Aminex PLC - Tanzania focused gas project developer - Notes that Ruvuma joint venture has approved the 2022 work programme and budget which is expected to meet all work obligations under the terms of the licence extension, and further advance the appraisal and derisking of the existing gas discovery on the licence.
Work programme will focus on shooting 3D seismic on the licence area and drilling the Chikumbi-1 well. Associated project budget is USD25 million, and the well is expected to start drilling in the third quarter of 2022.
"This is another positive step in the development of the Ruvuma project, following the extension of the license and the award of the seismic acquisition contract. These developments demonstrate the professionalism and capacity of the operator and the significant progress made on the licence by the JV partners. As we enter this important phase of activity, we would like to thank APT for the significant progress made," said Executive Chair Charlie Santos.
Scirocco Energy PLC, which is a part of the Ruvuma joint venture, also noted the approved work programme.
On Wednesday, Scirocco has made a further closing under its investment facility with investor Prolific Basins LLC. Prolific Basins has made a further investment of USD1 million into Scirocco through a prepayment of shares under the facility.
Aminex's current stock price: 0.68 pence, down 3.0% on Friday
Year-to-date change: up 19%
Scirocco Energy's current stock price: 1.11 pence, down 3.2% on Friday
Year-to-date change: up 9.1%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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