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Independent Review Increases Resources at Kilosa-Kilombero Licence

Source: www.gulfoilandgas.com 3/14/2016, Location: Africa

Swala Oil & Gas (Tanzania) plc (Swala) is pleased to announce that Gaffney, Cline & Associates (GCA), an independent petroleum advisory firm, have completed their review of the resource potential of the Kilombero Basin, located within the Kilosa-Kilombero licence of southern Tanzania. Swala has a direct 25% interest in the Kilosa-Kilombero licence.

Highlights

- Increase in gross P50 Kito Prospective Resources from 151mmstb to 184mmbstb (36.8mmstb net to Swala)*.
- Drilling at Kito on track for 3Q 2016.
- Four new leads identified in Kilombero with a further P50 Prospective Resources 148.9mmstb gross prospective resources (29.8mmstb net to Swala)*.
* Gross Prospective Resources at multiple reservoir levels aggregated by Swala, net of Government back-in rights.

GCA has re-assessed the magnitude of the Kito prospect in the Kilombero Basin, as well as estimated the prospective resources of a further four leads in the same basin that were identified during the 2014 seismic campaign. The analysis was based on newer seismic data and increases the best estimate gross Kito prospective resources to 97 mmstb (19.4mmstb net to Swala on a working interest basis) in the Basal Sandstone and 87 mmstb (17.4 mmstb net to Swala on a working interest basis) in the Sequence 1 sandstone.

Swala has completed the tender process of the long lead items for the Kito-1 well and has issued invitations to tender to a number of regionally-based drilling contractors for submissions during March 2016.

The technical review of the Pangani licence showed no structures of commercial interest and the Joint Venture has confirmed its desire to relinquish the licence to the Tanzania Petroleum Development Corporation.

Dr. David Mestres Ridge (CEO) said, “The GCA assessment shows that, even at this early stage, the potential of Kilombero remains significant. We are very excited by the increased potential of the Kilombero basin and of the Kito prospect in particular. Swala’s operations team continue preparations to drill one of the few onshore oil wells being drilled in East Africa this year and estimate that the Kito-1 well is on track for drilling in 3Q 2016.

For more information about related Opportunities and Key Players visit East Africa Projects

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