SWALA TANZANIA LAUNCHES TRUST TO EMPOWER COMMUNITIES

Swala’s CEO, Dr David Mestres Ridge

Dar es Salaam, Tanzania. Swala Oil and Gas (Tanzania) plc (“Swala”) has announced the launch of Swala Energy Trust Company Limited (the “Trust”). The Trust owns 7.5 million shares in Swala and will invest profits from the gradual sale of these shares to support and uplift the welfare of communities where Swala operates.

A first of its kind in the East African region, the trust is a further development to the successful Initial Public Offer prospectus (IPO) launched last year which was oversubscribed by 39 percent.

The Trust, which is designed to be independent of Swala, is overseen by a board of directors that have considerable experience in this area. The trust owns 7.5 million shares in Swala that, at today’s market price, are worth nearly 49 billion shillings. These shares will be used to generate venture capital to finance community-oriented development projects in Swala’s areas of operations. The trustees of the Trust will be entitled to sell up to 10% of the 7.5 million shares every year to support these investments, and will work closely with local and existing structures to run a variety of programs that will benefit local communities.

The Trust is currently conducting a study to establish key partners and identify specific community needs around Swala’s areas of operations.

Swala’s Chief Executive Officer, Dr David Mestres Ridge said: “We are delighted to announce the launch of Swala Energy Trust, which will be responding to the specific requirements of communities where we operate in. The Trust has been designed to allow for substantial increase in livelihoods to many Tanzanians who continue to face multiple challenges including in the areas of health, education, sanitation and poverty.”

About Swala:

Swala is the first oil and gas company to list on an East African stock exchange. It is an affiliated company to Swala Energy Limited, a company in turn listed on the Australian Stock Exchange (ASX) with ticker “SWE”. Swala holds assets in the world-class East African Rift System with a total net land package in excess of 17,500km2. Swala has an active operational and business development programme to continue to grow its presence in the hydrocarbon provinces of East Africa.

For Further information please contact:

Swala Oil & Gas (Tanzania) Plc
David Mestres Ridge (CEO)
T: +61 8 6270 4700
david.mestres@swala-energy.com
www.swala-energy.co.tz

Frontline Porter Novelli
Irene Kiwia (MD)
T: +255 658870114
Irene@frontline.co.tz