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Aminex notes Ruvuma operations progress; Scirocco has clarity on sale

Wed, 12th Jul 2023 10:17

(Alliance News) - Aminex PLC on Wednesday said operations at Ruvuma have continued to progress, and has chosen a new target location for the Chikumbi-1 well.

The oil and gas investment company focused on Tanzania said approval for the new CH-1 pad location from the Tanzanian authorities is expected soon.

Aminex operates a 75% working interest in the Ruvuma asset through its wholly owned subsidiary Ndovu Resources Ltd. The Ruvuma asset covers an area in Tanzania where substantial gas discoveries have been made offshore in recent years and consists of two licences.

Aminex added that the processing of 3D seismic data at the Kiliwani North Development licence, has been completed, and expects data analysis to be fully processed in the final quarter of 2023.

The 3D seismic acquisition programme began last August to identify fault trends, improve reservoir definition and the understanding of the Kiliwani development.

Aminex Executive Chair Charles Santos said: "Ruvuma is an important project for Tanzania, requiring a broad technical engagement and multiple negotiations. We are very pleased that the Tanzanian authorities continue to prioritize our project, including supporting the accelerated production of gas and the building of a pipeline."

Also on Wednesday, Leeds, England-based oil and gas investment company Scirocco Energy PLC noted Aminex's update on the Ruvuma asset.

Back in December, Scirocco said the Tanzanian Fiar Competition Commission had granted its unconditional approval for the sale of its 25% interest in the Ruvuma asset to ARA Petroleum Tanzania.

In May, the company extended its longstop date to allow more time for the divestment of Ruvuma from June 30 to August 31.

Scirocco Chief Executive Officer Tom Reynolds said: "The significant progress made by the joint venture in the development of the Ruvuma licence has provided us with improved clarity regarding the timing of contingent payments under the sale arrangements between ARA Petroleum Tanzania and Scirocco.

"Scirocco Energy is continuing to make progress towards the completion of the transaction and looks forward to providing an update on its status."

Shares in Aminex were up 5.0% at 1.05 pence each, while Scirocco shares were up 6.0% at 0.40 pence each in London on Wednesday morning.

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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