AUSTRALIA-based Swala Energy has started a 2D seismic data acquisition program over the Pangani exploration licence in northern Tanzania, in which it and Otto Energy each own 50 per cent.
The survey will acquire about 200 kilometres of 2D seismic data over the Moshi basin, with the data to be processed as the survey progresses.
It is a follow-up to the seismic program carried out in the basin in 2013 where results indicated a sedimentary basin of about 3,000 metres in thickness.
Once the survey in the Moshi basin is complete, seismic operations will move to the Kilombero basin where a further 430 kilometres of 2D data will be acquired.
Swala chief executive David Mestres Ridge said the company was committed to moving forward with its exploration program.
“This work is intended to firm up potential drilling targets for a planned 2015 drilling campaign as required under the terms of the respective Production Sharing Agreements with TPDC,” he said.
The activity comes after the company’s partly owned subsidiary Swala Oil & gas opened an initial public offer on the Dar es Salaam Stock Exchange, raising about US$2 million before expenses.
This was significantly more than the company’s minimum subscription level of 1.6 billion Tanzanian shillings – about US$1 million, Swala said.