Scirocco Energy Plc announced that CEO, Tom Reynolds, is standing down from his position as a Director of the Board of Scirocco, effective immediately, but will remain in his role as CEO until 12 July 2024, or an earlier date as agreed by Mr. Reynolds and the Company. The decision follows the completion of the General Meeting on 10 January 2024 to approve the divestment of Scirocco's investment in EAG, being Scirocco's sole material investment. As a result, Scirocco expects to require less active management resource of its portfolio and his decision to step down from the role will support Scirocco's efforts to preserve cash.

As the only executive of Scirocco, Mr. Reynolds will continue to support the Company during the notice period as a range of strategic options available to the Company are further considered - including the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction.