Scirocco Energy plc said that Tanzania’s national energy company had confirmed it would not exercise its statutory right of first refusal over the investment company’s sale of its 25% interest in the Ruvuma gas asset.
APT
Tanzania Petroleum Development Corporation (TPDC) and project operator ARA Petroleum Tanzania Ltd (APT) both hold pre-emption rights.
Scirocco added it maintained an active dialogue with APT on its intention to exercise its pre-emption right.
“We thank TPDC for their constructive engagement throughout the process and we look forward to making further progress towards completing the transaction as discussions with APT continue in a similarly constructive manner,” Scirocco chief executive Tom Reynolds.
In June, Scirocco agreed to sell its interest in Ruvuma to Wentworth Resources.
RUVUMA
Scirocco holds a 25% working interest in the Ruvuma petroleum sharing agreement in southeast Tanzania.
The project covers 3,447 km2 of which approximately 90% lies onshore and the balance offshore.