Scirocco Energy plc said that a two-year extension had been granted to the 3,447 km2 Ruvuma joint venture licence in southeast Tanzania.
RUVUMA
The company holds a 25% working interest in the licence which is operated by ARA Petroleum Tanzania Ltd (APT).
Approximately 90% of the licence lies onshore with the remainder offshore.
EXTENSION
The extension is valid from 15 August 2021 and allows the completion of acquisition of 200km2 (surface coverage) of 3D seismic data as well as the drilling of the Chikumbi-1 exploration and appraisal well, expected during Q3 2022.
Following technical earlier in 2021, revised mapping and internal management estimates suggested a mean risked gas in place (GIIP) for the Ntorya accumulation of 3,024 bcf, in multiple lobes to be tested and a mean risked recoverable gas resource of 1,990 bcf.
This will be appraised by the planned seismic and drilling programme.
The extension also allows negotiations to be concluded of the gas terms for the Ruvuma Petroleum Sharing Agreement (PSA).
PURCHASERS
Chief executive Tom Reynolds said the extension added clarity of licence tenure to potential acquirers in the company’s continuing discussions on the sale of its Ruvuma interest.
“With a clear licence position, work programme and associated timeline, we are able to present a well-defined pathway to development to prospective purchasers.”