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.
Transformative: the company is on track to complete the transaction within the new timeframe (stock photo)
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.”
Scirocco Energy plc has agreed a two-month extension for the sale of its joint venture Ruvuma gas interests in Tanzania to allow more time for tax clearance. Belief: Scirocco is on course to complete the sale (Aminex) DEVELOPMENT LICENCE The company said that the process was taking longer than expected,…
Scirocco Energy plc has amended the deadline, from 30 September to 20 October 2023, to complete the sale of its Ruvuma gas interest to ARA Petroleum Tanzania (APT). Weeks: new date reflects the counterparties' view that completion is imminent (stock photo) PRUDENT The company said that "significant" progress had been…
Scirocco Energy plc has completed the sale of its 25% legacy interest in the Ruvuma onshore gas project in Tanzania. The company said that purchaser ARA Petroleum Tanzania had paid the balance of $2.54 million. Future contingent payments will depend on Ruvuma's development. The investment was originally made by Solo…
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