{"id":7653,"date":"2019-04-16T09:24:23","date_gmt":"2019-04-16T09:24:23","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=7653"},"modified":"2019-04-16T09:24:42","modified_gmt":"2019-04-16T09:24:42","slug":"swala-oil-gas-terminates-further-investment-in-pae-panafrican-energy-corporation","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-terminates-further-investment-in-pae-panafrican-energy-corporation\/","title":{"rendered":"Swala Oil &#038; Gas Terminates Further Investment in PAE PanAfrican Energy Corporation"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Swala Oil &amp; Gas (Tanzania)\nPLC &nbsp;has announced that, pursuant to the\nterms of its investment agreement with Orca Explorations Group in respect of\nPAE PanAfrican Energy Corporation (PAEM), the parties have agreed to terminate\nthe <a href=\"https:\/\/bit.ly\/2KI6Lr3\">Agreement<\/a>. This is as a result of\nSwala not acquiring additional shares in the capital of PAEM as earlier agreed\nas to when the company was to acquire up to 40% interest shares in the Songo\nSongo producing assets currently held by the international finance corporation\n(IFC) for $130 million based on an agreed value of US$325 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In <a href=\"https:\/\/bit.ly\/2IB6nYz\">May<\/a> &amp; <a href=\"https:\/\/bit.ly\/2v8HueV\">July<\/a>\nSwala received extensions to the second and third closing date of the PAEM\ninvestment citing certain aspects of the listing approvals process and regulator\ndelays.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Swala continues to hold 7.933% of\nthe issued and outstanding shares of PAEM through the Company\u2019s subsidiary\nSwala (PAEM) Limited following the <a href=\"https:\/\/bit.ly\/2ZdQa1o\">completion<\/a>\nof the first investment transaction deposited into escrow in January 2018.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile Swala Oil &amp; Gas has\nadvised that it is in discussions with a US-based emerging markets\ninstitutional investor for US$75 million in acquisition funding for a\ntransaction. The company says that in furtherance of this possible transaction,\nit is currently finalizing terms for its funding, which when completed is\nexpected to lead to financing agreements within the next weeks. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe are pleased to advise that,\nafter considerable due diligence and engagement, the Company is finalizing\ncommercial terms for an investment of US$75 million with an institutional\ninvestor with extensive experience in emerging markets. This capability, when\nformalised through to definitive agreements, should allow us to contemplate an\nadditional transaction. There can be no guarantees that the financing or\ntransaction contemplated, or any other, will be completed and the Company shall\nupdate the market as appropriate,\u201d Dr. David Mestres Ridge said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Swala Oil and Gas (Tanzania) has\nassets in Tanzania and Burundi including the Kilosa-Kilombero licence in\nTanzania and Block D in Burundi. Swala has a 75% participating interest\nin&nbsp;Kilosa Kilombero&nbsp;and a 100% participating interest in Block D.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Swala Oil &#038; 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<\/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":[7131,7132,2466],"class_list":["post-7653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-orca-explorations-group","tag-songosongo","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-1Zr","jetpack-related-posts":[{"id":6712,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-closing-first-tranche-swala-investment\/","url_meta":{"origin":7653,"position":0},"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 &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":7653,"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":6198,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-oil-gas-seeks-minority-investment-orca-group\/","url_meta":{"origin":7653,"position":2},"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":7009,"url":"https:\/\/www.oilnewskenya.com\/index.php\/swala-announces-extension-second-third-closing-dates-orca-investment\/","url_meta":{"origin":7653,"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 &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":7653,"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":7653,"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\/7653","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=7653"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7653\/revisions"}],"predecessor-version":[{"id":7654,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/7653\/revisions\/7654"}],"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=7653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=7653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=7653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}