Tanzanian Oil Company not able to extend deadline for Investment in PAE
Uncertainty patterning to the time line for approval by regulators mean that the investment in PAE is beyond the control of Swala Oil. This is because this is a new area of investment in Tanzania, so its taking time.
Swala Oil will not extend the deadline to complete the previously announced investment in PAE PanAfrican Energy Corporation, the firm has announced.
The Dar es Salaam stock exchange listed firm has noted that it will not extend the deadline on investment of up to US$130 million for any specific time period.
PAE PanAfrican Energy Corporation is a subsidiary of Orca Exploration Group. “The extension pertains to tranche 2 and tranche 3 and does not impact tranche 1 which closed on January 16, 2018. The decision was taken in consideration of the uncertainty in the timing of the regulatory approval of Swala’s prospectus and listing application in Mauritius.” A statement from the firm reads.
In May this year, the Canadian firm Orca Extended the Tanzanian deal deadline to allow it to achieve key stages in the divestment of a 40% interest in its Tanzania gas production business to local firm Swala Oil from May 11 2018 to June 29 2018.
Swala has a 75% participating interest in Kilosa-Kilombero and a 100% participating interest in Block D. Swala has also become a shareholder of PAE PanAfrican Energy Corporation (“PAEM”), a Mauritius-registered company that owns PanAfrican Energy Tanzania Limited (“PAET”). PAET in turn holds the rights granted by the Government of Tanzania to explore, develop, market, produce and sell natural gas from the Songo Songo gas field in Tanzania, the associated infrastructure and distribution and marketing agreements with private sector and state enterprises.
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