If Variety is to be believed, Prom2: The Prommening (Note: not the actual title) may be scripted by Jack Paglen, one of the credited writers on the 2014 Wally Pfister/Johnny Depp sci-fi-ish film Transcendence.
It should be noted that the Variety article speaks of a Jack Palgen [sic], so for all we know this news is as accurate as their name fact-checking.
It's not hard to see that Ridley wanted to run around in this new playground, given how he ended Prometheus, but it's not yet clear whether or not he'll return to direct the project. There's also talk of Fassbender and Rapace making their return, which should also make sense. Who knows, maybe we'll see something interesting come out of this project after all, besides some lovely visuals and glimpses of what Lawrence of Arabia looks like on a giant 3D curved screen.