Scirocco and ARA Petroleum Tanzania (APT) have executed amendments to extend the longstop date of the proposed Ruvuma transaction from 31 August 2023 to 30 September 2023. The reason for the extension of the amendments is owing to the significant progress made so far and also to allow additional time to complete the transaction.
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.
“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,” Commenting on the update, Tom Reynolds, CEO of Scirocco, said.
