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Swala Energy to Issue Farmout Update

June 23, 2014

Swala Energy, which has assets in the East Africa Rift exploration basin, has requested halting of trading in its stock pending and announcement related to Block 12B in Kenya.

Swala is listed on the Australian Securities Exchange but is registered in the British Virgin Islands.

It will issue an update of a farm-out agreement for a 25 per cent working interest in the exploration block. A farm-out agreement is the assignment of an oil, gas or mineral interest to a third party in full or percentages.

Swala said on Thursday that trading will halt till the announcement expected before trading on Monday.

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Source: AllAfrica

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