Swala to farm out 25% stake in Kenya's Block 12B

Swala Energy Ltd.

Swala Energy Ltd., an African-focused oil and gas company, has signed a binding farm-out agreement for a 25% working interest in Block 12B in Kenya with an international integrated oil and gas company (the farmee), which will see Swala free carried through two exploration wells.

Upon completion of the transaction, Swala will retain a 25% net working interest in Block 12B, the farmee will own a 25% net working interest, and Tullow Oil (LSE: TLW) will hold a 50% net working interest and will continue to act as the operator.

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