{"id":6387,"date":"2017-10-10T06:52:09","date_gmt":"2017-10-10T06:52:09","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=6387"},"modified":"2017-10-10T06:52:09","modified_gmt":"2017-10-10T06:52:09","slug":"swala-energy-pay-otto-energy-800000-tanzanias-pangani-settlement-agreement","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-pay-otto-energy-800000-tanzanias-pangani-settlement-agreement\/","title":{"rendered":"Swala Energy to pay Otto Energy $800,000 in Tanzania\u2019s Pangani Settlement Agreement"},"content":{"rendered":"

The Federal Court of Australia has confirmed Swala\u2019s obligation to pay Otto Energy (Tanzania) Pty Ltd the sum of $800,000 agreed under the Pangani Settlement Agreement in May 2017<\/p>\n

Under the settlement of the claims and counter-claims concerning the Pangani Licence Swala agreed to pay to Otto a net sum of US$800,000 on or before the 31st August 2017 in return of discontinuation of the proceeding<\/a>, including that against current and former directors of both Swala and Swala Energy Limited.<\/p>\n

\u201cThe settlement has been reached on commercial grounds and does not represent an admission of liability by either party,\u201d Swala said in a statement<\/a> in May 2017.<\/p>\n

Following the confirmation by the court Swala says Otto must now register the debt in Tanzania before a further hearing is scheduled to address the matter in the Tanzanian courts. The Dar listed company adds it expects that it shall by that stage have secured all necessary approvals authorizing the transaction, including those of the Tanzania Revenue Authority in respect of the three agreements entered into by Swala and Otto as advised to the market on the 29th May 2017.<\/p>\n

During the first half of the year the company lost the\u00a0Pangani license<\/a>\u00a0 after expiry of the license after the end of the first extension without all commitments fulfilled.<\/p>\n

In respect of the various disputes between OET and Swala in relation to the Kilosa-Kilombero Licence, the parties in May agreed upon Otto\u2019s withdrawal from the JOA and that Otto shall pay third-party creditors a total sum of US$249,016. Swala has since assumed the rights and obligations in respect of OET\u2019s 50% participating interest.<\/p>\n

It remains unclear as to whether Swala is in a financial position to pay the settlement given its inability to raise funds in the past amid commitments \u00a0amounting to $8.6 million for its Tanzanian licenses.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Court of Australia has confirmed Swala\u2019s obligation to pay Otto Energy (Tanzania) Pty Ltd the sum of $800,000 agreed under the Pangani Settlement Agreement in May 2017 Under … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":6364,"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":[6470,1327,1940,1966,6469,2449],"class_list":["post-6387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-federal-court-of-australia","tag-kilosa-kilombero","tag-otto-energy","tag-pangani","tag-pangani-settlement-agreement","tag-swala-oil-and-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/10\/swala-Tanzania-seismic-map.png?fit=264%2C375&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1F1","jetpack-related-posts":[{"id":6015,"url":"https:\/\/www.oilnewskenya.com\/index.php\/otto-energy-swala-oil-and-gas-agree-on-tanzania-disputes\/","url_meta":{"origin":6387,"position":0},"title":"Otto Energy, Swala Oil And Gas Agree On Tanzania Disputes","author":"","date":"May 29, 2017","format":false,"excerpt":"Otto Energy and Swala Oil and Gas (Tanzania) Plc have announced that they have entered into settlement and other commercial arrangements in respect of the various claims and disputes concerning both the Pangani and Kilosa-Kilombero Licences, onshore Tanzania. Under the settlement of the claims and counter-claims concerning the Pangani Licence,\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kilosa-kilombero.png?fit=337%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4696,"url":"https:\/\/www.oilnewskenya.com\/index.php\/otto-energy-in-legal-suit-with-swala-energy-over-tanzanias-pangani-licence\/","url_meta":{"origin":6387,"position":1},"title":"Otto Energy in Legal Suit with Swala Energy over Tanzania\u2019s Pangani Licence","author":"","date":"May 17, 2016","format":false,"excerpt":"Swala Energy Limited has said it has been served notice by lawyers acting on behalf of Otto Energy Limited that Otto has commenced a legal action against the Company, Swala Oil and Gas (Tanzania) plc (SOGTP) and current and certain former directors of the Company and is seeking to recover\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":3217,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-gets-ministerial-consent-tanzania-farm-outs\/","url_meta":{"origin":6387,"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":3036,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-completes-farm-tanzanian-licenses-tata-petrodyne\/","url_meta":{"origin":6387,"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. 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":5424,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tata-petrodyne-farm-in-behind-swala-otto-energy-dispute-in-tanzania\/","url_meta":{"origin":6387,"position":4},"title":"Tata Petrodyne Farm-in behind Swala, Otto Energy dispute in Tanzania","author":"","date":"November 23, 2016","format":false,"excerpt":"A simmering dispute between two Australian companies Swala and Otto Energy in Tanzania could have emanated from a failed joint farm-down by Tata Petrodyne Limited. According to Swala Energy in it latest presentation to shareholders the two joint venture partners had earlier agreed on a joint farm-down by Tata Petrodyne\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"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":4473,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-to-relinquish-tanzanias-pangani-license\/","url_meta":{"origin":6387,"position":5},"title":"Swala Energy to Relinquish Tanzania\u2019s Pangani License","author":"","date":"March 14, 2016","format":false,"excerpt":"Australian oil and gas exploration company Swala Energy has reported it has notified \u00a0the Tanzania Petroleum Development Corporation together with partners Tata Petrodyne and Otto energy its desire to relinquish the Pangani licence after the technical review of the licence showed no structures of commercial interest. The Pangani licence a\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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6387","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=6387"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6387\/revisions"}],"predecessor-version":[{"id":6388,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6387\/revisions\/6388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/6364"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=6387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=6387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=6387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}