Petroleum Africa
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Thursday, December 12, 2013
Swala Energy reported that the independent resource potential review of the Kito prospect conducted by RISC Operations Pty Ltd. (RISC), an independent petroleum advisory firm, are complete. The Kito prospect is located in Tanzania’s Kilosa-Kilombero Block in the southern portion of the East African country. Net unrisked prospective resources allocated to Swala’s 32.5% indirect interest range from 12.5 million stock tank barrels (mmstb) (P90) to 110.5 mmstb (P10).
The Kito prospect was identified from the results of the recently-completed seismic survey that Swala Oil & Gas (Tanzania) and its JV partner Otto Energy (Tanzania) carried out over a 20-km section of the 80 km-long Kilombero Basin. Kito is sufficiently large enough to have been intersected by a sufficient number of seismic lines to enable a resource assessment to be performed.
Under the terms of the PSA with TPDC and the Tanzanian government, the JV is obliged to carry out either another 2D seismic survey totaling 500 line km or to drill one well in 2014. The JV is in the process of discussing with TPDC the possibility of focusing its 2014 activities over the Kito area with the aim of fast tracking the prospect to the drilling phase.
Dr. David Mestres Ridge, CEO of the company said, “We are very pleased with the fact that the seismic work in Kilombero identified such a significant structure as Kito. We are also encouraged by the fact that, with only one quarter of the basin surveyed, additional leads that were not addressed in RISC’s assessment, there remains considerable potential within the Kilombero basin that the JV will commence addressing in the coming year.”
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