Scirocco Energy PLC Tanzania Operations Update: 3D Seismic Project (2987U)

TIDMSCIR

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 
  Tom Reynolds, CEO 
  Doug Rycroft, COO                                +44 (0) 20 7466 5000 
 
   Strand Hanson Limited, Nominated Adviser 
   James Spinney / Ritchie Balmer / Rory Murphy      +44 (0) 20 7409 3494 
 
   WH Ireland Limited, Broker 
   Harry Ansell / Katy Mitchell                      +44 (0) 207 220 1666 
 
   Buchanan, Financial PR 
   Ben Romney / Jon Krinks / James Husband           +44 (0) 20 7466 5000

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