Swala oil and Gas Tanzania

Diasporae · 2018-08-06T16:32:46+00:00

We understand that SWALA OIL AND (T) plc is in the process of acquiring 40% of ORCA EXPLORATION PLC/PAN AFRCAN ENERGY TANZANIA. After SWALA acquired its first tranche, TPDC and Controller Auditor General had advised that SWALA and PAN AFRICAN ENERGY TANZANIA to stop the acquisition process until further notice. Recently, we have seen several press releases from SWALA looking for fund from different stock markets to fund this project. We don’t understand if the government of Tanzania and the TPDC had lifted this ban. Below is part of Public authorities General Report Audit Report 2016/17 on SWALA (i) Acquisition of 40% Stake in Pan African Energy Tanzania Ltd by Swala Oil & Gas (Tanzania) PanAfrican Energy Tanzania LTD (PAET) is among the Companies involved in the development of gas field in the country. The Company is wholly owned by PanAfrican Energy Corporation (PAE) which in turn is wholly owned by Orca Exploration Group Inc (Orca). Orca Exploration Group has arranged for an investment agreement transaction to sale 40% of its shares of PAET to Swala Oil & Gas (Tanzania) at a total consideration of up to US$ 130 million. The government through the Ministry of Energy via letter dated 5 January 2018 with ref. No: CBC105/294/01/50, directed TPDC to instruct PAET and Swala Oil & Gas to suspend the ongoing transaction, pending Government’s review. Subject to the existing anomalies facing PAET’s PSA, the Government is advised to withstand its decision to suspend the share sales to Swala Oil and Gas (T) Ltd until these matters are resolved including review and negotiating some of the clauses which do not reflect fair dealings between PAET and the Government in line with Section 4 of the Natural Wealth and Resources Contracts (Review and Renegotiation of Unconscionable Terms) Act, 2017. Please let the Government Issue a press release on this so that we know whether we can invest in this company or not. Regards, Diaspora

Thread starter Diasporae
Start date Aug 6, 2018

Diasporae

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Aug 6, 2018

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