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Tanzania: Swala Oil extends subscription period, changes listing date

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Reference is made to the announcement released by Swala Oil and Gas (Tanzania) PLC (“Swala”) on 31 August 2018 relating to the extension of the subscription period and change in the listing date to 28th September 2018 and 02nd October 2018 respectively.

Swala Oil has extended the subscription period on its listing date to 19th October 2018.

According to a communique released by the oil and gas firm, the decision to extend has been informed by the overall size of the bond issuance on the Stock Exchange of Mauritius (“SEM”) which has been reduced to US$20 million.

“Reference is made to the announcement released by Swala Oil and Gas (Tanzania) PLC (“Swala”) on 31 August 2018 relating to the extension of the subscription period and change in the listing date to 28thSeptember 2018 and 02nd October 2018 respectively.” The statement reads in part.

Swala is the first Oil and Gas company listed on an East African Stock Exchange with a significant local ownership. Swala holds assets in the world-class East African Rift System with a total net land package in excess of 14,000 km2 as well as a 7.93% interest in PAE PanAfrican Energy Corporation. New discoveries have been announced by industry participants in a number of licences along this trend that extend the multi-billion-barrel Albert Graben play so successfully developed by Tullow Oil into the eastern arm of the rift. Swala has an active operational and business development programme to continue to grow its presence in the hydrocarbon provinces of East Africa and globally.

The listing of the Notes on the Official Market of the SEM is now expected to happen on or around 22ndOctober 2018. Finally, the Listing Particulars will be updated accordingly and resubmitted to the SEM for approval.

Source: The Exchange

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