Scirocco Energy PLC (AIM:SCIR) highlighted the progress made by investee Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) at its Rukwa project area in Tanzania.
Helium One, in which Scirocco has a stake of about 1%, released an update on the project yesterday ahead of its annual general meeting.
READ: Helium One data work reveals new areas of interest at Rukwa
"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,” said Scirocco chief executive Tom Reynolds.
“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.”