TIDMSCIR

RNS Number : 2874P

Scirocco Energy PLC

15 October 2021

15 October 2021

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Payment of Kiliwani North Gas Receivables Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that the Joint Venture has reached an agreement with the Tanzania Petroleum Development Corporation ("TPDC") for the payment of outstanding monies owed for past gas sales to the TPDC.

Highlights

Aminex, on behalf of the Joint Venture, reached an agreement with the Tanzania Petroleum Development Corporation ("TPDC") for the payment of outstanding monies owed for past gas sales to the TPDC.

The agreed settlement follows constructive negotiations over the last few months between Aminex and the TPDC.

The settlement between the parties involves netting off past gas sales of US$6.77 million due to the Kiliwani North Joint Venture ("KNJV"), of which Scirocco Energy holds an 8.39% working interest, against licence and training fees and the profit share on the unpaid gas sales owed to TPDC.

As at 30 June 2021, and as previously reported, the KNJV was owed US$8.34 million by the TPDC. Of this amount, the KNJV has agreed to waive its claim for interest of US$1.57 million under the Kiliwani North Gas Sales Agreement ("GSA") on the unpaid gas sales to settle the matter and secure payment by the TPDC.

The TPDC is required to make a payment of US$4.37 million to Aminex within 30 days of execution of the settlement agreement, of which Scirocco Energy shall receive US$0.15 million its share of the gas sales net of remittance of indirect taxes and export duties.

Tom Reynolds, Chief Executive Officer commented:

"I am pleased that the parties and TPDC have reach a conclusion on this longstanding issue of the receivables associated with the Kiliwani North project. Through our engagement with the Joint Venture we are aware of the hard work on both sides to get this agreement in place and the Board of Scirocco thanks both Aminex and TPDC for their work in concluding this agreement which is beneficial to all parties and the project as a whole."

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

For further information:

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

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October 15, 2021 11:17 ET (15:17 GMT)

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