Shares in Perth-based Swala Energy have slipped slightly on their ASX debut, dropping 1 cent in limited trade.
Swala’s stock finished at 19 cents on the ASX today, down from its 20 cents per share issue price, with just over 200,000 securities changing hands.
The oil and gas explorer completed its $11 million initial public offering earlier this week, reporting strong support from institutional investors.
The funds will be used to finance Swala’s forward work program across its licences in the oil producing East African Rift System (EARS) in Tanzania and Kenya.
Swala is conducting its activities independenly and in partnerships, with its focus on increasing its asset portfolio while developing its assets under management.
“We are very happy with the report we have received for the IPO,” managing director David Mestres Ridge said.
“The completion of the process will now enable us to move ahead with our work program and allow us to grow our presence along the highly prospective EARS where there has been such success in recent years.”
By Dan Wilkie
