REG - Scirocco Energy PLC - Ruvuma Transaction Update – Longstop Date Extended

Scirocco EnergyAnnouncement

28/09/2023 11:30

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RNS Number : 0224O  Scirocco Energy PLC  28 September 2023

28 September 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.

 

Although significant progress has been made, 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 30 September 2023 to 20 October 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.

 

Commenting on the update, Tom Reynolds, CEO of Scirocco, said:

"We are actively engaged with the relevant authorities in Tanzania to complete
this transaction in short order.  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."

 

For further information:

 Scirocco Energy plc                               +44 (0)20 7466 5000

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

 Ritchie Balmer / James Spinney / Robert Collins
 WH Ireland Limited, Broker                        +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell
 Buchanan, Financial PR                            +44 (0)20 7466 5000

 Ben Romney / Barry Archer / George Pope

 

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