Petroleum Africa
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Monday, January 26, 2015
Swala Energy appointed London based First Energy Capital LLP as financial adviser as it considers interest from a third party to review its assets available for farm down. The company said that it continues to receive additional interest since its announcement in early-December related to the partial or complete farm-down of its assets in the East African Rift System.
The company is looking to maximize the long term value of its portfolio and the board of directors says FirstEnergy will manage this process, which could include a potential merger or sale of the company.
“The company expects this review to be concluded in the coming months, and advises shareholders that the expressions of interest received to date are highly preliminary, and as such, there is no certainty that any offer will be made, or sale concluded, nor as to the terms of any offer or sale,” the company said in a statement.
Swala CEO Dr. David Mestres Ridge says data from the just completed seismic acquisition has made its acreage desirable for investors. “The completion of our seismic survey programs in December 2014 and the clear indication from them of a large number of significant leads and prospects within our licenses make this an opportune time to review the company’s options to maximize value from its portfolio ahead of the company’s planned 2015 drilling campaign,” he says.
Swala currently holds substantial equity in assets in Tanzania (Kilosa-Kilombero, Pangani licenses), Kenya (Block 12B) and Zambia (Block 44)and has an active business development program in sub-Saharan Africa.
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