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Thursday, December 4, 2014
Swala Energy, in an effort to seek alternative funds, is in farm-in conversations regarding its holdings in East Africa, specifically Kenya and Tanzania. The company said an unnamed third party investor requested a period of exclusivity during which to carry out due diligence on Swala’s assets.
“During this process a substantial third party has approached the company to request, for consideration, a period of exclusivity during which to carry out due diligence on the company’s assets, with a view to concluding farm-in agreements on one or more of the company’s projects,” reads the latest update by company secretary Adrian Di Carlo. Swala added that the farm-in has the potential to have a material effect on the quantum, structure, and terms of any fundraising.
Swala has a 29.2% net participating interest in the Pangani license and a 29.2% net participating interest in the Kilosa-Kilombero license, both in Tanzania. Swala also holds a 25% net participating interest in Kenya’s Block 12B.
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