East Africa-focused Swala Energy Limited (Swala or the Company) announced Thursday the successful completion of the 124 mile (200 kilometer) 2D seismic acquisition program carried out by its subsidiary company, Swala Oil and Gas (Tanzania) Plc (SOGTP), over the Moshi Basin in the Pangani license in northern Tanzania. This program will satisfy the work obligation for the Third Contract Year.
The preliminary interpretation of these new data has allowed SOGTP to identify a number of potential structural leads which after final processing of the field data, are expected, to define potential targets for SOGTP’s 2015 drilling program.
SOGTP’s seismic acquisition program will now focus on the Kilombero basin, in the Kilosa-Kilombero license, where it will acquire a further 267 miles (430 kilometers) of new 2D seismic data over the area where it identified the Kito Prospect in 2013. These data will be mainly acquired over the leads that were also identified in 2013 so as to mature them as potential future drilling targets.
Dr. David Mestres Ridge, Swala’s CEO said “The successful completion of this first phase in the 2014 seismic campaign in the Moshi basin has progressed quickly and is a credit to the teams from the newly-listed SOGTP and its seismic contractor Polaris (Tanzania) Limited. The SOGTP geotechnical team will now interpret the data over the structural leads it has identified in the Moshi survey with the aim of maturing them into prospects as potential future drilling locations.”
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