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Monday, October 2, 2023
Scirocco Energy plc has provided an update on the Ruvuma divestment transaction stating “that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy.”
The company says that 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, Scirocco 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.”
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