Share Name Share Symbol Market Type Share ISIN Share Description
Scirocco Energy Plc LSE:SCIR London Ordinary Share GB00BF1BK408 ORD 0.20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.425 0.40 0.45 0.425 0.425 0.425 1,783,394 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 0.0 -3.3 -0.6 - 4

Scirocco Energy PLC Tanzania Operations Update

22/10/2021 10:00am

UK Regulatory (RNS & others)

Scirocco Energy (LSE:SCIR)
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RNS Number : 9574P

Scirocco Energy PLC

22 October 2021

22 October 2021

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Tanzania Operations Update

Scirocco Energy (AIM:SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide the following update on the operational activities in the Ruvuma PSA, where Scirocco Energy owns a legacy position of 25%.

The Ruvuma JV has approved the 2022 work programme and budget, which is designed to meet all work obligations under the terms of the licence extension, previously announced on 18 August 2021, and further advance the appraisal and de-risking of the existing gas discovery on the licence.

The work programme will concentrate on shooting 3D seismic on the licence area and drilling the Chikumbi-1 well (CH-1) and Scirocco's estimated share of cost, net to its working interest, is US$6.25 million.

ARA Petroleum Tanzania Limited ("APT") has confirmed, further to the award of the seismic acquisition contract announced on 24 September 2021, that mobilisation of seismic team has commenced and the first phase of the seismic shoot will begin on 15 November 2021. The team will complete the second phase of the seismic shoot in Q1 2022 after the Tanzanian rainy season.

The JV then plans to drill the CH-1 well in Q3 2022.

The seismic acquisition and subsequent interpretation will seek to refine and confirm the exploitable gas resources of the Ntorya field. As previously announced, through a re-interpretation of the existing 2D seismic dataset, APT's revised mapping and internal management estimates suggest a gross, mean risked gas in place ("GIIP") for the Ntorya accumulation of 3,024 Bcf (8,236 Bcf unrisked), in multiple lobes to be tested and a gross, mean risked recoverable gas resource of 1,990 Bcf (5,419 Bcf unrisked).

Tom Reynolds, CEO at Scirocco Energy comments: "This is a positive update for the Ruvuma JV partners, following the recent award of the licence extension and the award of the seismic acquisition contract. This further demonstrates the quality of the operator and the significant progress made on the licence by the JV partners as we enter a key period of activity."

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

For further information:

 Scirocco Energy plc 
  Tom Reynolds, CEO                                +44 (0) 20 7466 
  Doug Rycroft, COO                                 5000 
  Strand Hanson Limited, Nominated Adviser          +44 (0) 20 7409 
   James Spinney / Ritchie Balmer / Rory Murphy      3494 
  WH Ireland Limited, Broker                        +44 (0) 207 220 
   Harry Ansell / Katy Mitchell                      1666 
  Buchanan, Financial PR                            +44 (0) 20 7466 
   Ben Romney / Jon Krinks / James Husband           5000 

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(END) Dow Jones Newswires

October 22, 2021 05:00 ET (09:00 GMT)

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