Orca Exploration Group Inc. announced that it has agreed to extend to July 13, 2018 the date of the completion of the second and third closing of the previously announced investment by Swala Oil & Gas plc in BVI company’s subsidiary PAE PanAfrican Energy Corporation. There is no guarantee that the transactions will be completed by this date, or on the terms previously disclosed.
Orca Exploration also announced the closing of the deferred consideration portion of the first closing of the Swala Investment, pursuant to which Orca has received Swala convertible preferred shares of US$3,966,500 worth.
Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its wholly-owned subsidiary, PAET. Swala is an independent oil & gas exploration company having a significant Tanzanian ownership.
