Swala Oil & Gas goes public

Tanzania

DAR ES SALAAM, August 13, 2014 – Swala Oil & Gas, the Tanzanian division of Australia’s Swala Energy, has listed on the Enterprise Growth Market (EGM) of the Dar es Salaam stock market to become East Africa’s first oil and gas company to go public.

Swala’s shares begun trading on Tuesday at TZS500 per share ($0.30), TZS100 ($0.06) above the price offered at the initial public offering, which started on June 9, 2014, and raised TZS6.65 billion ($400 million), an over subscription of 38 percent.

Swala Oil and Gas operates the Pangani and the Kilosa-Kilombero licences in mainland Tanzania and is now working with Canada-based Polaris on seismic acquisition of the acreage.

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