REG - Scirocco Energy PLC - Tanzania Operations Update

Scirocco EnergyAnnouncement

08/04/2022 07:00

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RNS Number : 7228H  Scirocco Energy PLC  08 April 2022

8 April 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Tanzania Operations Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive
assets within the European sustainable energy and circular economy markets, is
happy to provide the following update on its Tanzanian oil and gas operations.
The Company intends to issue a broader operations update covering all of its
activities later in the month.

Ruvuma

The Company is pleased to update the market that operations progress on the
Ruvuma PSA (25% non-operated interest) in Tanzania, with the seismic
acquisition programme and preparations for the drilling of the Chikumbi-1
("CH-1") well, under the direction of the operator, ARA Petroleum Tanzania
Limited ("APT").

Alongside the ongoing seismic operations, APT has further advanced the well
planning for the CH-1 well with all long lead items contracts now executed.
APT reports a target spud date for the CH-1 well in November 2022.

As previously announced, APT's revised mapping and internal management
estimates suggest a risked prospective gas in place ("GIIP") for the Ntorya
accumulation of 3,024 Bcf (gross basis, mean case), in multiple lobes to be
tested, and a prospective, risked recoverable gas resource of 1,990 Bcf (gross
basis, mean case) considerably in excess of the Joint Venture's carried
resource assessment - presenting significant upside opportunities in the well.

Kiliwani North

The Company also notes that Aminex PLC, the operator of the Kiliwani North
Development Licence ("KNDL") in which Scirocco holds an 8.39% non-operated
working interest, today announced that any future drilling is contingent upon
an improved seismic resolution of the prospective target structures.
Additionally, the operator has reached an agreement with Pan African Energy
Tanzania ("PAET") to utilise their high-resolution 3D seismic campaign,
targeting a mid-year start, to receive approximately 12.5km² of valuable new
high-resolution 3D coverage over KNDL, at no cost to the Kiliwani North joint
venture. PAET will be acquiring high-resolution 3D seismic over the adjacent
producing Songo Songo field, and the Kiliwani North joint venture will allow
PAET to partially overlap the KNDL area to enable full-fold processing of the
new 3D dataset up to the Songo Songo and KNDL boundary.

This coverage, which represents over 40% of the critical area of the licence,
will enable the operator to link the new high-resolution 3D data to its
existing 2D seismic legacy data which currently covers the KNDL with an
irregular seismic grid. This should significantly improve both fault
resolution and reservoir horizon mapping; both considered to be essential to
understand the compartmentalised nature of the reservoir.

Commenting on the operational progress, Scirocco CEO Tom Reynolds said:

"The operational progress made by both operators on our Tanzania oil and gas
asset represents long awaited activity on both blocks which are significant
value catalysts for Scirocco shareholders. We are excited about the schedule
of work activity in 2022 and beyond in Tanzania and look forward to being able
to update the market further as to the progress of ongoing operations."

 

For further information:

 Scirocco Energy plc                                     +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

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

 Ritchie Balmer / James Spinney / Rory Murphy

 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 / James Husband

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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