{"id":6712,"date":"2018-01-22T08:13:47","date_gmt":"2018-01-22T08:13:47","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=6712"},"modified":"2018-01-22T08:13:47","modified_gmt":"2018-01-22T08:13:47","slug":"orca-exploration-announces-closing-first-tranche-swala-investment","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-closing-first-tranche-swala-investment\/","title":{"rendered":"Orca Exploration Announces Closing of the First Tranche of the Swala Investment"},"content":{"rendered":"<p>Orca Exploration Group has announced that the escrow release conditions have been met regarding the first tranche of the <a href=\"http:\/\/bit.ly\/2F0GKeK\">previously announced<\/a> investment of up to US$130 million by Swala Oil &amp; Gas (Tanzania) plc in the Orca Group. As a result, the definitive agreements for the Investment have been released from escrow and are delivered and effective and the first tranche of the Investment is complete.<\/p>\n<p><strong>First Tranche of the Investment<\/strong><\/p>\n<p>Under the first tranche of the Investment, Orca sold 7,933 Class A PAEM Shares (7.93%) that it holds of PAE PanAfrican Energy Corporation to Swala (PAEM) Limited, a wholly-owned subsidiary of Swala, for gross proceeds of US$25,782,250 (US$21,022,450 net of certain purchase adjustments) payable in US$17,055,950 cash and the right to receive either US $3,966,500 face amount of Swala convertible preferred shares by 2 March 2018 or US $3,966,500 in cash in the event such Swala shares are not issued by such date.<\/p>\n<p><strong>Amendment and Consent Letter with International Finance Corporation<\/strong><\/p>\n<p>As part of the Investment, Orca entered into an amendment and consent letter with PanAfrican Energy Tanzania Limited (<strong>PAET<\/strong>) and International Finance Corporation (&#8220;<strong>IFC<\/strong>&#8220;) pursuant to which:<\/p>\n<ul>\n<li>PAET agreed to prepay the IFC loan facility in part based on the proportion to the total percentage of PAEM Shares sold to Swala PAEM by no later than 10 December 2019;<\/li>\n<li>upon each closing occurring under the Investment, IFC&#8217;s 7% participation interest would be reduced pro rata with the percentage of the PAEM Shares sold to Swala in consideration for PAET paying IFC the sum equal to the liquidity participation interest (10%) of the proportion of PAEM sold based on a valuation of US$325 million; and<\/li>\n<li>the parties agreed to make certain amendments to the IFC loan agreement and related financing documents in connection with the foregoing.<\/li>\n<\/ul>\n<p>As part of the amendment and consent letter, Orca guaranteed the prepayments owed by PAET to IFC discussed above. As a result of the closing of the first tranche of the Investment, that guarantee covers US$4,759,800 in prepayments. Assuming that the second and third tranches of the Investment close, Orca&#8217;s guarantee would cover an aggregate of US$24,000,000 in prepayments due 10 December 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-closing-first-tranche-swala-investment\/\" class=\"more-link\">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":[3318,6679,2365,2449,2466],"class_list":["post-6712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-orca-exploration","tag-panafrican-energy-tanzania","tag-songo-songo","tag-swala-oil-and-gas","tag-tanzania","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-1Kg","jetpack-related-posts":[{"id":7009,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-announces-extension-second-third-closing-dates-orca-investment\/","url_meta":{"origin":6712,"position":0},"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 &quot;Top News&quot;","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":6712,"position":1},"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 &quot;Top News&quot;","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":7653,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-terminates-further-investment-in-pae-panafrican-energy-corporation\/","url_meta":{"origin":6712,"position":2},"title":"Swala Oil &#038; 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 &quot;Top News&quot;","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":6198,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-seeks-minority-investment-orca-group\/","url_meta":{"origin":6712,"position":3},"title":"Swala Oil &#038; Gas Seeks minority investment in the Orca Group","author":"","date":"August 15, 2017","format":false,"excerpt":"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. Orca which is the operator of the 879 Bcf Songo Songo\u2026","rel":"","context":"In &quot;Top News&quot;","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":6712,"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 &quot;Top News&quot;","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":7133,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-receives-approval-list-bonds-stock-exchange-mauritius\/","url_meta":{"origin":6712,"position":5},"title":"Swala Receives Approval To List Bonds On The Stock Exchange Of Mauritius","author":"","date":"August 3, 2018","format":false,"excerpt":"Swala Oil & Gas (Tanzania) has announced that the Stock Exchange of Mauritius has approved the Company\u2019s Listing Prospectus, allowing the listing of the Company\u2019s US$50 million Corporate Bonds on the SEM with Greenshoe Rights. The Company first announced the move to Mauritius on the 2nd of July 2018. The\u2026","rel":"","context":"In &quot;Top News&quot;","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\/08\/Swala-Tanzania.png?fit=484%2C352&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\/6712","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=6712"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6712\/revisions"}],"predecessor-version":[{"id":6713,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6712\/revisions\/6713"}],"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=6712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=6712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=6712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}