East Africa-focused Swala Energy Limited (Swala or the Company) announced Wednesday that its 93 percent owned subsidiary company, Swala Energy (Zambia) Limited, has been formally awarded hydrocarbon exploration rights over Block 44 in the Republic of Zambia.
Pursuant to the Company’s ASX announcement May 12 the Company had been offered exploration rights over Block 44 and was awaiting the formal award of the rights from the Ministry of Energy. The award of Block 44 has now been granted following ministerial consent from the Ministry of Energy in Zambia.
Block 44 lies in the southern part of the country and covers an area of 2,316 square miles (6,000 square kilometers) on the margins of the Karoo-aged Kariba basin. During the first contract year Swala intends to reprocess and reinterpret the legacy seismic data as part of its work program. Under the provisions of the award, Swala may withdraw after each of the first 2 years of the contract should the work conducted not confirm the basin’s prospectivity.
Dr. David Mestres Ridge (CEO) said "We are delighted with the award of Block 44 which, as previously advised, expands Swala’s asset portfolio into a potential hydrocarbon region with large energy demand. The Company looks forward to starting its technical operations and to the active management of this new license.”
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