Investment in PAE PanAfrican Energy Corporation
On the 2nd January 2018, Swala advised that it had entered into an agreement with Orca Exploration Inc. ("Orca") under the terms of which Swala would acquire up to 40% of, and become a shareholder in, Orca's previously wholly-owned, Mauritius-registered, subsidiary PAE PanAfrican Energy Corporation ("PAEM"). The full announcement can be read here.
PAEM owns PanAfrican Tanzania Limited ("PAET"), a company that holds the rights granted by the Government of Tanzania to explore, develop, market, produce and sell natural gas from the Songo Songo gas field, the associated infrastructure and distribution and marketing agreements with private sector and state utilities. PAET's website can be accessed here.