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Swala Energy (ASX:SWE)

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Last Post: 11/23/2016 2:16:46 PM - Followers: 0 - Board type: Free - Posts Today: 0

Swala Energy (SWE) has secured >21,000km2 of net acreage in the highly prospective East African Rift, on trend and in the same play as recent large discoveries by Tullow and Africa Oil. The Company’s acreage captures ten entire basins across four permits (assuming Eyasi is awarded) in Kenya and Tanzania. Swala was incorporated in September 2010 with a focus on securing acreage in Central and Eastern Africa. It soon entered into exclusive negotiations for award of the 12B licence in Kenya (Swala 50%, Tullow 50% operator) and the Pangani and Kilosa/Kilombero licences in Tanzania (Swala 32.5% operator, Otto 50%). The three licences were awarded in February 2012, just before the Ngamia-1 discovery well by Tullow and Africa Oil in March 2012. All of the blocks are located in the same East African Rift System in which Tullow and Africa Oil have now made 5 discoveries from 5 exploration wells. The Company is in exclusive negotiations for a third Tanzanian Block, Eyasi, which is expected to be awarded in Q3/4 2013. Swala recently announced that it has also bid on three blocks on Zambia, the results of which should be known before the end of the calendar year. It is likely that the Company will participate in further bid rounds and also enter into direct negotiations for additional blocks to further expand its portfolio of assets through CY2014. The Company currently has >21,000km2 in total net acreage in the region (including Eyasi). Recent note dated Friday, 30 August 2013 titled "Ten for the Price of One" gives a very good summary of the company. http://www.swala-energy.com/documents/SWE_TenForThePriceOfOne_Initiation.pdf
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