SWALA:Update On The Transaction with ORCA Exploration Group Inc
1st April, 2019
Swala Oil & Gas (Tanzania) PLC (“Swala” or the “Company”) announces that, pursuant to the terms of its investment agreement dated December 29, 2017 (the “Agreement”) with Orca Explorations Group Inc. (“Orca”) in respect of PAE PanAfrican Energy Corporation (“PAEM”), the parties have agreed to terminate the Agreement as a result of Swala not acquiring additional shares in the capital of PAEM. Swala continues to hold 7.933% of the issued and outstanding shares of PAEM through the Company’s subsidiary Swala (PAEM) Limited.
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