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Scirocco Energy advancing transition energy investment plans

Last updated: 07:28 29 Feb 2024 EST, First published: 10:05 18 Feb 2023 EST

Snapshot

  • Scirocco Energy to realise ‘upside potential’ on Ruvuma legacy investment
  • Scirocco Energy CEO updates after "purple patch of performance"
Renewable

About the company

Scirocco Energy PLC holds interests in significant natural gas and helium assets in Tanzania.

The primary focus for the company is the development of the Ntorya gas field in the Ruvuma PSA.

How it is doing

29 Feb 2024

Scirocco Energy PLC (AIM:SCIR) has noted the update on the Ruvuma project from Aminex, the Tanzania-based oil and gas exploration and development company.

Analysis conducted by ARA Petroleum Tanzania (APT), the operator of the Ruvuma Production Sharing Agreement (PSA), in collaboration with Ikon Geoscience, has led to a substantial upward revision of the Gas Initially In Place (GIIP) for the Ntorya gas discovery.

The most likely estimate now stands at 3.45 trillion cubic feet (Tcf), a major leap from the previously estimated 1.64 Tcf by RPS Energy in its 2018 Competent Person's Report (CPR). 

Seismic data has further revealed the presence of additional gas-charged reservoir sandstones, suggesting the possibility of even larger gas accumulations beyond the high-confidence areas previously identified.

06 Feb 2024

Scirocco Energy PLC (AIM:SCIR) is to hold a general meeting due to a requisition from a shareholder calling for a formalised strategy to distribute cash proceeds from the sale of assets.

The requisition came via Forest Nominees Limited, representing shareholder G.P. (Jersey) Limited, which has an interest of some 78.97 million shares in Scirocco.

31 Jan 2024

Scirocco Energy PLC (AIM:SCIR) said the sale of biomass group EAG, in which it held a 50% interest, to private equity firm OrbeNovo Capital for a gross enterprise value of £2.6 million has been completed.

A net consideration of £702,000 payable to Scirocco is expected to be received today, said the statement.

What management says

13 Apr 2023

Scirocco Energy PLC (AIM:SCIR) chief executive Tom Reynolds speaks to Proactive following the release of an update on the company's investment into the Energy Acquisitions Group (EAG).

Scirocco owns 50% in the EAG Joint Venture which wholly owns and operates Greenan Generation Limited, a 0.5MW Anaerobic Digestor plant in Northern Ireland.

Reynolds says that EAG has been through a "purple patch of performance." Reynolds also mentions the company's plans for future acquisitions, particularly in the renewable energy sector, including a second anaerobic digestion plant in southwest England.

Proactive Research

25 Jul 2017

Solo Oil Plc (“Solo”) is a London (AIM) listed oil and gas investment company engaged in the acquisition and development of a diverse global portfolio of oil and gas assets. The company has a core portfolio of non-operated assets in Tanzania, including a stake in the prolific Ruvuma Basin, an interest in the producing Kiliwani North gas development on the Songo Songo Island, and a 10% interest Helium One, including the Rukwa project. Other assets include non-operated interests in the Weald and Wessex Basins (Horse Hill and Isle of Wight) onshore UK, a strategic investment in Burj Africa in Nigeria and an enhanced Oil Recovery project in Ontario, Canada.  In this note, we provide a brief description of the Kiliwani North, Ruvuma and Rukwa helium assets, as well as our estimate of risked value for the company which represents a substantial upside to the current share price. Solo (SOLO.LON) has net 2P producing resources of 2.0BCF and net 2C resources of 32.6BCF with a potential upside to 206BCF of hydrocarbon gas in Tanzania, as well as 10BCF of unrisked prospective resources of helium; whilst we estimate that the Horse Hill and Isle of Wight projects represent 5-6MMbbl of additional oil resources.