TIDMSCIR
RNS Number : 9622E
Scirocco Energy PLC
01 November 2022
1 November 2022
Scirocco Energy plc
("Scirocco Energy" or "the Company")
Ruvuma Operations Update
Scirocco (AIM: SCIR) notes the below operations update issued
this morning by Aminex PLC regarding the Ruvuma asset, in which
Scirocco awaits completion of the divestment of its 25% interest to
APT. The full text of the Aminex PLC announcement is copied out
below:
Aminex has been informed of a delay to the spud date of the
forthcoming Chikumbi-1 ("CH-1") well by the operator, ARA Petroleum
Tanzania Limited ("APT"). Due to ongoing negotiations with the
Tanzanian authorities and contractors, Aminex has been advised that
the expected spud date for CH-1 has now slipped to March 2023 due
to rig availability. The Company is however pleased to provide the
market with an update on current operational activities:
-- APT and the Tanzania Petroleum Development Corporation
("TPDC") are in advanced negotiations to accelerate gas production
from the Ntorya gasfield. The proposal, following the successful
drilling of CH-1, is to utilise the newly drilled well and the
existing suspended gas producers, Ntorya-1 ("NT-1") and Ntorya-2
("NT-2"). This is expected to lead to gas production and receipt of
production revenues in early 2024, almost 12 months earlier than
originally envisaged.
-- The acceleration of production through the initial three
wells is strongly supported by the Tanzanian authorities and is
based on the following:
o Commitment by the TPDC to construct a 30 km pipeline as soon
as possible to tie the Ntorya gasfield into the existing Madimba
processing and pumping station.
o The incorporation of three producing wells - CH-1, NT-2 and
NT-1, the latter of which will be worked-over after the drilling of
CH-1 to repair a minor leak in the casing string.
o The three wells are expected to produce at least 60 mmscfd in
aggregate.
o The estimated gross capital budget for 2023, which has been
approved by the joint venture partners, is US$30.8 million,
includes the processing and interpretation of the 3D seismic data,
drilling and testing of CH-1, re-entry and work-over of NT-1,
together with the purchase of the necessary manifold, flowlines,
fiscal meters and hook-up system to facilitate early
production.
o Early production success, from the initial three well
development, will see the drilling of up to five additional
development wells taking the expected field gas production to rates
in excess of 140 mmscfd, as previously reported.
-- Negotiations continue regarding the finalisation of gas terms and gas pricing.
-- The Ruvuma 3D seismic acquisition programme, the largest 3D
survey to have been conducted to date in onshore East Africa,
completed on 9 October 2022 and the processing and interpretation
of data will continue into 2023.
Aminex, with a 25% non-operated interest, is carried throughout
the ongoing work programme to a maximum gross capital expenditure
of $140 million ($35 million net to Aminex). The carry will see the
Company through to the commencement of commercial gas production
from the Ntorya gasfield, now scheduled for early 2024, and to
increased production from full field development at zero cost to
the Company, which envisages the drilling of up to five additional
wells in 2024. APT's revised mapping and internal management
estimates currently suggest a risked prospective gas in place
("GIIP") of 3,024 Bcf
(gross basis, mean case) within multiple reservoir sand lobes
and a prospective risked recoverable gas resource of 1,990 Bcf
(gross basis, mean case), which will be confirmed in due course by
the recently acquired 3D seismic data.
Charles Santos, Executive Chairman of Aminex commented:
"Whilst I am disappointed to announce a delay in the spudding of
the important CH-1 well, the acceleration of production is a game
changer for all stakeholders in the Ruvuma development and will
halve the time to gas production from Ntorya and receipt of
revenues to the Company. The advanced negotiations on fast-tracking
production reflects a strong desire of the Tanzanian authorities to
bring additional gas to the market as soon as possible and the
steadfast commitment of the Operator to move this project forward
at an enhanced pace for the benefit of all parties involved. We
would like to thank APT and the Tanzanian authorities for their
cumulative efforts in continuing to progress the project."
Commenting on the update, Scirocco's CEO Tom Reynolds said:
"The update discloses a delay to the drilling of CH-1 well,
which will be a disappointment to the forward JV, however also
positive updates regarding the acceleration of production which
bodes well for the contingent elements of Scirocco's $16m
divestment."
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations .
For further information:
Scirocco Energy plc
Tom Reynolds, CEO +44 (0) 20 7466
Doug Rycroft, COO 5000
Strand Hanson Limited, Nominated Adviser +44 (0) 20 7409
Ritchie Balmer / James Spinney / Robert Collins 3494
WH Ireland Limited, Broker +44 (0) 0207
Harry Ansell / Katy Mitchell 220 1666
Buchanan, Financial PR +44 (0) 20 7466
Ben Romney / Jon Krinks 5000
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END
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November 01, 2022 10:58 ET (14:58 GMT)
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