Share Price ( SCIR )

0.28GBX 0.00 (0.00%)
16:30 12/04/24

Latest Report

29 Sep

Latest RNS

2 Apr
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Scirocco name

To reflect sweeping changes to the Company’s strategic focus and the powerful forces of nature, the Company adopted the name Scirocco Energy. Adapted from a Mediterranean trade wind that blows into Europe from across the Sahara, Scirocco brings prosperity for traders that seek to capitalise on the abundance of opportunities on the European continent.

 

 

Our History

Scirocco was born out of Solo Oil in October 2020, heralding a new beginning for the company and change in strategic direction under the guidance of a deeply experienced Board and Managementteam. This has allowed the company to combine a high-impact portfolio of assets in Tanzania with a new strategy focused on the opportunities arising from the evolving European Energy market.

In recent years, Scirocco has divested its legacy oil and gas assets and has undergone a strategic shift to target attractive production and development opportunities within the European transition energy market.

In August 2021, Scirocco announced the completion of its £1.2 million investment to acquire a 50% interest in EAG, a specialist acquisition and operating vehicle in the sustainable energy sector. Subsequently, EAG utilised the funds to acquire 100% of Greenan Generation Limited (GGL) and its 0.5MWe Anaerobic Digestion (AD) plant in Northern Ireland, finalising the deal on October 1, 2021. This represented Scirocco’s first venture into the renewable energy sector.

On 16 October 2023, the company successfully completed its divestment of its legacy oil and gas asset, Ruvuma located onshore Tanzania. Scirocco will be entitled to receive a series of contingent payments going forward which depend on progress on the development activity of Ruvuma. The completion of this transaction serves as a platform for Scirocco to pursue its growth strategy in a low-risk market and to play an important role in supporting the energy transition.

For details on our EAG Investment and the contingent payments associated with the Ruvuma Divestment, see our ‘Assets ’

Embrace Transition

We embrace the energy transition in our core focus of bridging the gap towards net zero

 

 

 

Cost Discipline

We ensure cost discipline so we can reap the rewards of cash producing assets and deliver this to shareholders

 

 

High Standards

Our universal high standards for HSE are exemplified by our partnerships with quality operators and service providers