Swala Energy Limited’s subsidiary has won rights to explore hydrocarbons in Block 44, located offshore Zambia
Zambia’s Ministry of Energy granted exploration rights to the company, according to Swala Energy Zambia Limited.
Block 44 is 6,000 sq km area that lies in on the margins of the Kariba Basin and contains hydrocarbon deposits.
David Mestres Ridge, CEO of Swala Energy Zambia Limited, said, “We are delighted with being awarded rights to explore Block 44, which expands Swala Energy Limited’s asset portfolio into a potential hydrocarbon region with large energy demand.”
During the first contract year, the company plans to reprocess and reinterpret legacy seismic data as part of its work programme. However, the Australian explorer may eventually withdraw after each of the first two years of the contract if the work doesn’t conform to the basin’s prospectivity, it added.