Swala Energy has announced that it has appointed London based First Energy Capital LLP as financial adviser to the Company as it considers interest from a third party to review the Company’s assets available for farm-down.
Swala says that it has continued to receive additional levels of interest since its first announcement on 2nd December 2014 in relation to the partial or complete farm-down of its assets in the East African Rift System.
Swala’s board of directors says FirstEnergy will manage the process with a view of reviewing the Company’s options to maximize the long-term value of the Company’s portfolio, including a potential merger or sale of the Company.
“The Company expects this review to be concluded in the coming months, and advises shareholders that the expressions of interest received to date are highly preliminary, and as such, there is no certainty that any offer will be made, or sale concluded, nor as to the terms of any offer or sale,” reads a statement from Swala.
Swala CEO Dr. David Mestres Ridge says data from the just completed seismic acquisition has made its acreage desirable for investors.
“The completion of our seismic survey programmes in December 2014 and the clear indication from them of a large number of significant leads and prospects within our licences make this an opportune time to review the Company’s options to maximise value from its portfolio ahead of the Company’s planned 2015 drilling campaign,” he says.
Swala currently holds substantial equity in assets in Tanzania (Kilosa-Kilombero, Pangani licenses), Kenya (Block 12B) and Zambia (Block 44)and has an active business development program in Sub-Saharan Africa.