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Thursday, September 18, 2014
Swala Energy’s 93%-owned subsidiary, Swala Energy (Zambia), has been formally awarded hydrocarbon exploration rights over Block 44 in Zambia. Pursuant to the company’s ASX announcement on May 12 the company had been offered exploration rights over Block 44 and was awaiting the formal award of the rights from the Ministry of Energy. The award of Block 44 has now been granted following ministerial consent from the Ministry of Energy in Zambia.
Block 44 lies in the southern part of the country and covers an area of 6,000 sq km on the margins of the Karoo-aged Kariba basin. During the first contract year Swala intends to reprocess and reinterpret the legacy seismic data as part of its work program. Under the provisions of the award, Swala may withdraw after each of the first two years of the contract should the work conducted not confirm the basin’s prospectivity.
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