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SL1 - Symbol Mining

Discussion in 'Stocks Q-Z' started by System, Apr 18, 2013.

  1. System

    System Administrator

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    Swala Energy Limited (SWE) is an Australian independent oil and gas exploration company actively exploring the East African Rift System. Swala currently holds substantial equity in assets in Tanzania and Kenya and has an active business development program in Sub-Saharan Africa.

    http://www.swala-energy.com
     
  2. Crows

    Crows

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    Here's a quick overview of Swala, which I have pulled from their May presentation:
    http://www.swala-energy.com/documents/May-Corporate-Update.pdf

    • Listed on Australian Securities Exchange (ASX) on 18th April 2013;
    • Raised $11MM in a tough and difficult market;
    • 15,300km2 (net) in East African Rift System, where there have already been 2 billion-
    4 billion barrels of oil discovered;
    • High quality partners in Tullow Oil plc and Otto Energy Limited;
    • Company has a Management team with proven track record of value realisation in
    East African oil and gas;
    • Active work programme ahead in three licences, with near term low-risk and value-adding activity - Seismic, build prospect inventory – can we identify drillable targets?;
    • Significant regional activity planned around our assets.

    They also have 134.2 million shares in issue with 158.2 million shares fully diluted. Of the 134.2 million shares, 67.5 million are currently tradable with 21.7 million coming out of escrow after 1 year and a further 45 million after 2 years. There are also 15 million performance shares which can be earned if milestones are met, along with 9 million options (mainly broker) exercisable at 30c over 5 years.
     
  3. Crows

    Crows

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    http://swala-energy.com/documents/2013-06-14ExclusivenegotiationsEyasi.pdf

    ADDITIONAL OIL EXPLORATION LICENCE IN THE EAST AFRICAN RIFT SYSTEM

    Swala Energy Limited (ASX:SWE) (“Swala”), the oil and gas explorer with assets along the East African Rift System, is pleased to announce that it has been invited into exclusive negotiations with the Tanzanian Petroleum Development Corporation (TPDC) for the award of a 32.5% interest in the Eyasi licence, onshore Northern Tanzania. If the interest in the Eyasi licence is awarded then Swala will become the operator of the license.

    Reviews of vintage gravity and magnetic data, together with surface geology investigations undertaken by Swala suggest that the Eyasi licence area may contain 4 separate basins with potential sediment thicknesses of around 3,000m (Figure 2). Each of these basins has an area of approximately 2,000 km2, and has the potential to provide the source materials for hydrocarbon generation.

    Swala believes the Eyasi licence to be a highly prospective area located on the southern extreme of the eastern branch of the East African Rift System (EARS) (Figure 1). The western branch of the EARS has already proven to be a major oil province with around 2 billion barrels of discovered oil in Lake Albert in Uganda. More recently the eastern branch has seen a number of oil discoveries announced in northern Kenya in the Lokichar basin where Tullow Oil (TLW: LSE) and Africa Oil (TSX.V:AOI) have recently been so successful with the Twiga South-1 and Ngamia-1 wells. These wells have now proven that prospective hydrocarbon basins lie within the eastern branch of the EARS. The Lokichar basin is around half the size of each of Swala’s four separate basins in Eyasi.

    With the award of this licence, Swala continues to develop its significant regional presence and now has some 21,000 km2 under licence along the EARS.
     
  4. Crows

    Crows

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  5. Crows

    Crows

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    Seems people were able to do a little research over the weekend and jump on board today. Up almost 15% on ~4.25m volume from a tradable 67.5m shares. Only half a cent from the IPO of 20c now. Seems as if some people are getting out for a small tax loss before the end of the month, though this is only a guess.

    Are there any chartists out there who can shed some light on what the charts are saying?
     
  6. Crows

    Crows

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    http://swala-energy.com/documents/SwalaEnergyBidsforthreeexplorationlicencesinZambia.pdf

    SWALA BIDS FOR EXPLORATION PERMITS IN THE REPUBLIC OF ZAMBIA

    Swala Energy Limited (ASX:SWE) (“Swala”), the oil and gas explorer with assets along the East African Rift System (“EARS”), is pleased to announce that it submitted bids for three hydrocarbon exploration permits in the Republic of Zambia on the 28th June 2013.

    The bids are for permits known as Block 31 (Lake Tanganyika and a section of the EARS), Block 42 and Block 44 (covering significant tracts in the under-explored Rift systems of the Permo-Triassic Karoo). If the applications are successful, Swala will have an 83% equity interest in any block awarded.

    Dr. David Mestres Ridge, Swala’s CEO said “We are delighted to have been given the opportunity of bidding for these blocks by the Government of the Republic of Zambia. Block 31 offers a frontier opportunity in the East African Rift System where hydrocarbon generation and accumulation has been proven elsewhere. Blocks 42 and 44 are Karoo Blocks that offer an opportunity to investigate basins where Swala believes there is potential for large structural traps”

    Block 31:
    A portion of the western branch of the EARS lies within Block 31 including part of Lake Tanganyika where indications of a working hydrocarbon system have been reported in the open literature. The block also lies adjacent to the Beach Petroleum (subsidiary of Beach Energy BPT: ASX) acreage where they are currently carrying out extensive exploration activity in the Tanzanian part of the Lake. No wells have been drilled in the Lake to date, but existing 2D seismic indicates there is potential to generate and trap hydrocarbons.

    Block 42:
    Block 42 lies within the older Karoo-age, Luangwa Basin. The Karoo sequence contains potential reservoir rocks and lacustrine source rocks. Two wells were drilled by Placid Oil in the mid 1980’s but these were drilled on very recent, in geological time, structures post-dating any hydrocarbon charge. Study of the seismic data acquired during the 1980’s demonstrates that any source rocks would certainly have reached sufficient depths to have generated hydrocarbons. The data also shows older structures that would have formed during hydrocarbon generation and therefore have a higher chance of retaining trapped hydrocarbons. These structures were not tested in the earlier drilling programme. Swala plans to reprocess and reinterpret the legacy seismic data as part of its work programme.

    Block 44:
    Block 44 lies in the southern part of the country, located on the margins of another Karoo aged basin – the Kariba basin. Gravity and seismic data suggest that the basin has a thick sequence of Karooaged sediments. The basin was explored by Mobil in the late 1980’s and a large volume of 2D seismic data was acquired at that time but no wells were drilled. It is evident from the data that the Kariba Basin has a significant sedimentary fill and large structural traps. Swala plans to reprocess and reinterpret the legacy seismic data as part of its work programme.
     
  7. Crows

    Crows

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    Surely this has come up on some people's radars by now.. Huge volume (in the millions each day when there's a mere 67.5m tradable shares) and been making some very nice gains over the past week or two. Up more than 50% since a week or so ago so have been expecting comments from some Chartists but all has been quiet! Anyone taken any interest yet? Surely people have heard about the recent success Tullow and Africa Oil have had with the neighboring permits... Well I guess some have, but no one here!

    Will sit back and watch how this pans out over the next few months!
     
  8. Country Lad

    Country Lad Off into the sunset

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    Yep, got my attention when it broke above 19 after your posts. Didn't buy it though, for no real reason.

    Cheers
    Country Lad

    swe 6 Aug 13.gif
     
  9. Crows

    Crows

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    Well at least I know some people on here know the company exists now ;) Some others may just be keeping quiet while they take a position, I know plenty of people do that... Anyway hopefully for my (greedy) sake, the SP pulls back as I've got a little extra cash I can put into it and sure enough I'm a week late and the SP surges!

    If this pulls back to sub 20, I'll add to my position, but if not oh well I'm happy either way!
     
  10. trader8888

    trader8888

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    im here to mate, looking good this one, looking for $1 in a matter of months.
     
  11. Crows

    Crows

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    The Eyasi licence excites me a lot. Look at the number of basins it has and size of them! They're double the size of the basin Tullow found oil in and there's four of them! I can see this re-rating much like PVD (2012's best performing IPO) did last year. The 2D seismic results could be juicy and the drilling could start sometime in 2014.
     
  12. Crows

    Crows

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    http://swala-energy.com/documents/2...POSITIVERESULTSFROMKIDATUSEISMICPROGRAMME.pdf

    Swala Oil & Gas (Tanzania) Limited (“SOGTL”) is pleased to provide an update on the 2D
    seismic programme underway on the Kilosa-Kilombero licence (“License”) in Tanzania. Swala has
    an direct 50% interest in the license.

    The programme over the Kidatu basin area in the License has been completed and the preliminary
    interpretation of the results is positive. These results follow those observed from the programme in
    the Kilosa basin to the north that were also positive as announced by Swala in its ASX release on 18
    September. The seismic survey has now commenced over the Kilombero basin, south of the Kidatu
    basin.

    A total of 143km of 2D seismic were acquired over the Kidatu basin. The initial results based on
    preliminary processed data indicate the presence of large-scale structures along the edges of the
    basin together with a major intra-basin high identified on dip and strike lines. The structure may be
    as large as 30 to 60 square kilometres.

    The seismic team has now relocated to Kilombero where the programme is expected to take a
    further three weeks to complete. Upon conclusion of the Kilombero survey the seismic crew will
    mobilise to the Pangani Licence in the north of Tanzania to acquire up to 200km of 2D seismic in the
    two potential basins that were identified in 2012.

    Dr. David Mestres Ridge (CEO) said, “The results from the Kidatu survey have already shown the
    potential presence of very large structural traps, an encouraging result and one that underscores our
    team’s geological understanding of the area. Whilst additional processing and interpretation of the
    recorded data is still needed, the positive results to date give us growing confidence in our
    continued exploration activities within the Kilosa-Kilombero Licence.”
     
  13. Crows

    Crows

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    http://swala-energy.com/documents/SWE_SeismicShowsLokicharAnalogue_20131113.pdf

    Interesting research report from Argonauts. Highlights the recent seismic results from the Kilosa-Kilombero licence and certainly looks positive with one of the basins sowing an analogue to Kenya's Lokichar basin.


    http://swala-energy.com/documents/ASXAnnouncementEquityplacement13November2013.pdf

    Also good to see that international investors are coming to the company offering cash at a premium. I can only imagine what will be thrown at them once more development has been done on the licences!
     
  14. Crows

    Crows

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    It surprises me no one else is talking about this... SWE up to a new intraday high of 39c today and the ball just keeps rolling.. The sell side looking sick and the buy side strengthening... Surely even a chartist or two is looking at this?
     
  15. pixel

    pixel DIY Trader

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    At the time, it was probably too young for most chartists to hang a hat on. It's also dropped off the Highs that impressed you; but now it's regaining ground, moving back above the mid point of last year's trading range. My scanner gave me a tentative uptick and I've taken a small entry position.

    SWE n 14-03-14.gif
     
  16. IFocus

    IFocus You are arguing with a Galah

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    SWE has had a move up to minor resistance anyone have any news why



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  17. pixel

    pixel DIY Trader

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    Trading Halt, pending news from the Kenya JV :eek:

    If "someone knew" beforehand and influenced the trading direction, it could be scary...

    SWE po 25-09-14.gif
     
  18. pixel

    pixel DIY Trader

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    It was scary.
    Now, after almost two years in suspenders, they're reborn at 4c.
    Soon to be renamed SL1.

    SWE rebirth 22-12-17.png
     
  19. System

    System Administrator

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    On December 29th, 2017, Swala Energy Limited (SWE) changed its name and ASX code to Symbol Mining Limited (SL1).
     
  20. greggles

    greggles I'll be back!

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    Symbol Mining moving up yesterday in anticipation of the commencement of mining at the Macy Deposit at the company's 60% owned Imperial Project in Nigeria.

    The mine has a capital cost of $3.2 million and is expected to generate a base case of $20 million free cash flow in 12 months. Current market cap is $14 million.

    big.chart-SL1.gif
     
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