London-based FirstEnergy has been appointed to review the next options of Swala Energy which include a merger or sale as well to be the financial adviser to the Company.
Swala received interest from a third party to review the Company’s assets available for farm-down. Since this time,additional levels of interest have been received by the Company in relation to the partial or complete farm-down of its assets in the East African Rift System.
Accordingly, this made Swala Energy
’s board of directors appoint FirstEnergy to manage a process with a view of reviewing the company’s options to maximise 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.
Dr. David Mestres Ridge (Swala CEO) said: “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 drillingcampaign.”
“We are very happy to be assisted in this process by FirstEnergy. Their expertise in providing advisory services to the oil and gas industry is recognised internationally as illustrated by their involvement with transactions totalling in excess of US$50 billion around the world.