{"id":3935,"date":"2015-10-23T09:22:46","date_gmt":"2015-10-23T09:22:46","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3935"},"modified":"2017-01-27T12:37:35","modified_gmt":"2017-01-27T12:37:35","slug":"tanzania-farm-out-enables-swala-energy-repay-loan-acquired-in-december","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-farm-out-enables-swala-energy-repay-loan-acquired-in-december\/","title":{"rendered":"Tanzania farm-out enables Swala Energy repay loan acquired in December"},"content":{"rendered":"

Swala Energy Limited has said it has agreed with Magna Equities II LLC the provider of an interim financing mechanism entered into by way of provision of Convertible Notes in December<\/a> 2014.<\/p>\n

Under the agreement Swala Energy says it shall undertake to redeem all of the outstanding 452,381 Convertible Notes currently held by Magna at a cost of US $598,500.<\/p>\n

According to the Australian explorer\u2019s CEO Dr. David Mestres Ridge the Company has decided to undertake this move as it believes it to be prudent financial management and it will partly reduce the various pressures it has seen in recent times on the Company\u2019s share price.<\/p>\n

“The recent farm-down<\/a> of the two Tanzanian licences has allowed us the flexibility to redeem these outstanding Convertible Notes. This stabilizes the issued share capital of the Company, which current stands at 160,144,607 shares, ahead of our planned corporate and asset activity in 2016. We are grateful to Magna for its support of the Company over the past 10 months, especially at a time of such considerable market,\u201d he says.<\/p>\n

Dr. Ridge adds that the provision of this interim financing mechanism by Magna provided the company with a source of funding during a time of uncertainty in financial markets thereby and as previously stated, removing the need to undertake a capital raising from shareholders at that time.<\/p>\n

Under the terms of the Facility entered in December 750,000 Convertible Notes were to be issued as subsequent funding of up to US $750,000 per tranche available at Swala\u2019s request and was available to be drawn down every 40 calendar days under the Facility up to US$2,250,000.<\/p>\n

During the same period the company had also raised some AU $75,000 from private investors for the issue of 543,475 fully paid ordinary shares.<\/p>\n

The funds were 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

Swala currently holds substantial equity in assets in Tanzania (Pangani and Kilosa Kilombera licenses) and Kenya\u00a0(Block 12B).<\/p>\n","protected":false},"excerpt":{"rendered":"

Swala Energy Limited has said it has agreed with Magna Equities II LLC the provider of an interim financing mechanism entered into by way of provision of Convertible Notes in … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1929,"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":[265,1252,1327,3706,1969,2447,2466,3266],"class_list":["post-3935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-block-12b","tag-kenya","tag-kilosa-kilombero","tag-magna-equities","tag-pangani-license","tag-swala-energy","tag-tanzania","tag-tata-petrodyne-limited","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/swala-energy-1.jpg?fit=650%2C451&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-11t","jetpack-related-posts":[{"id":2436,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-receives-funding-for-exploration-in-its-east-african-acreage\/","url_meta":{"origin":3935,"position":0},"title":"Swala Energy Receives Funding for Exploration in its East African Acreage","author":"Samuel Kamau Mbote","date":"December 29, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] 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. Under the terms of the Facility 750,000 Convertible Notes will be issued subsequent funding of up to US $750,000 per\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":7297,"url":"https:\/\/www.oilnewskenya.com\/index.php\/energy-tanzania-limited-invests-swala-oil-gas-tanzania-plc\/","url_meta":{"origin":3935,"position":1},"title":"Energy Tanzania Limited Invests in Swala Oil & Gas (Tanzania) plc","author":"","date":"December 17, 2018","format":false,"excerpt":"Swala Oil & Gas (Tanzania) plc has announced that it has entered into a definitive agreement for an initial investment of US$30 million from Energy Tanzania Limited (ETL). ETL is owned by Dr. Reginald Mengi, the well-known Tanzanian entrepreneur and philanthropist, and the funds will be used to develop the\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\/2018\/08\/Swala-Tanzania.png?fit=484%2C352&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3919,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tata-petrodyne-seals-farm-out-transaction-with-swala-energy-after-payment-of-5-7-million\/","url_meta":{"origin":3935,"position":2},"title":"Tata Petrodyne seals farm-out transaction with Swala Energy after payment of $5.7 million","author":"","date":"October 19, 2015","format":false,"excerpt":"Swala Energy Limited has confirmed that US$5.7 million has been received from Tata Petrodyne Limited (TPL) pursuant to the farm-out transaction with TPL for the Kilosa-Kilombero and Pangani licences in Tanzania. This was one of the outstanding terms of their farmout agreement for the Kilosa-Kilombero and Pangani licences in Tanzania\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\/10\/Tata-Swala.jpg?fit=200%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-gets-ministerial-consent-tanzania-farm-outs\/","url_meta":{"origin":3935,"position":3},"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":3036,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-completes-farm-tanzanian-licenses-tata-petrodyne\/","url_meta":{"origin":3935,"position":4},"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":[]},{"id":6712,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-closing-first-tranche-swala-investment\/","url_meta":{"origin":3935,"position":5},"title":"Orca Exploration Announces Closing of the First Tranche of the Swala Investment","author":"","date":"January 22, 2018","format":false,"excerpt":"Orca Exploration Group has announced that the escrow release conditions have been met regarding the first tranche of the previously announced investment of up to US$130 million by Swala Oil & Gas (Tanzania) plc in the Orca Group. As a result, the definitive agreements for the Investment have been released\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\/2017\/08\/swala-energy-orca-exploration.png?fit=331%2C303&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3935","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=3935"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3935\/revisions"}],"predecessor-version":[{"id":3936,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3935\/revisions\/3936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1929"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}