{"id":6363,"date":"2017-10-03T16:49:35","date_gmt":"2017-10-03T16:49:35","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=6363"},"modified":"2017-10-03T20:12:18","modified_gmt":"2017-10-03T20:12:18","slug":"swala-oil-gas-tanzania-reports-0-47m-loss-h1-2017-results","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-tanzania-reports-0-47m-loss-h1-2017-results\/","title":{"rendered":"Swala Oil and Gas (Tanzania) reports $0.47M Loss in H1 2017 Results"},"content":{"rendered":"

Dar es Salaam stock exchange listed Swala Oil and Gas (Tanzania)\u00a0 and\u00a0a subsidiary of Swala Energy Limited. Swala Energy Limited is a public company listed on the Australian Securities Exchange has posted\u00a0 a $471,500 loss for the period that ended 30th<\/sup> June 2017 an improvement from the $481,800 the company registered in a similar period last year.<\/p>\n

According to the unaudited financial statements the biggest expense by the company was prospecting and exploration which cost the company some $277,500 and operating and administration cost which cost the Tanzanian subsidiary $171,700.<\/p>\n

The company which has been struggling financially still has future work commitments amounting to $8.6 million for its Tanzanian licenses and has registered the prospecting and exploration as a going concern given its inability to raise funds in the past.<\/p>\n

\u201cShould the company\u2019s efforts to raise funds not succeed there will be material incertainty that may cast significant doubt on the Company\u2019s ability to continue as a going concern and therefore whether it will be able to pay its debts as and when they fall due,\u201d Swala Oil and Gas (Tanzania)\u00a0 told shareholders.<\/p>\n

Just recently the company turned to the Dar and Kamapala based bourses<\/a> seeking\u00a0\u00a0to offer bonds to local investors seeking more funds.\u00a0According to the company the local tranche of 7-year retail bonds will have a coupon of 12-16% payable in either available funds or Swala shares at a 12.5% discount.<\/p>\n

Swala Oil and Gas (Tanzania) \u00a0is currently holding discussions with its investors including Exotix Partners<\/a> which it engaged in 2016 to raise $130 million to ensure it is properly capitalized. The process intended to complete in June is awaiting legal diligence expected to end last month.<\/p>\n

The company is currently in preparation for drilling of the Kito 1 prospect<\/a>\u00a0 with drilling permits in the Kilosa Kilombero block already acquired and re engagements for service contractors already ongoing.<\/p>\n

\u201cThe Company will continue with its work commitments for the first year on the first extension period in the Kilosa-Kilombero area and continue with business developments by applying for other licences in Tanzania and elsewhere,\u201d said a statement by the company.<\/p>\n

During the half in focus the company lost the Pangani license<\/a>\u00a0 after expiry of the license after the end of the first extension without all commitments fulfilled.<\/p>\n

Swala is the operator of Kilosa Kilombero license with 25% interest<\/p>\n","protected":false},"excerpt":{"rendered":"

Dar es Salaam stock exchange listed Swala Oil and Gas (Tanzania)\u00a0 and\u00a0a subsidiary of Swala Energy Limited. Swala Energy Limited is a public company listed on the Australian Securities Exchange … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1171,"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":[891,942,1327,6465,4989,2449,2466],"class_list":["post-6363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-financing","tag-funding","tag-kilosa-kilombero","tag-kito","tag-loss","tag-swala-oil-and-gas","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/swala-energy.jpg?fit=606%2C441&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1ED","jetpack-related-posts":[{"id":1170,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-and-gas-to-raise-kshs-260-million-in-tanzanian-ipo\/","url_meta":{"origin":6363,"position":0},"title":"Swala Oil and Gas to raise Kshs.260 million in Tanzanian IPO","author":"Samuel Kamau Mbote","date":"June 9, 2014","format":false,"excerpt":"Swala Oil and Gas will starting today open its shares to the Tanzanian public selling 9.6 million shares at TZS 500 (approx. $0.31) a share as it seeks to get additional funds to the working capital. The initial public offer that starts today will close on 4th July with 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\/2014\/06\/swala-energy.jpg?fit=606%2C441&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/swala-energy.jpg?fit=606%2C441&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/swala-energy.jpg?fit=606%2C441&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":6363,"position":1},"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":1499,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-ipo-in-tanzania-oversubscribed\/","url_meta":{"origin":6363,"position":2},"title":"Swala Energy IPO in Tanzania oversubscribed","author":"Samuel Kamau Mbote","date":"July 24, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Swala Energy Limited has provided an update of the Initial Public Offer (IPO) of is Tanzanian subsidiary Swala Oil & Gas (Tanzania) Plc that is in the process of listing on the Dar es Salaam Stock Exchange in Tanzania. The IPO which closed on the 4th of July\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\/06\/swala-energy.jpg?fit=606%2C441&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/swala-energy.jpg?fit=606%2C441&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/swala-energy.jpg?fit=606%2C441&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":6363,"position":3},"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. 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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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6363","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=6363"}],"version-history":[{"count":3,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6363\/revisions"}],"predecessor-version":[{"id":6367,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6363\/revisions\/6367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1171"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=6363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=6363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=6363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}