Scirocco Energy PLC Ruvuma Operations Update (8471X)

TIDMSCIR

RNS Number : 8471X

Scirocco Energy PLC

01 September 2022

1 September 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Operations Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets , notes the update issued today by Aminex PLC on operations at the Ruvuma PSA, in which Scirocco holds a legacy 25% non-operated working interest.

Seismic and commercial activities continue to progress under the direction of the operator, ARA Petroleum Tanzania Limited ("APT"):

-- Over half of the seismic data has now been acquired over the Ntorya location and, at the current rate of activity, it is expected that the acquisition programme will be completed by the middle of October 2022.

-- Sufficient seismic data regarding the drilling location of the Chikumbi-1 ("CH-1") well has now been acquired, and processing and interpretation of such data is almost complete with further updates to be provided in due course.

-- On behalf of the Ruvuma joint venture partners, APT has agreed in principle with the Government of Tanzania ("GoT") to an addendum to the Ruvuma PSA ("PSA Addendum"). The Ruvuma PSA, as with all other PSAs in Tanzania, contained fiscal terms (profit share, royalty, and taxations rates) only for the production of oil. Fiscal terms for the production of gas were required to be agreed upon separately.

-- Negotiations on the gas sales agreement ("GSA") between the Ruvuma partners and the Tanzania Petroleum Development Corporation ("TPDC") for the sale of gas from the Ntorya gas field to the TPDC commenced recently in Tanzania and are currently ongoing.

Tom Reynolds, Scirocco's CEO commented:

" It is pleasing to see the positive progress reported today by Aminex, which is supportive of Scirocco's ongoing exposure to the success case of the project as part of the contingent elements of the agreement for the Company's divestment of its interest in the asset to APT ."

For further information:

 
 Scirocco Energy plc 
  Tom Reynolds, CEO                            +44 (0) 20 7466 
  Doug Rycroft, COO                             5000 
 
   Strand Hanson Limited, Nominated Adviser 
   Ritchie Balmer / James Spinney / Robert       +44 (0) 20 7409 
   Collins                                       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                       5000

The person responsible for arranging for the release of this announcement on behalf of the Company is Tom Reynolds. 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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