REG - Scirocco Energy PLC - Helium One Update

Scirocco EnergyAnnouncement

15/03/2022 07:00

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RNS Number : 8002E  Scirocco Energy PLC  15 March 2022

15 March 2022

Scirocco Energy plc

("Scirocco Energy" or "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 provided by Helium One Global Ltd ("Helium
One"), in which the Company retains an interest of approximately 1%.

2D Seismic Interpretation

Helium One's ongoing interpretation of Phase II 2D Seismic data has identified
multiple areas of interest with potential closure at both the Lake Bed and
Karoo Group levels.  The area surveyed was not previously covered by historic
2D seismic, so any newly identified closures would be additional to the Helium
One's current resource base and prospect portfolio.

Helium One intends to complete additional work on the areas of interest to
identify drill-ready prospects.  This will be done through ongoing 2D Seismic
interpretation integrating data from Airborne Gravity Gradiometry,
Multispectral Satellite Spectroscopy, Electrical Resistance Tomography and
QEMSCAN data.  This information will feed into risk weighting and volumetric
analysis which will, in turn, feed into prospect prioritisation ahead of
Helium One's planned 2022 drilling campaign.

Drilling Rig Update

Helium One is in advanced discussions with a leading global drilling company
for the provision of a containerised rig solution.  A containerised rig has
the drawworks capacity and capabilities of a conventional drilling rig but can
be broken into modules with the dimensions of standard ISO containers. This
enables the rig to be transported quickly and economically by any container
ship, train or truck and is ideal for drilling in Africa with reduced
transportation costs.

Commenting on the update, Tom Reynolds said "It is pleasing to note that
Helium One continues to make strong progress, with positive indications coming
from the 2D Seismic interpretation which will enhance the portfolio of
drill-ready targets.  Scirocco successfully monetised the majority of its
investment in He1 last year at a significant premium to the current share
price, but retains meaningful exposure to its ongoing progress through our
remaining holding, meaning the upcoming drilling plans at Rukwa represent a
good value catalyst for Scirocco within our diversified portfolio of assets.
We will continue to monitor the progress of this investment with a view to
monetising the remaining value at the appropriate time."

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                            +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

 Strand Hanson Limited, Nominated Adviser       +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Rory Murphy

 WH Ireland Limited, Broker                     +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR

 Ben Romney / Jon Krinks / James Husband

 

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