Scirocco Energy Regulatory News (SCIR)

Scirocco Energy plc

("Scirocco Energy" of "the Company")

Award of Seismic Acquisition Contract

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."

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