{"id":6198,"date":"2017-08-15T18:36:48","date_gmt":"2017-08-15T18:36:48","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=6198"},"modified":"2017-08-15T18:36:48","modified_gmt":"2017-08-15T18:36:48","slug":"swala-oil-gas-seeks-minority-investment-orca-group","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-seeks-minority-investment-orca-group\/","title":{"rendered":"Swala Oil & Gas Seeks minority investment in the Orca Group"},"content":{"rendered":"

Orca Exploration Group has confirmed that it is in discussions with Swala Oil & Gas (Tanzania) plc regarding a possible minority investment in PAE PanAfrican Energy Corporation (PAEM), a Mauritius-registered company that is a wholly-owned subsidiary of the Company.<\/p>\n

Orca which is the operator of the 879 Bcf Songo Songo natural gas field\u00a0\u00a0is however\u00a0 quick to state that there are no assurances that these 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.<\/p>\n

And with Swala still seeking ways to raise finances which include a bond<\/a> in Uganda and Tanzania market there are no assurances that such conditions will be satisfied.\u00a0 According to Orca any investment by Swala, once concluded, is not expected to affect the management or operation of the Company\u2019s operating subsidiary, PanAfrican Energy Tanzania Limited (PAET) (which 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 Songo Songo Project<\/a>.<\/p>\n

\u201cWe would welcome Swala\u2019s 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\u2019s ability to attract and engage Tanzanian investors. \u00a0Such an investment is strategic to Orca in underpinning the intrinsic value of our business and providing a platform from which to grow and diversify our company,\u201d says Orca Chairman and Chief Executive Officer, W. David Lyons commented.<\/p>\n

Orca Exploration operates the first gas-to-power project in Sub-Saharan Africa, the Songo Songo Project was initiated by the Government of Tanzania, with the technical and financial support of the World Bank<\/a> and private sector investors, including the predecessor to Orca. Just last month Orca announced the approval of the Second Additional Gas Plan (AGP-2) by the Government of Tanzania, more than doubling the available volume of Additional Gas for sale from the Songo Songo Field.<\/p>\n

The PSC under its Project Agreements the Company is required to prepare and submit for approval an Additional Gas Plan that demonstrates how such demand for Additional Gas can be met to the end of the existing licence in 2026, while assuring the continued and reliable supply of up to 45 MMscfd of Protected Gas to 2024. Preservation of Protected Gas is vital to the economics of the overall Songo Songo project. Protected Gas enables Songas to generate and sell electricity to TANESCO at approximately US$0.05 per kWh, making Songas the lowest cost supplier of gas-fired power generation in Tanzania.<\/p>\n

Beyond ensuring the supply of Protected Gas to 2024, and the increased sale of Additional Gas to 2026, AGP-2 also contemplates additional field development to support and optimize the Songo Songo production profile through the life of the field.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orca Exploration Group has confirmed that it is in discussions with Swala Oil & Gas (Tanzania) plc regarding a possible minority investment in PAE PanAfrican Energy Corporation (PAEM), a Mauritius-registered … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":6199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[1171,6328,6329,2365,5914,2463,2543,2745],"class_list":["post-6198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-investment","tag-orca-group","tag-pan-african-energy-corporation","tag-songo-songo","tag-swala-oil-gas","tag-tanesco","tag-tpdc","tag-world-bank","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/swala-energy-orca-exploration.png?fit=331%2C303&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1BY","jetpack-related-posts":[{"id":7653,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-terminates-further-investment-in-pae-panafrican-energy-corporation\/","url_meta":{"origin":6198,"position":0},"title":"Swala Oil & Gas Terminates Further Investment in PAE PanAfrican Energy Corporation","author":"","date":"April 16, 2019","format":false,"excerpt":"Swala Oil & Gas (Tanzania) PLC has announced that, pursuant to the terms of its investment agreement with Orca Explorations Group in respect of PAE PanAfrican Energy Corporation (PAEM), the parties have agreed to terminate the Agreement","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/swala-energy-orca-exploration.png?fit=331%2C303&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6712,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-closing-first-tranche-swala-investment\/","url_meta":{"origin":6198,"position":1},"title":"Orca Exploration Announces Closing of the First Tranche of the Swala Investment","author":"","date":"January 22, 2018","format":false,"excerpt":"Orca Exploration Group has announced that the escrow release conditions have been met regarding the first tranche of the previously announced investment of up to US$130 million by Swala Oil & Gas (Tanzania) plc in the Orca Group. As a result, the definitive agreements for the Investment have been released\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/swala-energy-orca-exploration.png?fit=331%2C303&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6653,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-energy-set-acquire-first-producing-assets-tanzania\/","url_meta":{"origin":6198,"position":2},"title":"Swala Energy Set To Acquire First Producing Asset in Tanzania","author":"","date":"January 3, 2018","format":false,"excerpt":"Swala Oil and Gas entered into an agreement with Orca Exploration to acquire up to 40% \u00a0interest in the Songo Songo producing assets currently held by the international finance corporation (IFC) for $130 million based on an agreed value of US$325 million as earlier announced in August. According to Orca\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/01\/songo-songo-field.jpg?fit=355%2C378&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7009,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-announces-extension-second-third-closing-dates-orca-investment\/","url_meta":{"origin":6198,"position":3},"title":"Swala Announces Further Extension To The Second And Third Closing Dates Of The Orca Investment","author":"","date":"May 16, 2018","format":false,"excerpt":"Swala Oil & Gas (Tanzania) plc has announced that Orca Exploration Group Inc. (Orca) has agreed to an additional extension to the date by which the second closing and third closing of the previously announced investment by the Company in the Orca group of up to US$130 million must be\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/swala-energy-orca-exploration.png?fit=331%2C303&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7122,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-halts-investment-pae-panafrican-energy-corporation-citing-regulator-delays\/","url_meta":{"origin":6198,"position":4},"title":"Swala Halts Further Investment in PAE PanAfrican Energy Corporation citing Regulator Delays","author":"","date":"July 16, 2018","format":false,"excerpt":"Swala Oil & Gas (Tanzania) has announced that it will not extend the deadline to complete the previously announced investment by Swala in PAE PanAfrican Energy Corporation, a subsidiary of Orca Exploration Group Inc. of up to US$130 million for any specific time period. The extension pertains to tranche 2\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13427,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-orca-energy-group-inc-announces-independent-reserves-evaluation-for-year-end-2022\/","url_meta":{"origin":6198,"position":5},"title":"TANZANIA: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2022","author":"","date":"February 27, 2023","format":false,"excerpt":"The Company\u2019s conventional natural gas reserves as at December 31, 2022 for the period to the end of the primary (25 year) term of the production sharing agreement with the Tanzanian Petroleum Development Corporation (the TPDC) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. in\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tanzania-Songo-Songo.jpg?fit=347%2C372&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=6198"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6198\/revisions"}],"predecessor-version":[{"id":6200,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6198\/revisions\/6200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/6199"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=6198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=6198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=6198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}