(Alliance News) - Scirocco Energy PLC on Tuesday said it has extended the longstop date for the Ruvuma transaction to September 30.
Scirocco Energy is an investing company targeting assets within the European sustainable energy and circular economy markets. Its shares were up 3.8% to 0.54 pence each in London on Tuesday afternoon.
In August 2022, Scirocco agreed to sell its 25% interest in the Ruvuma asset to ARA Petroleum Tanzania.
On Tuesday, the company said that "significant" progress has been made in relation to the Ruvuma transaction.
Further, to allow allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania have agreed to extend the longstop date of the proposed transaction. The longstop date has been extended to September 30 from August 31.
Final approval is expected in "due course."
Chief Executive Tom Reynolds said: "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."
By Sophie Rose, Alliance News reporter
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Scirocco Energy (SCIR)