ERHC Energy Inc (ERHE)

[Southern Man]

Swala Energy Appoints Financial Advisor As It Prepares To Farm Down
Posted on 21 January 2015.
Swala Energy Appoints Financial Advisor As It Prepares To Farm Down
Swala Energy has appointed London based First Energy Capital LLP (“FirstEnergy”) as financial adviser to the Company, as the company considers farm down options in East Africa.
Swala received interest from a third party last month to review the Company’s assets available for farm-down. “Since this time, additional levels of interest have been received by the Company in relation to the partial or complete farm-down of its assets in the East African Rift System.”, said the company in a statement.
Swala’s board of directors has appointed First Energy to manage the process with a view of reviewing the Company’s options to maximize the long-term value of the Company’s portfolio, including a potential merger or sale of the Company.
The Company expects this review to be concluded in the coming months, and has advised its shareholders that the expressions of interest received to date are highly preliminary, with no certainty that any offer will be made, or sale concluded, nor as to the terms of any offer or sale.
CEO David Mestres Ridgesays the completion of its seismic survey programmes last month as well as the clear indication from them of a large number of significant leads and prospects within its licences make this an opportune time to review the Company’s options. He says this will enable the company maximise value from its portfolio ahead of the Company’s planned 2015 drilling campaign.
Swala currently holds substantial equity in assets in Tanzania, Kenya Block 12B and Zambia Block 44and has an active business development program in Sub-Saharan Africa.
By Oil In Kenya