TIDMSCIR

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 12.5km(2) 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 
  Tom Reynolds, CEO                                +44 (0) 20 7466 
  Doug Rycroft, COO                                 5000 
 
   Strand Hanson Limited, Nominated Adviser 
   & Broker                                          +44 (0) 20 7409 
   Ritchie Balmer / James Spinney / Rory Murphy      3494 
 
   WH Ireland Limited, Broker                        +44 (0) 0207 220 
   Harry Ansell / Katy Mitchell                      1666 
 
   Buchanan, Financial PR                            +44 (0) 20 7466 
   Ben Romney / Jon Krinks / James Husband           5000

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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April 08, 2022 02:01 ET (06:01 GMT)

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