M a r k e t N e w s
Tanzania: Swala Oil Selects Tanzania Drilling Site
Posted on : Tuesday , 13th October 2015
Dar es Salaam — Swala Oil & Gas (Tanzania) plc has selected a drilling location for the 2016 exploration well that shall be drilled on the Kito prospect in the Kilosa-Kilombero licence.
The technical review of the Kilombero Basin has shown the Kito prospect to be robust and has given promising indications of the potential prospectivity within the basin," Dr David Ridge, the firm's CEO said last week.
According to a company release, re-interpretation of the 2013 and 2014 seismic data have resulted in improved understanding of the Kito prospect.
Analysis of the available seismic has identified a number of additional structures along the Kito basin bounding fault.
Ridge said that the reinterpretation of data over Kito has resulted in a slight increase in the size of the mapped structure whilst early review of the additional structures has given the Company a better appreciation of the potential upside within the Kilombero basin.
Un-risked recoverable resources, mmbbls, net to the Company on the basis of a 25% equity interest post farm-in and the leads and prospects of the Kilombero basin he said, adding that recovery factor used 27%.
"He added that the Company is in the process of completing an EIA over the selected drilling area and of selecting drilling contractors for the Kito exploration well in 2016.
Swala is an affiliated company to Swala Energy Limited, a company in turn listed on the Australian Stock Exchange (ASX) with ticker "SWE".
It holds assets in the world-class East African Rift System with a total net land package in excess of 17,500km2.
New discoveries have been announced by industry participants in a number of licences along this trend, including Ngamia and Twigga, which extend the multi-billion barrel Albert Graben play so successfully developed by Tullow Oil into the eastern arm of the rift.
Swala has an active operational and business development programme to continue to grow its presence in the hydrocarbon provinces of East Africa.
Source : allafrica.com
