Swala Energy Limited says that its 58.5% owned subsidiary company, Swala Oil and Gas (Tanzania) Plc, has successfully completed its 430km 2D seismic programme over the Kilombero Basin in central Tanzania. Swala Tanzania has a 50.0% net interest in this licence and is the Operator.
As the Company announced on the 29 October 2014, the seismic programme identified a series of structural leads on the western margin of the basin. The geometry of this 'string of pearls' is strongly analogous to that seen elsewhere in the East African Rift System, notably in the Lokichar Basin of Northern Kenya where a series of oil discoveries have already been made.
The Company has already identified the Kito Prospect, with estimated 60.4mmbbls of P50 Best Estimate Prospective Resources net to Swala, as a potential drilling target for 2015. The new seismic data are currently being processed ahead of detailed interpretation that aims to map additional potential drilling targets for a concerted drilling campaign. The Company will carry out basin modelling and seismic amplitude studies to help rank the prospect portfolio ahead of these planned drilling activities.