OEL 8.33% 1.3¢ otto energy limited

Ann: Swala in Legal Dispute with Otto Energy,OEL-SWE.AX, page-20

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  1. 6,354 Posts.
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    You might be on the money with the Pangani seismic and interpretation cara.

    Interesting that the action brought by OEL against SWE is also against current and certain former directors.

    According to annc's., the only director to leave in the last 16 months is Ernest Massawe, who resigned from SWE just last month (20 April).  He'd been a Non Ex Dir of SWE since it's incorporation in early 2013.
    However, Massawe will continue to remain as a Director of SOGTP until Sept 2016 (the SOGTP AGM) where he is expected to provide Board stability leading up to SOGTP drilling Kito-1  in Q3 2016.
    Ken Russell (SWE Chair) said, "Mr Massawe has been instrumental in the development of our projects within Tanzania....."

    SOGTP (Swala Oil and Gas Tanzania Plc - owned 58.5 % by SWE) were the co. who shot and analysed the 2D seismic over Pangani in 2014.  This is what they had to say about it at the time....

    2 Oct 2014 - The preliminary interpretation of these new data has allowed SOGTP to identify a number of potential structural leads which after final processing of the field data, are expected, to define potential targets for SOGTP's 2015 drilling programme.
    Find the document here.

    If this is indeed at the crux of OEL's legal action, it could get even more blown up and interesting when you consider that in just October last year, TPL (Tata) paid US$5.7M to SWE to farmin to Pangani and KK.  So, at that stage, Pangani was still a goer.  

    SWE get the money, then redeem and cancel all convertible notes over themselves, then all of a sudden there's no leads at all in the Pangani lease???......mmmm!

    Of course this could be off the mark, but then again, it's just IMO.
 
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