{"id":13901,"date":"2023-08-30T12:38:11","date_gmt":"2023-08-30T12:38:11","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13901"},"modified":"2023-08-30T12:38:11","modified_gmt":"2023-08-30T12:38:11","slug":"tanzania-scirocco-ara-petroleum-execute-amendments-to-extend-the-longstop-date-of-proposed-transaction","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-scirocco-ara-petroleum-execute-amendments-to-extend-the-longstop-date-of-proposed-transaction\/","title":{"rendered":"TANZANIA: Scirocco, ARA Petroleum Execute Amendments to Extend the Longstop Date of Proposed Transaction\u00a0"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Scirocco Energy  announces an update regarding the Ruvuma transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Significant progress has been made and in order to allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania (APT) have executed amendments to extend the longstop date of the proposed transaction from 31 August 2023 to 30 September 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Commenting on the update, Tom Reynolds, CEO of Scirocco, said:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;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&nbsp;Tanzania&nbsp;and believe we are on track to complete this transformative transaction within this new timeframe.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scirocco Energy announces an update regarding the Ruvuma transaction. Significant progress has been made and in order to allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-scirocco-ara-petroleum-execute-amendments-to-extend-the-longstop-date-of-proposed-transaction\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[],"class_list":["post-13901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Cd","jetpack-related-posts":[{"id":12527,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-apt-receives-first-batch-of-ntorya-field-seismic-data\/","url_meta":{"origin":13901,"position":0},"title":"TANZANIA: APT Receives First Batch of Ntorya Field Seismic Data","author":"","date":"August 2, 2022","format":false,"excerpt":"Ruvuma PSA JV partner Scirocco Energy reports that the operator\u00a0APT has received the first batch of field seismic data last week and expects to have processed and interpreted sufficient data to confirm the final drilling location of the Chikumbi-1 (CH-1) well before the end of August. Field acquisition continues to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12335,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-scirocco-energy-divest-its-interest-in-the-ruvuma-asset\/","url_meta":{"origin":13901,"position":1},"title":"TANZANIA: Scirocco Energy Divest its Interest in the Ruvuma Asset","author":"","date":"June 13, 2022","format":false,"excerpt":"Ruvuma Transaction Highlights Total consideration of up to US$16 million comprised of: Initial consideration of US$3 million payable on completion of the Proposed Transaction; US$3 million payable upon final investment decision being taken by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11288,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ara-commences-1st-phase-of-the-ruvuma-psa-3d-seismic-project\/","url_meta":{"origin":13901,"position":2},"title":"TANZANIA: ARA Commences 1st Phase of the Ruvuma PSA 3D seismic project","author":"","date":"December 3, 2021","format":false,"excerpt":"ARA Petroleum Tanzania Limited (APT) has confirmed that the seismic contractor commenced preparatory works as planned on 15 November 2021, has now established the GPS control points and survey equipment is being calibrated for ground staking. The Joint Venture expects line clearing and mobilisation of the camp to commence next\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9457,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ara-petroleum-to-commence-contracting-procurement-ahead-of-ntorya-gas-discovery-3d-seismic-programme\/","url_meta":{"origin":13901,"position":3},"title":"TANZANIA: ARA Petroleum to Commence  Contracting &#038; Procurement Ahead of Ntorya Gas Discovery 3D Seismic Programme","author":"","date":"November 23, 2020","format":false,"excerpt":"APT has notified the joint venture that it intends to commence immediately with the contracting and procurement of services and equipment to execute a 3D seismic programme over the Ntorya gas discovery and the drilling of the Chikumbi-1 appraisal and exploration well. The joint venture is looking to take full\u2026","rel":"","context":"In &quot;Eastern Africa&quot;","block_context":{"text":"Eastern Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/eastern-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8432,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-delays-agm-as-it-proposes-name-change-to-scirocco-energy\/","url_meta":{"origin":13901,"position":4},"title":"Solo Delays AGM as It Proposes Name Change to Scirocco Energy","author":"","date":"June 25, 2020","format":false,"excerpt":"Solo has announced that in light of the unprecedented practical challenges presented by COVID-19, which have constrained outsourced finance functions and auditors, the Board has taken the decision to apply for a delay in release of its 2019 Audited Financial Statements.\u00a0 \u00a0As a result of the delay to issuing the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/solo-oil-plc.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/solo-oil-plc.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/solo-oil-plc.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12357,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-wentworth-resources-provides-operational-update\/","url_meta":{"origin":13901,"position":5},"title":"TANZANIA: Wentworth Resources Provides Operational Update","author":"","date":"June 22, 2022","format":false,"excerpt":"Following record production achieved in 2021,\u00a0Wentworth and its joint venture partners\u00a0continued to realize\u00a0strong production\u00a0rates\u00a0throughout 2022,recording an average production rate\u00a0of 92 MMscf\/d year to date. The five producing wells in the Mnazi Bay field and the associated joint venture operated facilities continued to perform well and without issues. Furthermore, the reductions\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=13901"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13901\/revisions"}],"predecessor-version":[{"id":13903,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13901\/revisions\/13903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13902"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}