Scirocco Energy PLC Ruvuma Transaction Update (5466K)
29 Agosto 2023 - 1:00AM
UK Regulatory
TIDMSCIR
RNS Number : 5466K
Scirocco Energy PLC
29 August 2023
29 August 2023
Scirocco Energy plc
("Scirocco Energy" or "the Company")
Ruvuma Transaction Update - Longstop Date Extended
Scirocco Energy (AIM: SCIR), the AIM investing company targeting
attractive assets within the European sustainable energy and
circular economy markets, today announces an update regarding the
Ruvuma transaction.
Significant progress has been made and in order to allow
additional time to complete the transaction, Scirocco and ARA
Petroleum Tanzania ("APT") have executed amendments to extend the
longstop date of the proposed transaction from 31 August 2023 to 30
September 2023.
As announced on 3 August 2023, Scirocco received the Tax
Clearance Certificate and settled its assessed tax liability
representing a major milestone towards final completion. Scirocco
then wrote to the Tanzanian Minister for Energy to obtain the final
approval which is expected in due course.
On receipt of this approval, all conditions precedent to the
transaction will be satisfied and Scirocco and its counterparty APT
will be able to proceed to complete the transaction during
September.
Commenting on the update, Tom Reynolds, CEO of Scirocco,
said:
"The extension of the longstop date by a month allows additional
time to complete the divestment of our interest in the Ruvuma
asset. 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."
For further information:
Scirocco Energy plc
Tom Reynolds, CEO +44 (0)20 7466 5000
Strand Hanson Limited, Nominated Adviser
Ritchie Balmer / James Spinney / Robert Collins +44 (0) 20 7409 3494
WH Ireland Limited, Broker
Harry Ansell / Katy Mitchell +44 (0) 207 220 1666
Buchanan, Financial PR
Ben Romney / Barry Archer / George Pope +44 (0)20 7466 5000
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