REG - Scirocco Energy PLC - Tanzania Operations Update: 3D Seismic Project

Scirocco EnergyAnnouncement

02/12/2021 07:00

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RNS Number : 2987U  Scirocco Energy PLC  02 December 2021

2 December 2021

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Tanzania Operations Update: 3D Seismic Project

 

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive
assets within the European sustainable energy and circular economy markets,
announces that further to its announcement on the 22 October 2021, the first
phase of the 3D seismic project has commenced on the Ruvuma PSA in Tanzania in
which the Company holds a 25% working interest.

 

ARA Petroleum Tanzania Limited ("APT") has confirmed, further to the award of
the seismic acquisition contract announced on 24 September 2021, the
contractor commenced preparatory works as planned on 15 November and has now
established the GPS control points and survey equipment is being calibrated
for ground staking. The Joint Venture expects line clearing and mobilisation
of the camp to commence next week. The contractor is making good progress with
the mobilisation of the necessary equipment with 5 vibroseis trucks now ready
to be offloaded at the port of Dar es Salaam and the importation of the
receivers is ongoing with the expectation that this will be completed next
week.

 

The Joint Venture expects the contractor to be fully mobilised and to commence
the survey on 15 December in line with the expected timetable. The first phase
of seismic survey activity will continue until the weather permits and
commence again once the rains have abated in late Q1 2022.

 

Tom Reynolds, Chief Executive Officer commented:

 

"It represents a critical milestone for the project as the 3D seismic survey
begins within the Ruvuma PSA. The further geotechnical knowledge the Joint
Venture will gain from the acquisition of a modern 3D survey over the target
area including the Ntorya discovery is a significant step for the Joint
Venture and, tied with the upcoming well, will further define this important
Tanzanian gas resource.

 

While Scirocco remains in commercial negotiations with interested parties
engaged in the ongoing sales process, the Company will continue to adopt a
phased approach to funding its share of all commitments associated with future
activity on Ruvuma, including the first phase of the seismic programme which
is fully funded from available resources based on the Operator's cash call
forecast. Ruvuma represents a material value catalyst for Scirocco, both in
terms of monetisation and operational activity, and will remain a priority
until that value has been realised for our shareholders."

 

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

 James Spinney / Ritchie Balmer / Rory Murphy

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

 Harry Ansell / Katy Mitchell

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

 Ben Romney / Jon Krinks / James Husband

 

 

 

 

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