Swala Energy Limited has announced that has successfully completed its 430km 2D seismic programme over the Kilombero Basin in central Tanzania.
As the Company earlier announced in October 2014, initially the seismic programme identified a series of structural leads on the western margin of the basin with the geometry of this ‘string of pearls’ strongly analogous to that seen elsewhere in the East African Rift System, notably in the Lokichar Basin of Northern Kenya.
“This is a major achievement by Swala as we have now fully met our work programme commitments for the past 3 years on the Kilosa-Kilombero PSA exploration area. When we were granted the licence, no hydrocarbon exploration activity had ever before been carried out over the area,” says Swala CEO Dr. David Mestres Ridge.
Already the company has broken new ground, proving three sedimentary basins and in the Kilombero basin, multiple structural leads and prospects in a young (Neogene) basin.
Following the completion of seismic acquisition Ridge says it is now looking forward to the results of detailed mapping, basin modelling and seismic amplitude anomalies before targeting its drill candidate.
The Company has already identified the Kito Prospect, with estimated 60.4mmbbls of P50 Best Estimate Prospective Resources net to Swala, as a potential drilling target for 2015.
The new seismic data are currently being processed ahead of detailed interpretation that aims to map additional potential drilling targets for a concerted drilling campaign.
The Company also plans to carry out basin modelling and seismic amplitude studies to help rank the prospect portfolio ahead of these planned drilling activities.
Swala Tanzania through its 58.5% owned subsidiary company, Swala Oil and Gas (Tanzania) Plc , has a 50.0% net interest in this licence and is the Operator while Otto Energy (Tanzania) Pty Ltd a Wholly owned subsidiary of Otto Energy Ltd has the remaining a 50.0% net interest.