Scirocco Energy PLC (AIM:SCIR)'s divestment of its 25% stake in the Ruvuma project has taken a step forward, with the Tanzanian authorities approving the proposed transaction.
All conditions to the transaction have now been satisfied and the company said it expects it will complete in the coming weeks.
"Ministerial approval brings us one step closer to the impending completion of this transformative transaction, and we are grateful to the Tanzanian authorities for their support,” said chief executive Tom Reynolds.
“This is a watershed moment for the company that completes Scirocco's evolution from an investor in diverse hydrocarbon assets into an investor into cash-generative assets within the European sustainable energy and circular economy markets.
Reynolds added: “We see a broad range of opportunities in these markets providing scope for low-risk, sustainable returns.
“We look forward to announcing completion of this long-awaited divestment in the coming weeks."