Scirocco Energy PLC Ruvuma Disposal Update (5590S)

TIDMSCIR

RNS Number : 5590S

Scirocco Energy PLC

14 July 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Ruvuma Disposal Update

Scirocco Energy (AIM: SCIR) notes the announcement issued by Aminex PLC on 13 July 2022 which stated that its wholly owned subsidiary, Ndovu Resources Limited, does not intend to exercise its pre-emption rights under the Ruvuma joint operating agreement with regards to Scirocco's divestment of the Ruvuma asset as approved by Shareholders on 29 June 2022, with a further update being provided on 12 July 2022.

Further to its announcement on 13 June 2022, and in response to certain Shareholder queries, Scirocco also confirms that should the Facility not be repaid by the Repayment Date, then the price at which Wentworth (or another party assuming the position of Wentworth) may convert all or part of the Facility into fully paid Ordinary Shares (subject to applicable laws and regulations) is equal to the closing VWAP of the Ordinary Shares on the trading date prior to date of conversion, following the issue of a conversion notice by Wentworth (or another party assuming the position of Wentworth).

Capitalised terms are as per the Company's 29 June 2022 announcement.

For further information:

 
 Scirocco Energy plc 
  Tom Reynolds, CEO                                +44 (0) 20 7466 
  Doug Rycroft, COO                                 5000 
 
   Strand Hanson Limited, Nominated Adviser          +44 (0) 20 7409 
   Ritchie Balmer / James Spinney / Rory Murphy      3494 
 
   WH Ireland Limited, Broker                        +44 (0) 207 220 
   Harry Ansell / Katy Mitchell                      1666 
 
   Buchanan, Financial PR                            +44 (0) 20 7466 
   Ben Romney / Jon Krinks                           5000

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