Scirocco Energy PLC Ruvuma Transaction Update (2662O)
02 Octubre 2023 - 1:00AM
UK Regulatory
TIDMSCIR
RNS Number : 2662O
Scirocco Energy PLC
02 October 2023
2 October 2023
Scirocco Energy plc
("Scirocco" or the "Company")
Ruvuma Transaction Update - Ministerial Approval Received
Scirocco Energy plc (AIM: SCIR), the AIM investing company
targeting attractive assets within the European sustainable energy
and circular economy markets, today announces an update on the
Ruvuma transaction.
Scirocco is pleased to announce that the divestment of its 25%
interest in the Ruvuma asset has been approved by the Tanzanian
Minister of Energy. With this approval now received, all conditions
precedent to the transaction are satisfied and Scirocco and its
counterparty, ARA Petroleum Tanzania, can now proceed to complete
the transaction in the coming weeks.
Commenting on the update, CEO Tom Reynolds said:
"Ministerial approval brings us one step closer to the impending
completion of this transformative transaction, and we are grateful
to the Tanzanian authorities for their support. This is a watershed
moment for the Company that completes Scirocco's evolution from an
investor in diverse hydrocarbon assets into an investor into
cash-generative assets within the European sustainable energy and
circular economy markets. We see a broad range of opportunities in
these markets providing scope for low-risk, sustainable returns. We
look forward to announcing completion of this long-awaited
divestment in the coming weeks."
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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to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
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