{"id":7122,"date":"2018-07-16T08:43:22","date_gmt":"2018-07-16T08:43:22","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=7122"},"modified":"2018-07-18T05:33:28","modified_gmt":"2018-07-18T05:33:28","slug":"swala-halts-investment-pae-panafrican-energy-corporation-citing-regulator-delays","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/swala-halts-investment-pae-panafrican-energy-corporation-citing-regulator-delays\/","title":{"rendered":"Swala Halts Further Investment in PAE PanAfrican Energy Corporation citing Regulator Delays"},"content":{"rendered":"

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 and tranche 3 and does not impact tranche 1 which closed on January 16, 2018.<\/p>\n

According to Swala the decision was taken in consideration of the uncertainty in the timing of the regulatory approval of Swala\u2019s prospectus and listing application in Mauritius as well as the time taken by the regulator \u2018thoroughly understanding the Swala prospectus\u2019.<\/p>\n

The company adds that the decision not to extend the deadline does not terminate the Swala Investment and Orca continues to support Swala\u2019s efforts in closing its financing although Orca may terminate the balance of the Swala Investment at any time.<\/p>\n

“Swala and Orca will continue to complete the process started earlier this year, but do not believe that either company is served well by agreeing to timelines that are outside of their control.\u00a0 The process in Mauritius is advancing at creditable speed but oil and gas is a new investment area and the regulator has spent time thoroughly understanding the Swala prospectus.\u00a0 Our understanding is that the prospectus will be reviewed by the Executive Committee of the SEM this coming week and are already engaging with Tanzanian and overseas investors in anticipation of an early closing,\u201d said Swala CEO Dr. David Mestres Ridge.<\/p>\n

In May<\/a> Swala announced that the two parties had agreed to an additional extension to the date by which the second closing and third closing and which had to be completed from 11th May 2018 to 29th June 2018.<\/p>\n

In a rejoinder\u00a0Orca Exploration\u00a0has announced that it has indefinitely extended the timing for the closing of Tranche 2 and 3 of the previously announced investment by\u00a0Swala Oil & Gas (Tanzania)\u00a0in\u00a0PAE PanAfrican Energy Corporation, a subsidiary of Orca, of up to US$130 million, but the Company retains the right to terminate the extension at any time.<\/p>\n

Orca Exploration says the decision was taken in consideration of the uncertainty in the timing of regulatory approval of Swala\u2019s prospectus and listing application in Mauritius. Orca’s decision not to set a specific date to complete the 2nd and 3rd tranches does not terminate the Swala Investment and Orca continues to support Swala\u2019s efforts in closing its financing.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"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":[1931,6957,5914],"class_list":["post-7122","post","type-post","status-publish","format-standard","hentry","category-top-news","tag-orca-exploration-group","tag-pae-panafrican-energy-corporation","tag-swala-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1QS","jetpack-related-posts":[{"id":7133,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-receives-approval-list-bonds-stock-exchange-mauritius\/","url_meta":{"origin":7122,"position":0},"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 "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\/08\/Swala-Tanzania.png?fit=484%2C352&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":7122,"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. 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(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":6198,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-seeks-minority-investment-orca-group\/","url_meta":{"origin":7122,"position":4},"title":"Swala Oil & 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. 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