SCIR Scirocco Energy Plc

TIDMSCIR

RNS Number : 0338J

Scirocco Energy PLC

18 August 2021

18 August 2021

Scirocco Energy plc

("Scirocco Energy" of "the Company")

Extension of Ruvuma Licence

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to report the Ruvuma joint venture has received an extension to its licence under the Ruvuma PSA from the Ministry of Energy of Tanzania. Scirocco holds a 25% working interest in the Ruvuma Licence.

The operator, ARA Petroleum Tanzania Limited ("APT") secured the extension, which is valid for two years from 15 August 2021, and allows for the completion of the following:

   --             Acquisition of 200 square kilometres (surface coverage) of 3D seismic data 
   --             Drilling of the Chikumbi-1 well 
   --             Conclusion of negotiations of the Gas Terms for the Ruvuma PSA. 

As announced by the Company on 1 July, tendering for the acquisition of 3D seismic has been completed and APT awaits approval from the Tanzanian authorities for the issue of the seismic acquisition contract. It is still expected that acquisition will commence in the third quarter of 2021. Drilling of the Chikumbi-1 exploration and appraisal well is expected to commence early in the third quarter of 2022.

As also previously announced, following technical work by APT earlier this year, their revised mapping and internal management estimates suggest a mean risked gas in place ("GIIP") for the Ntorya accumulation of 3,024 Bcf, in multiple lobes to be tested and a mean risked recoverable gas resource of 1,990 Bcf, which will be appraised by the planned seismic and drilling programme.

Commenting on the update, Tom Reynolds, CEO of Scirocco, said:

"This is a very positive update for the Ruvuma JV partners as the licence extension adds significantly more clarity to the project going forward. It also reflects the quality of the Operator and its status in country which is critical for the future success of the project. Most importantly for Scirocco, it provides clarity of licence tenure to potential acquirers within our ongoing discussions regarding the sale of Scirocco's interest in Ruvuma. With a clear licence position, work programme and associated timeline, we are able to present a well-defined pathway to development to prospective purchasers. We look forward to progressing those discussions and providing updates to the market as appropriate."

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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August 18, 2021 05:00 ET (09:00 GMT)

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