Tigrai Online Dec. 05, 2012
SouthWest Energy Ltd., an Ethiopian oil and gas exploration company, said it plans to raise $100 million via a private placement in the first quarter of 2013 to help finance a three-well drilling program in the Ogaden basin.
The company has pushed back the date for sinking the first well to the third quarter, from the first half, as it analyzes data and decides on one of 15 possible targets in blocks 9, 9a and 13, Chairman Tewodros Ashenafi said in an interview. SouthWest may also try to sell a stake in the fields, he said.
“Potentially, we will go out to raise money from selected private equity players,” Tewodros, 43, said in an interview yesterday in Rwanda’s capital, Kigali. The company may also seek a partner to bring “international resources and technical additions,” he said.
SouthWest Energy is Ethiopia’s leading indigenous oil and gas exploration and production company. Founded in 2005 by Tewodros Ashenafi, as of January 2012 SWE is in the top 10 oil and gas acreage holders in east Africa and has a leading acreage position in the Jijiga Basin, Ethiopia’s largest proven hydrocarbon system.