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    SCIR   GB00BF1BK408

SCIROCCO ENERGY PLC

(SCIR)
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Delayed Quote. Delayed London Stock Exchange - 12/07 11:35:26 am
0.875 GBX   --.--%
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Scirocco Energy Plc Announces Helium One Update

08/11/2021 | 08:07am EST

Scirocco Energy Plc noted the below update issued by Helium One this morning. Helium One has completed exploration drilling at its maiden Tai-1A exploration well in the Rukwa Basin. The well has successfully identified helium shows within all three target formations, including five helium show intervals identified in the primary Karoo targets, as well as secondary targets in the Lake Bed and Red Sandstone Formations. The uppermost Karoo was marked by a thick (130m) claystone sequence, demonstrating seal presence which is supported by seismic interpretation. Wireline logging of the uppermost Karoo indicates good reservoir potential with 15-20% porosities in thinly bedded sandstone units. It was not possible to log the main Karoo reservoir. Wireline logging operations commenced after reaching a total depth (TD) of 1121m. Unfortunately, borehole washouts, which are associated with these thinly interbedded sand-claystone sequences, have resulted in a series of ledges to develop in the wellbore. The wireline tools hung-up on these ledges and after several attempts to clean the hole, Helium One were unable to progress the tools beyond 880m. Wireline data was therefore only available over the uppermost helium show from 824-845m. This helium show was identified in thinly bedded (1-3m) sands within the upper Karoo claystone sequence, and above the better developed, thicker sandstone units of the Karoo Formation. Petrophysical analysis presented no clear indications of free gas within this helium show and anomalous helium in the drilling mud seems to be related to gas-cut-brine. Gas-cut-brine is considered to be formation water saturated with helium, but without helium having formed a separate gas phase. Without wireline data it is not possible to assess the helium gas-bearing potential of the deeper, thicker, reservoir intervals with demonstrated helium shows in the main Karoo Formation.


© S&P Capital IQ 2021
All news about SCIROCCO ENERGY PLC
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Financials
Sales 2020 - - -
Net income 2020 -4,12 M -5,46 M -5,46 M
Net cash 2020 1,17 M 1,55 M 1,55 M
P/E ratio 2020 -1,80x
Yield 2020 -
Capitalization 6,38 M 8,44 M 8,45 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 1
Free-Float 80,7%
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Managers and Directors
Thomas Hamilton Reynolds Chief Executive Officer & Executive Director
Alastair Muir Ferguson Non-Executive Chairman
Douglas Rycroft Chief Operating Officer
Donald Oag Nicolson Independent Non-Executive Director
David Muir Miller Independent Non-Executive Director
Sector and Competitors