Helium One Update

RNS Number : 8002E

Scirocco Energy PLC

15 March 2022

 

15 March 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Helium One Update

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, notes the below update provided by Helium One Global Ltd ("Helium One"), in which the Company retains an interest of approximately 1%.

2D Seismic Interpretation

Helium One's ongoing interpretation of Phase II 2D Seismic data has identified multiple areas of interest with potential closure at both the Lake Bed and Karoo Group levels.  The area surveyed was not previously covered by historic 2D seismic, so any newly identified closures would be additional to the Helium One's current resource base and prospect portfolio.

Helium One intends to complete additional work on the areas of interest to identify drill-ready prospects.  This will be done through ongoing 2D Seismic interpretation integrating data from Airborne Gravity Gradiometry, Multispectral Satellite Spectroscopy, Electrical Resistance Tomography and QEMSCAN data.  This information will feed into risk weighting and volumetric analysis which will, in turn, feed into prospect prioritisation ahead of Helium One's planned 2022 drilling campaign.

Drilling Rig Update

Helium One is in advanced discussions with a leading global drilling company for the provision of a containerised rig solution.  A containerised rig has the drawworks capacity and capabilities of a conventional drilling rig but can be broken into modules with the dimensions of standard ISO containers. This enables the rig to be transported quickly and economically by any container ship, train or truck and is ideal for drilling in Africa with reduced transportation costs.

Commenting on the update, Tom Reynolds said  "It is pleasing to note that Helium One continues to make strong progress, with positive indications coming from the 2D Seismic interpretation which will enhance the portfolio of drill-ready targets.  Scirocco successfully monetised the majority of its investment in He1 last year at a significant premium to the current share price, but retains meaningful exposure to its ongoing progress through our remaining holding, meaning the upcoming drilling plans at Rukwa represent a good value catalyst for Scirocco within our diversified portfolio of assets.  We will continue to monitor the progress of this investment with a view to monetising the remaining value at the appropriate time."

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

For further information:

Scirocco Energy plc Tom Reynolds, CEO Doug Rycroft, COO	[phone]
Strand Hanson Limited, Nominated Adviser Ritchie Balmer / James Spinney / Rory Murphy	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Jon Krinks / James Husband

 

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