CORO ENERGY PLC

Regulatory Filings • Nov 28, 2022

National Storage Mechanism | Additional information

RNS Number : 7002H

Scirocco Energy PLC

28 November 2022

28 November 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Update

Scirocco (AIM: SCIR) the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide an update on the Ruvuma asset, where Scirocco has entered into an agreement to sell its 25% interest to ARA Petroleum Tanzania (APT).

On 25 November 2022, at the Tanzania Petroleum Development Corporation ("TPDC") headquarters in Dar es Salaam, the parties to the Ruvuma PSA signed an addendum to the PSA ("PSA Addendum"). The Ruvuma PSA, as with all other PSAs in Tanzania, contained profit share, royalty, and taxation rates only for oil production. The PSA Addendum sets out the relevant terms for gas production. 

At the event, the Tanzanian Minister of Energy and Managing Director of TPDC outlined the Government's commitment to:

·      Develop additional gas resources as soon as possible;

·      Accelerate Ruvuma's production, which will play a vital role in achieving the country's short to medium-term gas needs; and

·      Construct a 30 km pipeline to tie the Ntorya gasfield into the existing Madimba processing and pumping station in the next six to nine months.

Tom Reynolds, CEO of Scirocco, commented: 

"As we progress towards the completion of the divestment of Scirocco's interest in Ruvuma to APT, the above is a positive step which supports the development of the Ruvuma licence in due course and therefore the payment of the contingent elements associated with that transaction."

For further information:

Scirocco Energy plc Tom Reynolds, CEO Doug Rycroft, COO	+44 (0) 20 7466 5000
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Robert Collins	+44 (0) 20 7409 3494
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	+44 (0) 0207 220 1666
Buchanan, Financial PR Ben Romney / Jon Krinks	+44 (0) 20 7466 5000

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