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. |
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