SouthWest Energy of Ethiopia to Raise $100 Million in Equity
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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.