Scirocco Energy PLC Helium One Update (3372I)
11 Agosto 2021 - 7:06AM
UK Regulatory
TIDMSCIR
RNS Number : 3372I
Scirocco Energy PLC
11 August 2021
11 August 2021
Scirocco Energy plc
("Scirocco Energy" of "the Company")
Helium One Update
Scirocco Energy (AIM: SCIR), the AIM investing company targeting
attractive assets within the European sustainable energy and
circular economy markets, notes the below update issued by Helium
One this morning.
Highlights:
-- Tai-1A completed to a depth of 1121m with helium shows
identified in all three target formations
-- Helium shows encountered over five intervals in the Karoo Formation.
-- A 130m thick claystone unit was encountered above the top
Karoo sands, indicating good seal presence for the Karoo
reservoir.
-- Wireline logging of the uppermost Karoo indicates good
reservoir potential with 15-20% porosities.
-- Petrophysical analysis indicates no free gas in the uppermost
thinly bedded Karoo sands associated with helium shows.
-- Helium shows within the deeper and thicker sandstone units of
the main Karoo reservoir were not able to be logged due to poor and
deteriorating hole conditions.
-- Results of Tai-1A to be evaluated and incorporated into our
ongoing exploration strategy which may include redrilling of Tai to
test identified targets
Tom Reynolds, CEO of Scirocco commented;
"We note the results of this well with interest as it relates to
our remaining holding in Helium One. The identification of helium
shows across multiple zones is encouraging with regards to
confirming the presence of a working helium system in the Rukwa
Basin.
Scirocco is very satisfied that the way it managed its historic
investment in Helium One locked in firm value for our shareholders
and enabled the redistribution of cash into a new investment, which
we expect to close out imminently. We also remain encouraged by the
long-term potential of our remaining residual holding in Helium One
and look forward with interest to the next activity in their
exploration programme."
Details
Helium One has completed exploration drilling at its maiden
Tai-1A exploration well in the Rukwa Basin. The well has
successfully identified helium shows within all three target
formations, including five helium show intervals identified in the
primary Karoo targets, as well as secondary targets in the Lake Bed
and Red Sandstone Formations.
The uppermost Karoo was marked by a thick (130m) claystone
sequence, demonstrating seal presence which is supported by our
seismic interpretation. Wireline logging of the uppermost Karoo
indicates good reservoir potential with 15-20% porosities in thinly
bedded sandstone units. It was not possible to log the main Karoo
reservoir.
Wireline logging operations commenced after reaching a total
depth (TD) of 1121m. Unfortunately, borehole washouts, which are
associated with these thinly interbedded sand-claystone sequences,
have resulted in a series of ledges to develop in the wellbore. The
wireline tools hung-up on these ledges and after several attempts
to clean the hole, Helium One were unable to progress the tools
beyond 880m.
Wireline data was therefore only available over the uppermost
helium show from 824-845m. This helium show was identified in
thinly bedded (1-3m) sands within the upper Karoo claystone
sequence, and above the better developed, thicker sandstone units
of the Karoo Formation. Petrophysical analysis presented no clear
indications of free gas within this helium show and anomalous
helium in the drilling mud seems to be related to gas-cut-brine.
Gas-cut-brine is considered to be formation water saturated with
helium, but without helium having formed a separate gas phase.
Without wireline data it is not possible to assess the helium
gas-bearing potential of the deeper, thicker, reservoir intervals
with demonstrated helium shows in the main Karoo Formation. As no
free gas was identified, and due to safety concerns caused by the
deteriorated hole conditions, no drill stem test was conducted and
no samples of brine or gas have been recovered to surface.
Whilst Helium One is disappointed not to have identified free
gas within the Karoo Formation of Tai-1A, data acquired from this
well enhances our understanding of the helium system in the Rukwa
Basin. By encountering helium shows in the Lake Bed, Red Sandstone
and Karoo Formations, combined with petrophysical analysis
confirming the presence of a seal and demonstrating good reservoir
potential, we are encouraged that we have identified a working
helium system in the Rukwa Basin.
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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