Scirocco Energy PLC (AIM:SCIR) chair Alastair Ferguson today told investors the company is looking forward to engaging with stakeholders to deliver an investment plan.
The company, which spent much of its recent history divesting assets and is now close to being a shell, is expecting its efforts will soon provide a cash injection to bump start its future plans.
“The first half of 2023 has seen the company continue to focus on selling its legacy natural resources assets to provide capital to invest within target assets in the European sustainable energy and circular economy markets,” Ferguson said in today’s interim results statement.
“Although the sale of its legacy interest in Ruvuma has taken longer than originally anticipated to complete, we are now focused on delivering completion.
“The proceeds of the divestment - both at completion and any future contingent payments - will be available for reinvestment in assets which comply with the company's investment policy.
“With the imminent completion of the Ruvuma sale, the company is expected to accrue cash resources over the coming months supporting new investment activities.”