Scirocco Energy (SCIR)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 0.40p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.58
  • 52 Week Low: 0.23
  • Currency: UK Pounds
  • Shares Issued: 900.50m
  • Volume: 136,115
  • Market Cap: £3.60m
  • RiskGrade: 514

Scirocco reports progress at its Tanzania investments

By Josh White

Date: Friday 08 Apr 2022

LONDON (ShareCast) - (Sharecast News) - Scirocco Energy updated the market on its Tanzania oil and gas operations on Friday, reporting that operations were progressing on the Ruvuma PSA, where it has a 25% non-operated interest.
The AIM-traded firm said the seismic acquisition programme and preparations for the drilling of the Chikumbi-1 (CH-1) well were underway, under the direction of operator ARA Petroleum Tanzania (APT).

Alongside the ongoing seismic operations, APT had further advanced the well planning for the CH-1 well with all long-lead contracts now executed.

Scirocco said APT had a target spud date for CH-1 in November.

As it had previously announced, APT's revised mapping and internal management estimates suggested a risked prospective gas in place for the Ntorya accumulation of a mean, gross 3,024 billion cubic feet in multiple lobes to be tested, and a prospective, risked recoverable gas resource of 1,990 billion cubic feet.

That was "considerably in excess" of the joint venture's carried resource assessment, Scirocco noted, presenting "significant" upside opportunities in the well.

At Kiliwani North, where Scirocco has an 8.39% non-operated working interest, the company noted that operator Aminex had announced that any future drilling was contingent on an improved seismic resolution of the prospective target structures.

Additionally, the operator had agreed with Pan African Energy Tanzania (PAET) to use its high-resolution 3D seismic campaign, targeting a mid-year start, to receive about 12.5 square kilometres of "valuable" new high-resolution 3D coverage over Kiliwani North, at no cost to the joint venture.

PAET would be acquiring high-resolution 3D seismic over the adjacent producing Songo Songo field, and the Kiliwani North joint venture would allow PAET to partially overlap the area to enable full-fold processing of the new 3D dataset up to the Songo Songo and Kiliwani North boundary.

Scirocco said the coverage, which represented over 40% of the critical area of the licence, would enable the operator to link the new high-resolution 3D data to its existing 2D seismic legacy data, which currently covered Kiliwani North with an "irregular" seismic grid.

That, it said, should "significantly improve" both fault resolution and reservoir horizon mapping - both considered "essential" to understand the compartmentalised nature of the reservoir.

"The operational progress made by both operators on our Tanzania oil and gas asset represents long awaited activity on both blocks which are significant value catalysts for Scirocco shareholders," said chief executive officer Tom Reynolds.

"We are excited about the schedule of work activity in 2022 and beyond in Tanzania and look forward to being able to update the market further as to the progress of ongoing operations."

At 1540 BST, shares in Scirocco Energy were down 4.76% at 0.5p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SCIR Market Data

Currency UK Pounds
Share Price 0.40p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.58
52 Week Low 0.23
Volume 136,115
Shares Issued 900.50m
Market Cap £3.60m
RiskGrade 514

SCIR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
65.28% above the market average65.28% above the market average65.28% above the market average65.28% above the market average65.28% above the market average
65.79% above the sector average65.79% above the sector average65.79% above the sector average65.79% above the sector average65.79% above the sector average
Price Trend
5.17% above the market average5.17% above the market average5.17% above the market average5.17% above the market average5.17% above the market average
43.21% above the sector average43.21% above the sector average43.21% above the sector average43.21% above the sector average43.21% above the sector average
Income Not Available
Growth Not Available

SCIR Dividends

No dividends found

Trades for 01-Mar-2024

Time Volume / Share Price
16:22 1,475 @ 0.38p
15:56 21,595 @ 0.38p
15:16 102,000 @ 0.35p
08:02 11,045 @ 0.44p

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