Scirocco Energy PLC (AIM:SCIR) told investors it has taken a step closer to divesting its stake in the Ruvuma asset, though the company repeated that it expects it's more likely that the sale will now close in the first quarter of 2023.
The company, in a statement, said that Tanzanian watchdog the Fair Competition Commission (FCC) has now granted unconditional approval for the proposed transaction, and, described this as “an important step towards completion”.
It continues to await separate approval from other Tanzanian government agencies necessary for completion and said it continues to engage with stakeholders.
Looking at the timeline, the company said it anticipated disruption due to the upcoming festive period.
"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,” said Scirocco chief executive Tom Reynolds in the statement.
“We continue to work closely with Tanzanian authorities and counterparties and look forward to completing the transaction in Q1 2023," he added.