announced that they will report fiscal year 2019 results on Sep 01, 2020 공고 • Jul 31
Levant Exploration and Production Corp. cancelled the acquistion of unknown stake in Non-Producing Oil and Gas Assets in Huron County, Ontario from Reef Resources Ltd. and Solo Oil Plc (AIM:SOLO). Levant Exploration and Production Corp. entered into a letter of intent to acquire unknown stake in Non-Producing Oil and Gas Assets in Huron County, Ontario from Reef Resources Ltd. and Solo Oil Plc (AIM:SOLO) on April 26, 2019. Under the terms of agreement, Levant will establish a special purpose vehicle (or otherwise use a pre-existing company), which will purchase Reef's interest in the assets in exchange for equity shares of the special purpose vehicle equivalent to 2% of the issued and outstanding shares of the special purpose vehicle , and a royalty equal to 2% of the production revenues from the assets. The transaction is subject to due diligence and the confirmation of the willingness by applicable regulatory bodies to waive the fines levied against the assets to date, and Reef Resources shareholders approval.
Levant Exploration and Production Corp. cancelled the acquistion of unknown stake in Non-Producing Oil and Gas Assets in Huron County, Ontario from Reef Resources Ltd. and Solo Oil Plc (AIM:SOLO) on April 26, 2020. 공고 • Jul 09
Levant Exploration and Production Corp. entered into a conditional asset purchase agreement to acquire Ausable Reef gas assets located in Ontario, Canada from Reef Resources Ltd. and Solo Oil Plc (AIM:SOLO). Levant Exploration and Production Corp. signed heads of terms to acquire 28.56% stake in Ausable Reef gas assets located in Ontario, Canada from Solo Oil Plc (AIM:SOLO) on March 21, 2019. Levant Exploration and Production Corp. entered into a conditional asset purchase agreement to acquire Ausable Reef gas assets located in Ontario, Canada from Reef Resources Ltd. and Solo Oil Plc on July 8, 2020. As consideration for the Sale of Solo Oil Plc's interest, Levant Exploration and Production Corp. shall issue the equivalent of a 1% gross overriding royalty to the company on any future production revenues. In addition, Levant Exploration and Production Corp. will assume responsibility for future expenditure associated with the assets. Under the terms of the transaction, Reef Resources Ltd. will sell 71.44% and Solo Oil Plc will sell 28.56% stake in Ausable Reef gas assets. The transaction is subject to confirmatory due diligence by Levant on the assets. Solo Oil Plc expects to complete the transaction in the near future. James Spinney, Ritchie Balmer and Rory Murphy of Strand Hanson Limited acted as nominated adviser to Solo Oil Plc.