Scirocco Energy PLC (AIM:SCIR) said it expects to complete the transfer of ownership of its 25% interest in Ruvuma to APT by the longstop date of 31 August 2023.
This will deliver net funds immediately upon completion and potentially further funds through contingent payments during 2023, it added.
In the meantime, Scirocco said it will investigate sources of parallel investment which would reduce the call on the balance sheet in the short term by bringing in third-party capital alongside.
Scirocco agreed in June 2022 to divest its 25% non-operated interest in Ruvuma for up to US$16mln, of which an initial US$3mln is due on completion.
Elsewhere, renewable energy arm EAG/GGL performed well, said Scirocco, helped by the surge in wholesale power prices.
Losses for the year were £4.81mln (£3.69mln).