Scirocco Energy PLC - Leeds, England-based oil & gas investment company - and Aminex PLC - Tanzania focused gas project developer - Say any future drilling at Kiliwani North depends on an improved seismic resolution of the prospective target structures. Aminex operates the license at the area, with Scirocco holding an 8.4% non-operated working interest. Aminex agrees with Pan African Energy Tanzania to use their high-resolution 3D seismic campaign, to start in mid-2022.
The companies note operations at Ruvuma are progressing, with a target spud date for the CH-1 well of November 2022, according to the operator, ARA Petroleum Tanzania Ltd.
Aminex says terms for entry into the second exploration period at Nyuni area are not agreed after two years, nor has an industry partner been found. The company is in talks with Tanzanian authorities to return the license for the area, to reduce portfolio risk and reserve capital resources, it says.
Scirocco current stock price: 0.50 pence, down 4.8% on Friday
12-month change: down 58%
Aminex current stock price: 0.88 pence, down 4.9% on Friday
12-month change: up 24%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Aminex (AEX)