REG - Scirocco Energy PLC - Ruvuma Transaction Update

Scirocco EnergyAnnouncement

02/10/2023 07:00

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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                               +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

 

The information contained within this announcement is considered to be inside
information prior to its release, as defined in Article 7 of the Market Abuse
Regulation No. 596/2014, and is disclosed in accordance with the Company's
obligations under Article 17 of those Regulations.

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