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Scirocco Energy Plc says start of seismic at Ruvuma is a material value catalyst

“Ruvuma represents a material value catalyst for Scirocco, both in terms of monetisation and operational activity,” Tom Reynolds said

Scirocco Energy PLC (AIM:SCIR) said the start of a 3D seismic survey at Ruvuma PSA in Tanzania is a critical milestone for the company and “represents a material value catalyst”.

Scirocco Energy holds a 25% working interest in the project.

Project operator ARA Petroleum confirmed reparation work has been underway since November 15, and line clearance work is due to start next week.

Five vibroseis trucks are ready to be offloaded at the port of Dar es Salaam and further equipment is due by the end of this week.

It is expected that the surveying will start in the field on December 15, in line with the expected timetable. The programme will progress for as long as weather permits – and will complete after the wet season abates in late Q1 2022.

It comes as Scirocco seeks to divest its interests in the project, but in the meantime Ruvuma remains a priority catalyst for the AIM-quoted firm.

“Ruvuma represents a material value catalyst for Scirocco, both in terms of monetisation and operational activity, and will remain a priority until that value has been realised for our shareholders,” said Scirocco chief executive Tom Reynolds.

He added: “It represents a critical milestone for the project as the 3D seismic survey begins within the Ruvuma PSA.

“The further geotechnical knowledge the Joint Venture will gain from the acquisition of a modern 3D survey over the target area including the Ntorya discovery is a significant step for the Joint Venture and, tied with the upcoming well, will further define this important Tanzanian gas resource.”

Read More: Scirocco Energy Plc says start of seismic at Ruvuma is a material value catalyst

2021-12-02 02:11:00

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