TIDMSCIR

RNS Number : 7278D

Scirocco Energy PLC

01 July 2021

1 July 2021

Scirocco Energy plc

("Scirocco" or "the Company")

Tanzania Operations Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive production and development opportunities within the European energy market, provides the following update on the operational activities in the Ruvuma PSA.

ARA Petroleum Tanzania Limited ("APT" or the "Operator") has now completed the tendering work for the acquisition of 454 km(2) 3D seismic and contract award will follow the approval by the Tanzanian authorities for the issue of the seismic acquisition contract. The Operator expects that acquisition will commence later in the third quarter of 2021. The Chikumbi-1 exploration and appraisal well is now expected to spud early in the third quarter of 2022. Assuming a successful outcome from the drilling of the Chikumbi-1 well, first gas from the project is anticipated to be delivered by the end of 2024. The work programme scheduling is in line with the Company's expected funding commitments towards it.

APT has also re-interpreted the existing 2D seismic dataset and considers the Ntorya gas reservoir to be the product of a stacked, high-energy, channelised sand system. The Operator's 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 and a mean risked recoverable gas resource of 1,990 Bcf which will be appraised by the planned seismic and drilling programme.

The partners in the Ruvuma PSA are APT (50%, Operator), Aminex plc (25%) and Scirocco (25%).

Tom Reynolds, CEO, commented: "We are pleased to provide the operational update on the Ntorya gas discovery and forward work programme. APT has made significant progress since assuming the role of Operator and we are now looking forward to a busy period of operational activity as the Joint Venture executes the 3D seismic and well planning programme. Additionally, the work undertaken by the APT technical team to re-map the discovery and identify prospective additional resources demonstrates the potential size and scale of the Ntorya discovery."

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) 0207 220 
   Harry Ansell / Katy Mitchell                      1666 
 
   Buchanan, Financial PR                            +44 (0) 20 7466 
   Ben Romney / Kelsey Traynor / James Husband       5000

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July 01, 2021 02:00 ET (06:00 GMT)

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