Orca Exploration discusses possible investment with Swala Oil & Gas

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.

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