Scirocco Energy PLC Ruvuma Update (7002H)

TIDMSCIR

RNS Number : 7002H

Scirocco Energy PLC

28 November 2022

28 November 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Update

Scirocco (AIM: SCIR) the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide an update on the Ruvuma asset, where Scirocco has entered into an agreement to sell its 25% interest to ARA Petroleum Tanzania (APT).

On 25 November 2022, at the Tanzania Petroleum Development Corporation ("TPDC") headquarters in Dar es Salaam, the parties to the Ruvuma PSA signed an addendum to the PSA ("PSA Addendum"). The Ruvuma PSA, as with all other PSAs in Tanzania, contained profit share, royalty, and taxation rates only for oil production. The PSA Addendum sets out the relevant terms for gas production.

At the event, the Tanzanian Minister of Energy and Managing Director of TPDC outlined the Government's commitment to:

   --      Develop additional gas resources as soon as possible; 

-- Accelerate Ruvuma's production, which will play a vital role in achieving the country's short to medium-term gas needs; and

-- Construct a 30 km pipeline to tie the Ntorya gasfield into the existing Madimba processing and pumping station in the next six to nine months.

Tom Reynolds, CEO of Scirocco, commented:

"As we progress towards the completion of the divestment of Scirocco's interest in Ruvuma to APT, the above is a positive step which supports the development of the Ruvuma licence in due course and therefore the payment of the contingent elements associated with that transaction."

For further information:

 
 Scirocco Energy plc 
  Tom Reynolds, CEO                            +44 (0) 20 
  Doug Rycroft, COO                             7466 5000 
 
   Strand Hanson Limited, Nominated Adviser 
   Ritchie Balmer / James Spinney / Robert       +44 (0) 20 
   Collins                                       7409 3494 
 
   WH Ireland Limited, Broker                    +44 (0) 0207 
   Harry Ansell / Katy Mitchell                  220 1666 
 
   Buchanan, Financial PR 
   Ben Romney / Jon Krinks                    [phone] 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBKOBBDBDBDDB

(END) Dow Jones Newswires

November 28, 2022 02:00 ET (07:00 GMT)