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Swala Energy Limited has announced that Swala has received US $750,000 under the terms of the Convertible Note Facility pursuant to the Company\u2019s ASX Announcement in mid December.<\/p>\n
Under the terms of the Facility 750,000 Convertible Notes will be issued subsequent funding of up to US $750,000 per tranche is available at Swala\u2019s request and may be drawn down every 40 calendar days under the Facility up to US$2,250,000.<\/p>\n
The Company also confirms that it has raised AU $75,000 from private investors for the issue of 543,475 fully paid ordinary shares.<\/p>\n
The purpose of the issue according to Swala will be to fund additional near term work on the Company\u2019s licences in Kenya and Tanzania and general working capital.<\/p>\n
In particular to be used for additional work (particularly in Block 12B), basin modeling work and long-lead items for drilling in Tanzania, business development and general administrative expenditure.<\/p>\n
Among drilling set for 2015 includes a well in block 12B where the company has identified a series of ten leads and prospects from which one (\u2018Ahero \u2013\u201cA\u201d\u2019) has been selected as a drilling target to be drilled in the second calendar half.<\/p>\n
In Tanzania the company is in the process of interpreting data from a 200 km 2D seismic acquired over the Moshi Basin in the Pangani licence with preliminary interpretation of these new data allowing it to identify a number of potential structural leads which, after final processing of the field data, are expected to define potential targets for a 2015 drilling programme.<\/p>\n
Swala has a 29.2% net participating interest in the Pangani license, 29.2% net participating interest in the Kilosa-Kilombero license both in Tanzania and a 25% net participating interest in Kenya\u2019s Block 12B.<\/p>\n
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