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Monday, May 13, 2013
Swala Energy reported that its 65% owned subsidiary, Swala Oil and Gas (Tanania) Ltd., awarded its 2013 2D seismic acquisition contract to Polaris International. The contract is valued at $7.3 million.
Swala and its JV partner Otto Energy are in their second contract year of the exploration work program for the Pangani and Kilosa-Kilombero license areas. The major part of that work program is comprised of the acquisition of 300 km 2of D seismic in Kilosa-Kilombero and 200 km in Pangani. The total 500 km program is expected to be conducted between June and September.
The airborne gravity-magnetic surveys conducted during year one of the exploration program in 2012 demonstrated the potential for three significant sedimentary basins in Kilosa-Kilombero and two further basins in Pangani. This information has allowed Swala to focus its new 2013 seismic program on these prospective basin areas. The acquired seismic data will allow the JV partners to map important structural trends and understand the thickness and volume of depositional fill in the prospective basins. This will lead to a better understanding of the hydrocarbon charge system and help to identify key structural trends where drilling targets may be identified for follow-up.
Dr. David Mestres Ridge, Swala’s CEO said “We are delighted to announce the award of the seismic acquisition contract to Polaris after much effort on the part of our technical team and negotiations with the prospective contractors. This seismic survey program represents a significant step in the company’s commitment to continued exploration activities in East Africa. The $7.3 million, 500 km program will enable the company to also gain a better overall understanding of the basins such that specific areas of interest can be targeted for infill seismic and drilling.”
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