East Africa focused Australian explorer Swala Energy has announced that it is in the preliminary stages of planning a listing on the AIM Market of the London Stock Exchange as the company seeks to improve its liquidity, open it to investment from the London capital markets that have experienced African oil and gas success, and expose it to larger potential investment that can aid the Company’s continued development.
As part of this process, the Company has engaged Stifel Nicolaus Europe Limited (formerly Oriel Securities Limited) to act as its Nominated Advisor and broker for the transaction.
Swala Energy says it is working towards completing the process within the next 6 months, allowing for necessary due diligence, preparation of audited accounts and competent persons reports covering all its licences.
“The dual listing on London’s larger and more liquid stock exchange is a natural progression for Swala and will allow us to gain access to larger capital markets, an important step ahead of our 2015 drilling campaign. We are extremely pleased to have secured Stifel’s services as NOMAD and broker. Stifel is a company with an established presence in the oil and gas investment markets of Europe and North America,” Says Swala CEO Dr. David Mestres Ridge.
In conjunction with this engagement the Company’s Exploration Director, Mr. Neil C. Taylor, has indicated that he will step down from the Board in order to allow the Company to engage a Non-Executive Director that is known to the London Capital Markets. He shall remain as Exploration Manager of the Company.
Any admission to AIM is subject, inter alia, to approval of the London Stock Exchange, and there can be no certainty that admission will occur.
Besides Australia Swala Energy is also listed at the Dar es Salaam securities exchange in Tanzania.
On the progress of the commercial discussions involving a farm down East Africa spearheaded by FirstEnergy Capital LLP, Swala reports that subsequently a number of credible companies have approached the Company and are actively reviewing the asset data.
We have been very happy with the work carried out by FirstEnergy to date and look forward to updating the market on the progress of ongoing discussions,” Ridge concluded.
Swala’s holdings are predominantly in the world-class East African Rift System with a total net land package in excess of 18,800km2 in Kenya, Tanzania and Zambia.