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Scirocco notes Helium One update on Rukwa exploration programme

The AIM-listed firm, which owns a 4.6% stake in Helium One, said an environmental and social impact assessment and a compensation survey have now been completed at the site in Tanzania which included consultation with communities in nine villages closest to the drill locations

Scirocco Energy PLC - Scirocco Energy notes Helium One update for Rukwa project

Scirocco Energy PLC (LON:SCIR) has noted an update from Helium One Global Ltd (LON:HE1), in which it owns a 4.6% stake, regarding the advancement of an exploration programme at the Rukwa project in Tanzania.

The AIM-listed firm said an environmental and social impact assessment (ESIA) and a compensation survey have now been completed at the site, which included consultation with communities in nine villages closest to the drill locations.

Scirocco added that the ESIA for the proposed drilling at Rukwa has been submitted to the National Environment Management Council (NEMC) of the Tanzanian Government.

The firm added that the study covers a project area of 310 square kilometres in three prospecting licences and is a “key document” in securing environmental permits for exploration drilling and an important milestone towards Helium One's maiden exploration drilling in the second quarter of 2021.

"We are pleased to see He1 making positive progress with its activities in Tanzania, with the planned drilling programme in Q2 '21 representing a strong catalyst for Scirocco given our material stake in that Company.  We look forward with confidence to this exciting event on the near-term horizon", Scirocco chief executive  Tom Reynolds said in a statement.

Scirocco shares rose 1.4% to 1.1p in late-afternoon trading on Tuesday.

Quick facts: Scirocco Energy PLC

Price: 1.1 GBX

AIM:SCIR
Market: AIM
Market Cap: £7.96 m
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