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Scirocco Energy Share Price Rallied 4.54% on Tanzania Gas Receivables Payment

Updated: 18 Nov 2021

Scirocco Energy PLC (LON: SCIR) share price rallied 4.54% after announcing that its joint venture partner Aminex Plc has received the expected payment from the Tanzania Petroleum Development Corporation (TPDC).

The sustainable energy and circular economy company noted that it would receive $0.15 million from Aminex as its portion of the payment for past gas sales from Kiliwani North Gas to the TPDC.

Tom Reynolds, Scirocco Energy’s CEO, commented: “We are delighted that resolution of this longstanding issue has been reached and payments have been received. We thank TPDC for their efforts in bringing this to a mutually beneficially conclusion.”

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Scirocco Energy shares are down 10.24% since January but have fallen significantly in the past month. The company’s last major announcement was regarding a new advisory relationship with Gneiss Energy.

Scirocco engaged Gneiss Energy and signed two engagement letters. The first letter covered the financial advisory services related to the proposed sale of its Tanzanian interests as it switches its focus to the European market.

The second letter was regarding the support role that Gneiss Energy will play in helping the company execute its new strategy.

Before engaging Gneiss, Scirocco Energy had acquired Greenan Generation on 1 October 2021, driving its share price higher.

Investors interested in buying Scirocco Energy shares may find the current prices quite attractive. However, there are no guarantees that we will not see lower prices in future.

*This is not investment advice. Always do your due diligence before making investment decisions.

Scirocco Energy share price.

IG chart of Scirocco Energy share price 18-11-2021
Source: IG

Scirocco Energy share price rallied 4.54% to trade at 0.92p, rising from Wednesday’s closing price of 0.88p.

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