Scirocco secures more time to sell Ruvuma interest

Scirocco Energy plc has secured an extension to the long stop date for the sale of its 25% interest in the Ruvuma gas project in Tanzania.

CONDITIONS PRECEDENT

The company and purchaser ARA Petroleum Tanzania (APT) agreed to amend the date of the proposed $16 million transaction from 31 August 2023 to 30 September 2023.

Scirocco said that “significant” progress had been made as it now awaits a certificate from the Tanzanian minister for energy which will complete satisfaction of conditions precedent for the sale.

Both companies will then be able to proceed to complete the transaction during September.

Chief executive officer Tom Reynolds added: “While the process has taken longer than originally envisaged, we continue to be encouraged by our dialogue with the relevant authorities in Tanzania and believe we are on track to complete this transformative transaction within this new timeframe.”