REG - Scirocco Energy PLC - Ruvuma Divestment Update

Scirocco EnergyAnnouncement

06/12/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221206:nRSF6731Ia&default-theme=true

RNS Number : 6731I  Scirocco Energy PLC  06 December 2022

6 December 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Divestment Update

Scirocco (AIM: SCIR), the AIM investing company targeting attractive assets
within the European sustainable energy and circular economy markets, is
pleased to provide an update on the divestment of the Ruvuma asset, where
Scirocco has entered into an agreement to sell its 25% interest to ARA
Petroleum Tanzania ("APT").

The Tanzanian Fair Competition Commission ("FCC") has now granted its
unconditional approval for the transaction and issued the Company with the
Merger Clearance Certificate. The issuance of the certificate is an important
step towards completion of the asset divestment.

The Company continues to engage with stakeholders across the Tanzanian
government agencies whose approval is required as part of the completion
process. The Board now considers it more likely that completion will be
achieved in Q1 2023 rather than December 2022 as previously guided, due to
likely disruption around the upcoming festive period.

The Company remains in discussions with all stakeholder groups and will
continue to provide updates to the market accordingly.

Tom Reynolds, Scirocco's CEO commented:

"We are pleased to report this positive development today as we progress
towards the completion of the divestment of Scirocco's interest in Ruvuma to
APT. We continue to work closely with Tanzanian authorities and counterparties
and look forward to completing the transaction in Q1 2023."

 

 

For further information:

 Scirocco Energy plc                               +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

 Strand Hanson Limited, Nominated Adviser          +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Robert Collins

 WH Ireland Limited, Broker                        +44 (0) 0207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                            +44 (0) 20 7466 5000

 Ben Romney / Jon Krinks

Inside Information

The information contained within this announcement is deemed by Scirocco to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 ("MAR"). On the publication of this announcement via
a Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISFFFLIFSLEIIF