Otto Energy Ltd. (Otto) announced on Tuesday that the joint venture with Swala has successfully completed a 267 mile 2D seismic program over the Kilombero Basin in central Tanzania. Otto Energy Tanzania Pty Ltd has a 50% participating interest in the Kilosa-Kilombero license.
The seismic survey was carried out by Otto’s joint venture partner and Operator Swala Oil and Gas (Tanzania) Plc, a wholly owned subsidiary of Swala Energy Limited (Swala).
The joint venture has already identified the Kito Prospect as a potential drilling target for 2015. The new seismic data are currently being processed ahead of detailed interpretation that aims to map additional potential drilling targets for the forthcoming drilling campaign. The joint venture will carry out basin modelling and seismic amplitude studies to help rank the prospect portfolio ahead of these planned drilling activities.
Matthew Allen, Otto’s CEO said: “The work program of the joint venture in the Kilosa-Kilombero license has been executed in line with the work program commitments to TPDC, in an area that had not previously seen any oil or gas exploration activity. We look forward to the results of the detailed mapping, basin modelling and seismic amplitude studies to support the final drill candidate selection.
Adapted from press release by Joe Green