Swala Energy will embark on a two-dimensional (2D) seismic surveying program to search for oil and gas in Tanzania’s Kilombero basin (Morogoro Region).
Swala Energy is an Australian based oil and gas exploration company that works in the African Rift Valley and holds substantial equity assets in Tanzania and Kenya.
Data covering 143km has already been collected by the company in the Kidatu basin (also in Morogoro Region) and has shown large-scale gas structures that may be as large as 30 to 60 kilometers.
Dr. David Ridge, CEO of Swala explained in a recent press release that results from the Kidatu survey have shown great potential for very large reserves, and while more processing and interpretation of data is needed, the positive results to date give Swala growing confidence.
Swala Energy is listed on the ASX Stock Exchange, and recently announced their intention to list in the Dar es Salaam Exchange.
“We need to raise equity to grow and we want to do that here so that we include Tanzanian investors in that growth,” Ridge said.