Petroleum Africa
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Monday, October 12, 2015
Swala Energy and Tata Petrodyne Ltd. have finalized the outstanding terms of the farm out of the Kilosa-Kilombero and Pangani licenses in Tanzania. The parties shall now proceed to payment of the reimbursable past costs of $5.7 million, due within five working days from completion, and to the transfer of license working interest to Tata.
Upon completion of the transaction, the equity in the licenses will be Swala Oil & Gas (Tanzania) operator with 25%, Tata with 25%, and Otto Energy with 50%.
Dr. David Mestres Ridge, Swala CEO, said: “We are grateful to the Tanzanian authorities and regulators for their assistance and prompt handling of the approval process for our farm-in application, which allows TPL to join us on the two Tanzanian licenses. Knowing that reimbursement of the past costs incurred by the Company is being made and having an international exploration company such as TPL as a participant in an exciting location in the East Africa Rift system allows us to now focus on preparations for the 2016 drilling campaign.”
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