Petroleum Africa
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Thursday, May 17, 2018
Swala Oil & Gas (Tanzania) reported that Orca Exploration Group has agreed to an additional extension to the date by which the second closing and third closing of the previously announced investment by Swala in the Orca group of up to $130 million must be completed from May 11 to June 29.
There are no assurances given that one or more of the transactions will be completed by June 29 or that they will be completed on the terms previously disclosed.
Dr. David Mestres Ridge, Swala CEO said, “The new extension is not a reflection of lack of interest, which remains strong both nationally and internationally, but of certain aspects of the listing approvals process. Having identified these issues the company has taken steps to ensure that no further delays are incurred as a result, and shall advise the market as the process progresses.”
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