Swala to Buy Piece of Orca Unit

Wednesday, January 3, 2018

Swala Oil and Gas is in the process of acquiring up to a 40% stake in Orca Exploration Group’s PAE PanAfrican Energy Corp. According to Swala, it will pay $130 million for the stake.

When completed, Swalawill have part ownership of PAE’s Tanzanian subsidiary, which holds exploration and production rights for natural gas in the SongoSongo block.

The transaction will involve the issue of 16.3 million preferred shares, worth $16.3 million, to Orca, if shareholders approve. It will also take on PAE Tanzania’s debts worth another $24 million, Swala said.

“It is the first deal of this magnitude between a foreign and a Tanzanian company,” David Mestres, the CEO of Swala, said in a statement.

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