We have a pulse!, page-48

Oh, apologies, I just googled it and the full access article was available (I don't have a subscription). Here is the relevant section of the article (very last paragraph features Swala):

Robin Bromby
Business columnist
Sydney
Peter Strachan reckons Woodside and AWE are still a buy while Odyssey, Azonto and Tlou are worth keeping an eye on.

Oil had a pretty good week — up 8 per cent over five days, with Brent finishing at $US41.77 a barrel. But let’s not forget that the black liquid has fallen by more than 60 per cent since late 2014.
In theory we should be celebrating: cheap oil should have meant a spurt in global economic growth (with the exception of Saudi Arabia and the other big crude exporters). After all, the economists predicted, there would be all those billions of consumers around the world with all that extra disposable income.
But cheap oil has not prevented the slowdown in China. Or eased Europe’s economic malaise. And while some indicators in the US are positive, many oil producers there are struggling to stay in business. The Bank for International Settlements estimates the global oil and gas sector’s debts at around $US3 trillion ($3.9 trillion), having increased through the commodities boom from its $US1.1 trillion level in 2006.
For investors in oil and gas stocks, this has been no laughing matter. One of our leading oil and gas analysts, Peter Strachan of Perth’s StockAnalysis, has presented some stark statistics.
In November 2013, the 139 energy companies listed on the ASX had a total market capitalisation of $89.8 billion. We have since lost 16 of those companies, but even so the market cap of the sector is now down to $47.9bn as of the beginning of April.

The carnage has been more or less evenly spread: the worth of the four top companies has gone down from $74.8bn to $43.2bn, and that of the smallest 60 companies from a collective $530 million to $266m. At the same time, the overall sector debt has increased from $15.9bn in late 2013 to $24.4bn now.
Surveying the field, Strachan manages to find only two plays worth a buy recommendation. One (on which there seems to be widespread analyst consensus) is AWE (AWE), a producer with net cash, a strong east coast position as gas prices lift and looking at expansion in Otway Basin and elsewhere. The one thing weighing on its value is the low West Australian gas price.

The other company is Woodside Petroleum (WPL) because cash flow from LNG, along with low debt, supports opportune asset buys. It also has an active exploration program and is searching for the next growth project. “Buy any dips for this long-term energy player,” Strachan adds.
As usual, there are the juniors listed as being on death watch, descriptions of explorers in the US as having all hat and no cattle, and warnings to avoid, but more interesting to our readers will be those companies that Strachan thinks worth keeping an eye on.

These include Odyssey Energy (ODY) which has raised cash to start again. Strachan says it’s a great time to have cash when assets are cheap. A “spec buy for the brave” is Azonto Petroleum (APY) with its $US8m in cash after selling its ground in Ivory Coast. Early results are seen as encouraging at Tlou Energy (TOU), a company developing coal-seam gas in Botswana; the Tlou plan is to meet demand in a country with chronic energy shortages and which is now reliant on expensive imported diesel for much of its generation.

And Strachan advises wait and watch on Swala Energy (SWE). This one is deemed “exciting leverage to success” after farming out Tanzanian permits to India’s Tata, with the retained interest valued at $7m, and drilling planned later this year.