Tanzania oil and gas exploration company, Swala Oil and Gas Plc, has listed 99 million shares on the Enterprise Growth Market (EGM) of the Dar es Salaam Stock Exchange (DSE), making it the first publicly owned oil and gas company in East Africa.
The Initial Public Offer (IPO) for Swala was launched in June 2014 and was oversubscribed by 39%, which resulted in the Tanzania oil and gas company raising approximately USD 4 million from the Tanzanian public to be used to fund its oil and gas exploration activities as well as new business development.
According to Ernest Massawe, chairman at Swala, the company is planning to launch its 2014 seismic program.
“Today’s listing on the EGM marks a new chapter for our company and another step forward in realizing our ambition to achieve a successful venture based on private and public partnership,” he said.
Swala is currently actively exploring the East African rift system and, with a total net land package of 17,500 km2 with five prospective basins, the company has one of the largest acreage footprints in Tanzania.