Scirocco Energy has provided an update on the divestment of the Ruvuma asset, where Scirocco has entered into an agreement to sell its 25% interest to ARA Petroleum Tanzania ('APT').
The Tanzanian Fair Competition Commission ('FCC') has now granted its unconditional approval for the transaction and issued the Company with the Merger Clearance Certificate. The issuance of the certificate is an important step towards completion of the asset divestment.
The Company continues to engage with stakeholders across the Tanzanian government agencies whose approval is required as part of the completion process. The Board now considers it more likely that completion will be achieved in Q1 2023 rather than December 2022 as previously guided, due to likely disruption around the upcoming festive period.
The Company remains in discussions with all stakeholder groups and will continue to provide updates to the market accordingly.
Tom Reynolds, Scirocco's CEO commented:
'We are pleased to report this positive development today as we progress towards the completion of the divestment of Scirocco's interest in Ruvuma to APT. We continue to work closely with Tanzanian authorities and counterparties and look forward to completing the transaction in Q1 2023.'
Source: Scirocco Energy