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Thursday, July 19, 2018
Orca Exploration has indefinitely extended the timing for the closing of Tranche 2 and 3 of the previously announced investment by Swala Oil & Gas (Tanzania) in PAE PanAfrican Energy Corp., a subsidiary of Orca. The investment is for up $130 million.
While the timing has been extended, Orca retains the rights to terminate it at any time. The extension pertains to tranche 2 and tranche 3 and does not impact tranche 1 which closed on January 16, 2018.
The decision was taken in consideration of the uncertainty in the timing of regulatory approval of Swala’s prospectus and listing application in Mauritius. Orca’s decision not to set a specific date to complete the 2nd and 3rd tranches does not terminate the Swala Investment and Orca continues to support Swala’s efforts in closing its financing.
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