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bang on and well said AA, good time ahead :o)
Been a long time coming but all in all a great week.
Looks like full speed ahead for gas in Tanzania with the new Energy minister.
ARA/AEX/SCIR seismic approved on time and now LNG on the go.
I had a productive meeting today with Jared Kuehl, Vice President, Shell Tanzania and Unni Fjær, Vice President, Equinor Tanzania. I expressed our utmost desire to see the LNG project happen. The government is reorganizing teams for immediate, speedy and fruitful negotiations.
https://twitter.com/JMakamba/status/1441386898988011539
https://www.malcysblog.com/2021/09/oil-price-scirocco-touchstone-and-finally/
....and probably a fixed price.
Why would Global gas price have any impact on the value of Ruvuma project which is 5 years away from first gas?
Should see this finally break upwards and I am optimistic that we could be easily doubling where we are now - time to fill those bags. Potential sale of our current 25% holding - doubt there will be a lack of interest with current gas/LNG pricing
I think the Bod plan to sell steve and I will be surprised if they still hold come the drill. The 3D is the first step now to confirm the Full field development and now is the ideal time for ANO to buy it on the cheap imo. The 3D will likely add value but the second appraisal drill is likely to add very significant value and price it out of the market for many.
The problem is if we hold ruvuma for another year or more to create additional shareholder value we have to spend a few million and expand the biogas business at the same time. Maybe a partial sale and hold 5 to 10% stake. That way lower costs but available cash to expand biogas business and generating cash flow.
I still think that if a very good offer comes along they will sell ruvuma stake.
Another case for selling is it could still be four years before any gas is produced and income earned.
That’s the important question Steve…I still think we are gonna need a raise at some point though a 3-5 bag on the drill is doable
Morning Chris.
News at last.
Maybe we can afford to keep Ruvuma longer whilst expanding the biogas business.
Not sure what our revised cost is now, although maybe enough in the bank to see us through to drilling stage.
Well done the Zubairs (ARA) looks like we are paying much less than budgeted.
"the joint venture has been able to take advantage of favourable market conditions securing a Lumpsum contract considerably below the joint venture's expected budget for the activity. AGS intends to commence activities in the Ntorya location from October 2021."
I second that Bigdouble!
Let’s just hope the Board stay with the asset long enough for LTHs to reap the rewards. Drilling CH1 will be where the excitement will bag the SP x 5 plus.
Caddy you really are a total plank. Try putting some useful input instead of just knocking everything and everyone.
I was grown up enough to read the RNS for myself cp but what will it do for the SP?
That's a first in Tanzania!
Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is delighted to announce that the Ruvuma joint venture - where Scirocco owns a legacy position of 25% - has awarded a seismic acquisition contract to Africa Geophysical Services Limited ("AGS").
The award follows an extensive tendering exercise conducted by ARA Petroleum Tanzania Limited ("APT") for the seismic programme during which the joint venture has been able to take advantage of favourable market conditions securing a Lumpsum contract considerably below the joint venture's expected budget for the activity. AGS intends to commence activities in the Ntorya location from October 2021.
The acquisition will consist of approximately 338 km² of 3D seismic data focusing on the area of primary interest. AGS will mobilise, weather permitting, and focus on the proposed location for the Chikumbi-1 well ("CH-1") to acquire as much data as possible before the start of the rainy season with the programme re-commencing after that with no additional cost to the JV partners.
Tom Reynolds, CEO at Scirocco Energy comments: "The award of the seismic acquisition contract is exciting news and marks an important milestone for the Ruvuma project. Following the recent award of the two year licence extension, the project is now entering a period of operational activity designed to understand the full potential of the development - a key value inflection point. Operator APT has made excellent progress to secure highly competitive seismic acquisition rates, delivering a considerable cost saving to the joint venture. The project is now gathering momentum towards development of a proven gas resource into the established Tanzanian gas market."