Dont know if this has been posted b4....announcement by SWE Tanz re SWE Aust going into admin. SWALA PRESS RELEASE 29th June 2016
Swala Oil & Gas (Tanzania) PLC ("Swala" or "the Company") advises that its main shareholder,
Swala Energy Limited (Australia), has placed itself in voluntary administration as part of the
restructuring plan that has previously been communicated to the market. Swala Australia aims to
emerge from administration with a streamlined corporate structure better adapted to the current
exploration market.
This development has no impact on Swala, which continues to progress its drilling campaign to
explore the Kito prospect later in 2016. The Company, ably helped by engineers from TPDC and
Tanroads, have been securing the necessary permits and mapping the necessary access roads to
facilitate smooth transportation of drilling equipment/ machinery to the site to ensure that the drilling
program remains on schedule.
SWE Price at posting:
3.7¢ Sentiment: Hold Disclosure: Not Held