Carried for a cost contribution of USD 2.5m. Don't fall into the trap of thinking that Swala will not have to contribute to well costs if they exceed USD 10m. Hoping for a safe and quick drill ops. for Kito 1 but onshore drilling in Tanzania has a chequered history with problems, have a look at Aminex. Hopefully the rig selected won't be the old Caroil 6 if it's still in TZ.
So based on that, I would expect that Swala will tap the market just before spud to have some contingency up our sleeve, hard to raise money when things have turned to shite.
Jimbo
SWE Price at posting:
3.7¢ Sentiment: None Disclosure: Held