{"id":3023,"date":"2015-05-28T09:47:02","date_gmt":"2015-05-28T09:47:02","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3023"},"modified":"2015-05-28T10:00:58","modified_gmt":"2015-05-28T10:00:58","slug":"swala-energy-signals-possible-farm-deal-east-africa-coming-days","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-signals-possible-farm-deal-east-africa-coming-days\/","title":{"rendered":"Swala Energy signals possible Farm-Out deal in East Africa in coming days"},"content":{"rendered":"

Australian company\u00a0exploring the East African Rift System in Kenya, Tanzania and Zambia has said it is awaiting the receipt of signed farm-out documents having finalized the final steps in the agreement.<\/p>\n

According to the Company\u2019s Non-Executive Chairman Mr. Ken Russell \u00a0it is however still not possible to name the new partners due to confidentiality agreements until the receipt of those signed documents.<\/p>\n

\u201cIn our market update issued on 14 May 2015 we mentioned that the final steps were being undertaken. Those steps are being completed by the other party and we are now awaiting receipt of the final signed documentation. Obviously we were hoping to be in receipt of those documents for today\u2019s AGM however wheels do not always revolve as quickly as we would all like so I\u2019m afraid that is about all we can say on the subject at the moment due to confidentiality agreements associated with the project but we expect to be able to make a more detailed statement in the very near future,\u201d says Rusell.<\/p>\n

The new partner is expected to fill the funding gap the company faces to complete its contract commitments with the company expected to drill three wells in three licenses in 2016.<\/p>\n

Some of the funding gaps arose from the withdrawal of Spanish explorer CEPSA<\/a> from Kenya\u2019 s block 12B\u00a0 with the farmee according to the farm-out agreement<\/a> expected to:
\n\u2022 Pay Swala\u2019s past costs;
\n\u2022 Pay all of Swala\u2019s costs associated with the planned 350-km 2D seismic survey up to a cap of\u00a0US$2.7 million
\n\u2022 Pay all of Swala\u2019s costs associated with the drilling of a first exploration well up to a cap of\u00a0US$7.5 million subject to positive results from the 12B\u00a0seismic survey;
\n\u2022 Pay all of Swala\u2019s costs associated with the drilling of a second exploration well up to a cap of\u00a0US$7.5 million subject to positive results from the first\u00a0exploration well;
\n\u2022 Pay all of Swala\u2019s costs associated with any work programme agreed to by a majority vote\u00a0under the Production Sharing Agreement \u00a0in excess of the work commitment under\u00a0the PSA.<\/p>\n

The announcement by Russell comes even as the company said it would conduct continue with its 2016 drilling programme in three licenses including at Ahero-A prospect<\/a> in Kenya, 4 moshi basin<\/a> leads in the Pangani license as well as the Kito Prospect and Ngazi lead in the Kidatu basin in the Kilosa Kilombero<\/a> license.<\/p>\n

\"Moshi<\/a><\/p>\n

 <\/p>\n

Moshi basin leads<\/strong><\/p>\n

The company has also in the recent past signaled it will participate in the upcoming licence rounds in Uganda<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian company\u00a0exploring the East African Rift System in Kenya, Tanzania and Zambia has said it is awaiting the receipt of signed farm-out documents having finalized the final steps in the … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":3024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[97,265,431,671,870,1252,1329,1337,1630,3259,1968,2447,2466,2762],"class_list":["post-3023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-ahero-a","tag-block-12b","tag-cepsa","tag-east-africa","tag-farm-out","tag-kenya","tag-kilosa-kilombero-license","tag-kito-prospect","tag-moshi-basin","tag-ngazi-lead","tag-pangani-licence","tag-swala-energy","tag-tanzania","tag-zambia","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/05\/Swala-Energy.png?fit=455%2C492&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-ML","jetpack-related-posts":[{"id":3044,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-receives-funding-hayaat-international-exploration-east-africa\/","url_meta":{"origin":3023,"position":0},"title":"Swala Energy receives Funding from Hayaat International for exploration in East Africa","author":"","date":"June 3, 2015","format":false,"excerpt":"Swala Energy has received interim funding from Hayaat International Limited a cornerstone investor who holds an equity interest of 9.2% of the Company. The loan is to be made available in two equal tranches and is repayable from the proceeds of the farm-outs with Tata Petrodyne Limited TPL which farmed\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/05\/Swala-Energy.png?fit=455%2C492&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2341,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-appoints-financial-advisor-as-it-considers-farm-down-in-east-africa\/","url_meta":{"origin":3023,"position":1},"title":"Swala Energy appoints financial advisor as it considers farm-down in East Africa","author":"Samuel Kamau Mbote","date":"January 21, 2015","format":false,"excerpt":"\u00a0 Swala Energy has announced that it has appointed London based First Energy Capital LLP as financial adviser to the Company as it considers interest from a third party to review the Company\u2019s assets available for farm-down. Swala says that it has continued to receive additional levels of interest since\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-gets-ministerial-consent-tanzania-farm-outs\/","url_meta":{"origin":3023,"position":2},"title":"Swala Energy gets Ministerial Consent for Tanzania Farm-Outs","author":"","date":"August 6, 2015","format":false,"excerpt":"Swala Energy Limited has reported that its subsidiary company Swala Oil and Gas (Tanzania) Plc has received a no objection notice from the Tanzanian Ministry of Energy and Mines to the farm-out of 50% of its interests in the Kilosa-Kilombero and Pangani licences to Tata Petrodyne Limited (TPL). The consent\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/swala-energy-ears.png?fit=329%2C474&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2775,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-announces-progress-planned-farm-east-african-assets\/","url_meta":{"origin":3023,"position":3},"title":"Swala Energy announces progress in its planned farm in East African assets","author":"","date":"April 1, 2015","format":false,"excerpt":"Swala Energy Limited has announced that, following the completion on the 31st March 2015 of the strategic review process managed by FirstEnergy Capital LLP, the Company has received a number of expressions of interest from credible parties wanting to farm in to one or more of Swala\u00b4s licences. The company\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/swala-energy-ears.png?fit=329%2C474&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2675,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-seeks-list-aim-market-london-stock-exchange\/","url_meta":{"origin":3023,"position":4},"title":"Swala Energy seeks to list on the AIM Market of the London Stock Exchange","author":"","date":"March 9, 2015","format":false,"excerpt":"East Africa focused Australian explorer Swala Energy has announced that it is in the preliminary stages of planning a listing on the AIM Market of the London Stock Exchange as the company seeks to improve its liquidity, open it to investment from the London capital markets that have experienced African\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3036,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-completes-farm-tanzanian-licenses-tata-petrodyne\/","url_meta":{"origin":3023,"position":5},"title":"Swala Energy Completes farm-out of Tanzanian Licenses to Tata Petrodyne","author":"","date":"June 1, 2015","format":false,"excerpt":"Swala Energy Limited has announced that Swala Oil and Gas (Tanzania) Plc has reached agreement with Tata Petrodyne Limited a subsidiary of the multinational Tata Sons Limited, under which TPL shall farm into the Pangani and Kilosa-Kilombero licences in Tanzania. Tata Sons Limited is the holding company of the Tata\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=3023"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3023\/revisions"}],"predecessor-version":[{"id":3027,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3023\/revisions\/3027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/3024"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}