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IN BRIEF: Aminex and Scirocco Energy begin 3D seismic programme

Mon, 08th Aug 2022 11:44

Scirocco Energy PLC - Leeds, England-based oil & gas investment company - Provides an update on operations at the Kiliwani North Development licence, in which it holds 8.4% non-operated working interest, along with its joint venture partner Aminex PLC.

Says a 3D seismic acquisition programme has begun by Orca Energy Group Inc, as awarded to African Geophysical Services LLP, covering a total area of 200 kilometres squared. Explains Orca is aiming to complete the programme by the end of the year. Says the resulting data will help identify fault trends, improve reservoir definition and the understanding of the Kiliwani development.

Scirocco Chief Executive Tom Reynolds says: "We are pleased to note the positive progress reported by Aminex today, which will better characterise and enhance the JV's understanding of the potential resource. In so doing, this should support the company in exploring options to divest or otherwise realise value from the asset as it pivots to investments in sustainable energy and the circular economy."

Current Scirocco stock price: 0.25 pence, down 9.1% in London on Monday

12-month change: down 72%

Current Aminex stock price: 0.94 pence, up 2.1% in London

12-month change: up 57%

By Heather Rydings; heatherrydings@alliancenews.com