Swala begins seismic survey in Pangani licence
Tanzania After this four-week acquisition, Swala Oil & Gas will continue with further seismic acquisition in its other exploration licence, Kilosa-Kilombero. Sources involved with the project have told TOGY that the prospect has high potential for oil finds.
In contrast to the country’s considerable gas finds, Tanzania has no proven oil reserves. Swala was the first East African exploration and production company to become listed. After an initial public offering raised TZS6.65 billion ($400 million), representing an over subscription of 38 percent of the initial TZS4.8 billion ($289 million), the company went public on the Dar es Salaam Stock Exchange earlier this month.
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