REG - Scirocco Energy PLC - Ruvuma Operations Update

Scirocco EnergyAnnouncement

01/09/2022 07:15

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RNS Number : 8471X  Scirocco Energy PLC  01 September 2022

1 September 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Operations Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive
assets within the European sustainable energy and circular economy markets,
notes the update issued today by Aminex PLC on operations at the Ruvuma PSA,
in which Scirocco holds a legacy 25% non-operated working interest.

Seismic and commercial activities continue to progress under the direction of
the operator, ARA Petroleum Tanzania Limited ("APT"):

·    Over half of the seismic data has now been acquired over the Ntorya
location and, at the current rate of activity, it is expected that the
acquisition programme will be completed by the middle of October 2022.

·    Sufficient seismic data regarding the drilling location of the
Chikumbi-1 ("CH-1") well has now been acquired, and processing and
interpretation of such data is almost complete with further updates to be
provided in due course.

·    On behalf of the Ruvuma joint venture partners, APT has agreed in
principle with the Government of Tanzania ("GoT") to an addendum to the Ruvuma
PSA ("PSA Addendum"). The Ruvuma PSA, as with all other PSAs in Tanzania,
contained fiscal terms (profit share, royalty, and taxations rates) only for
the production of oil. Fiscal terms for the production of gas were required to
be agreed upon separately.

·    Negotiations on the gas sales agreement ("GSA") between the Ruvuma
partners and the Tanzania Petroleum Development Corporation ("TPDC") for the
sale of gas from the Ntorya gas field to the TPDC commenced recently in
Tanzania and are currently ongoing.

Tom Reynolds, Scirocco's CEO commented:

 

"It is pleasing to see the positive progress reported today by Aminex, which
is supportive of Scirocco's ongoing exposure to the success case of the
project as part of the contingent elements of the agreement for the Company's
divestment of its interest in the asset to APT."

 

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 / Robert Collins

 WH Ireland Limited, Broker                        +44 (0) 0207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                            +44 (0) 20 7466 5000

 Ben Romney / Jon Krinks

The person responsible for arranging for the release of this announcement on
behalf of the Company is Tom Reynolds. This announcement is not for
publication or distribution, directly or indirectly, in or into the United
States of America.  This announcement is not an offer of securities for sale
into the United States.  The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933 (the "Securities
Act"), or with any securities regulatory authority of any state or other
jurisdiction of the United States.  The securities may not be offered or sold
in the United States, except pursuant to an applicable exemption from or in a
transaction not subject to the registration requirements of the Securities Act
and in compliance with any applicable securities laws of any state or other
jurisdiction of the United States.  No public offering of the securities is
being made in the United States.

 

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