SWE Announcement: January 9, 2012

New Production Sharing Agreement

SouthWest Energy is pleased to announce the signing of a new production sharing arrangement with the Ethiopian Government for exploration of oil and gas in the Gambella region in south-western Ethiopia.

The terms of the Gambella PSA include an obligation to complete 4,000km of full tensor gravity surveys and 500 line kilometres of 2D seismic surveys.  These commitment activities are intended to occur during the first exploration period, which is scheduled to last four years.

The Gambella PSA strengthens SWE’s presence in Ethiopia, which consists of 100% working interest and operatorship of three blocks in the Ogaden Basin. The addition of the Gambella concession makes SWE one of the largest acreage holders in East Africa.

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