By Michael Susin
Shares in Scirocco Energy rose on Monday after the group completed the sale of its 25% stake in the Ruvuma gas project in Tanzania for a consideration of $2.54 million.
At 0933 GMT, shares were up 0.28 pence, or 73%, at 0.65 pence.
The AIM-listed energy company said that, upon certain conditions, it will also be entitled to receive a series of contingent payments of up to $13 million.
Scirocco Energy announced the stake sale to ARA Petroleum Tanzania in August 2022 and received approval from Tanzania’s energy ministry on Oct. 2.
Write to Michael Susin at michael.susin@wsj.com
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