Ruvuma Transaction Update – Longstop Date Extended

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 Tom Reynolds, CEO	[phone]
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert Collins	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Barry Archer / George Pope	[phone]

 

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