Archive for August, 2017

Orca Exploration discusses possible investment with Swala Oil & Gas

Monday, August 21st, 2017

BVI-registered mining company Orca Explortion Group Inc. confirmed discussions with Tanzanian Swala Oil & Gas about minority investment in PAE PanAfrican Energy Corporation, a wholly-owned subsidiary of the BVI company. The agreement is not definitive and is expected to be subject to a number of conditions including Swala securing necessary financing.

The investment by Tanzanian company, if concluded, will not affect the management or operation of PanAfrican Energy Tanzania Limited, which will continue to be wholly-owned subsidiary of PAE PanAfrican Energy Corporation, and many benefits accruing to Tanzania from BVI group’s involvement in the Songo Songo Project.

The Songo Songo Project is the first gas-to-power project in Sub-Saharan Africa, initiated by the Government of Tanzania, with the technical and financial support of the World Bank and private investors, among which there was the predecessor to Orca Exploration Group.

DryShips Inc. terminated common stock purchase agreement with BVI-based Kalani Investments

Monday, August 14th, 2017

Nasdaq-listed DryShips Inc., a diversified owner of ocean going cargo vessels operating worldwide, announced the termination of the common stock purchase agreement with British Virgin Islands-registered Kalani Investments Limited, which was signed by the company in April 2017.

Also, DryShips’ chairman and Chief Executive Officer Mr. George Economou has agreed to refrain from re-selling for a six month period any common shares of the company. DryShips also agreed to to conduct any equity offerings until after December 31, 2017, without the prior approval of the majority of its unaffiliated shareholders.