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Thursday, June 4, 2015
Swala Energy’s farm-out efforts for its Tanzanian acreage have paid off as the company entered a deal with Tata subsidiary Tata Petrodyne. Swala farmed out stakes in its Tanzanianexploration licenses to TataPetrodynefor $5.7 million plus exploration payments.
Under the terms of the deal, Tata will take a 25% stake in the Pangani and Kilosa-Kilombero licenses, leaving Swala with 25%. Otto Energy holds the remaining 50%. Tata will also carry Swala through the costs of the initial well on the Kilosa-Kilombero license, up to a maximum of $2.5 million and the costs of the initial well on the Pangani license, up to a maximum of $2.125 million.
It will also pay Swala up to a further $1 million towards the cost of a second well at Kilosa-Kilombero subject to a commercial discovery on the first well.
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