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Tuesday, September 1, 2015
Swala Energy reported that the Tanzanian Ministry of Energy and Mining has extended the period within which an exploration well must be drilled in each of the Kilosa-Kilombero and Pangani Licenses until February 2017.
The one-year extension is to be deducted from the four-year additional exploration extension period currently due to commence on February 20, 2016, resulting in the additional exploration period having a duration of three years.
Under the PSAs that govern activity on these two licenses, the JV was originally obliged to drill an exploration well in each license by February 20, 2016. The JV carried out a seismic survey that was completed in December 2014 and in the same month the JV and TPDC agreed to carry out the processing and interpretation of the seismic data during H1 2015. This left relatively little time in which to confirm drilling locations and secure long lead-time items, and the JV therefore requested TPDC and Ministry to allow it to complete its exploration drilling obligations in the next exploration phase. Both entities have now consented to this modification.
The JV participants on the license are Swala (operator) with a 50% interest and Otto Energy with the remaining 50%.
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