REG - Scirocco Energy PLC - Ruvuma Update

Scirocco EnergyAnnouncement

28/11/2022 07:00

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RNS Number : 7002H  Scirocco Energy PLC  28 November 2022

28 November 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Update

Scirocco (AIM: SCIR) the AIM investing company targeting attractive assets
within the European sustainable energy and circular economy markets, is
pleased to provide an update on the Ruvuma asset, where Scirocco has entered
into an agreement to sell its 25% interest to ARA Petroleum Tanzania (APT).

 

On 25 November 2022, at the Tanzania Petroleum Development Corporation
("TPDC") headquarters in Dar es Salaam, the parties to the Ruvuma PSA signed
an addendum to the PSA ("PSA Addendum"). The Ruvuma PSA, as with all other
PSAs in Tanzania, contained profit share, royalty, and taxation rates only for
oil production. The PSA Addendum sets out the relevant terms for gas
production.

 

At the event, the Tanzanian Minister of Energy and Managing Director of TPDC
outlined the Government's commitment to:

 

·      Develop additional gas resources as soon as possible;

·      Accelerate Ruvuma's production, which will play a vital role in
achieving the country's short to medium-term gas needs; and

·      Construct a 30 km pipeline to tie the Ntorya gasfield into the
existing Madimba processing and pumping station in the next six to nine
months.

 

Tom Reynolds, CEO of Scirocco, commented:

 

"As we progress towards the completion of the divestment of Scirocco's
interest in Ruvuma to APT, the above is a positive step which supports the
development of the Ruvuma licence in due course and therefore the payment of
the contingent elements associated with that transaction."

 

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
                                                   +44 (0) 20 7466 5000

 Buchanan, Financial PR

 Ben Romney / Jon Krinks

 

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