Swala Begins Seismic Survey Over Moshi Basin in Tanzania's Pangani Permit

East Africa-focused Swala Energy Limited (Swala or the Company) announced Monday the start of its 2014 2D seismic data acquisition program over the Moshi Basin located within the Pangani exploration license in northern Tanzania.

Swala Oil and Gas (Tanzania) Plc (Swala Tanzania), partly owned by Swala Energy Limited, and its Joint Venture partner Otto Energy Limited will acquire approximately 124 miles (200 kilometers) of 2D seismic data over the basin in the next four weeks and that data will be processed as the survey progresses.

This seismic survey is a follow-up to the successful program carried out in the basin in 2013 where results indicated a sedimentary basin of about 9,842 feet (3,000 meters) in thickness. Once the survey in the Moshi basin is complete seismic operations will move to the Kilombero basin where a further 267 miles (430 kilometers) of 2D data will be acquired.

Dr. David Mestres Ridge, Swala’s CEO said “the commencement of the 2014 seismic program underlines Swala’s commitment and capability to move ahead with its exploration program. This work is intended to firm up potential drilling targets for a planned 2015 drilling campaign as required under the terms of the respective Production Sharing Agreements with Tanzania Petroleum Development Corporation (TPDC).”