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).
PRUDENT
The company said that “significant” progress had been made and that it was awaiting final approval from the Tanzanian Minister for Energy to satisfy all conditions precedent.
“We are actively engaged with the relevant authorities in Tanzania to complete this transaction in short order,” said chief executive officer Tom Reynolds.
“We maintain positive dialogue directly with the Ministry of Energy and feel confident that things are moving in the right direction.
“This further extension is a prudent approach to provide more time to receive the necessary final approvals and the fact that the new long-stop date is less than a month away reflects the counterparties’ view that completion is imminent.”