REG - Scirocco Energy PLC - Ruvuma Transaction Update

Scirocco EnergyAnnouncement

29/08/2023 07:00

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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                               +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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