Tanzania: Swala to invest in PanAfrican Energy
Issue 361
- 18 Jan 2018
| 2 minute read
Swala Oil & Gas announced on 2 January that it plans to acquire up to 40% of Orca Exploration subsidiary PanAfrican Energy Corporation, which operates the Songo Songo gas field. The deal is worth up to $130m, to be carried out in three phases. Under the first phase, with completion pushed back from 12 January to 17 January, Dar es Salaam-listed Swala will pay $25.8m in cash and shares for an initial 7.93% stake. Under the subsequent phases, due for completion by 28 February, Swala will pay another $104.2m for a further 32.07%.
Don't have an account?
Register for access to our free content
An account also allows you to view selected free articles, set up news alerts,
search our African Energy Live Data power projects database and view project locations on our interactive map
Register