PANAFRICA Energy parent company, Orca Exploration, has confirmed discussions with Swala Oil and Gas regarding a possible minority investment in the Orca Group.
Orca, a British Virgin Islands
registered firm, said in a release that there are discussions going on
for possibility of Swala—listed on Dar es Salaam Stock Exchange—to
acquire minority investment in PanAfrican Energy Corporation (PAEM),
registered in Mauritius.
Orca Chairman and Chief Executive
Officer, W. David Lyons welcomed Swala’s minority participation in the
Orca Group. “Orca has for some time sought the right partner for a
minority stake in the Orca Group and we welcome Swala’s ability to
attract and engage Tanzanian investors.
The Chairman and CEO said such an
investment was strategic to Orca in underpinning the intrinsic value of
their business and providing a platform from which to grow and diversify
our company.
Orca, however, warned that “there are no
assurances” that discussions will lead to a definitive agreement. “…And
any such agreement is expected to be subject to Swala securing
necessary financing as well as a number of other conditions,” the
statement said.
Orca further said there are no
assurances that such conditions will be satisfied. “Any investment by
Swala,” the statement said, “if concluded, is not expected to affect the
management or operation of the company’s operating subsidiary,
PanAfrican Energy Tanzania Limited (PAET).”
PAET will continue to be a wholly-owned
subsidiary of PAEM, and the many benefits accruing to Tanzania from the
Orca Group’s involvement in the SongoSongo project.
No comments :
Post a Comment