Continental Focus, International Reach

Orca in Discussion with Swala over Possible Investment

Thursday, August 17, 2017

Orca Exploration confirmed that it is currently in discussions with SwalaOil & Gas (Tanzania) regarding Swala possibly making a minority investment in PAE PanAfrican Energy Corp. (PAEM). PAEM is a wholly-owned subsidiary of Orca Energy.

There are no assurances that these discussions will lead to a definitive agreement and any such agreement is expected to be subject to Swala securing necessary financing as well as a number of other conditions. There are no assurances that such conditions will be satisfied.

Any investment by Swala, if concluded, is not expected to affect the management or operation of Orca’s operating subsidiary, PanAfrican Energy Tanzania Limited (PAET), and the many benefits accruing to Tanzania from Orca ‘s involvement in theSongoSongo Project.

PAET is a wholly-owned subsidiary of PAEM.

Orca Chairman and CEO, W. David Lyons commented, “We would welcome Swala’s minority participation in the Orca Group. Orca has for some time sought the right partner for a minority stake in the Orca Group and we welcome Swala’s ability to attract and engage Tanzanian investors.  Such an investment is strategic to Orca in underpinning the intrinsic value of our business and providing a platform from which to grow and diversify our company.”

 Orca’s SongoSongo Project is thefirst gas-to-power project in sub-Saharan Africa. It was initiated by the government of Tanzania, with the technical and financial support of the World Bank and private sector investors, including Orca’s predecessor.


« GO BACK