TORTOLA, British Virgin Islands, July 16, 2018 (GLOBE NEWSWIRE) -- Orca Exploration Group Inc. (“Orca” or the “Company”) (TSX-V:ORC.A) (TSX-V:ORC.B) today announced that Orca has indefinitely extended the timing for the closing of Tranche 2 and 3 of the previously announced investment by Swala Oil & Gas (Tanzania) plc ("Swala") in PAE PanAfrican Energy Corporation, a subsidiary of Orca, of up to US$130 million (the "Swala Investment") but the Company retains the right to terminate the extension at any time. 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 regulatory approval of Swala’s prospectus and listing application in Mauritius. Orca's decision not to set a specific date to complete the 2nd and 3rd tranches does not terminate the Swala Investment and Orca continues to support Swala’s efforts in closing its financing.
About Orca Exploration Group Inc.
Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B. The Company’s Project Agreements are more fully described in the Company’s 2016 Annual Information Form, and available on www.orcaexploration.com.
About Swala Oil & Gas (Tanzania) plc
Swala is an independent oil & gas exploration and production company, the first to be listed on an East African Stock Exchange and having a significant local Tanzanian ownership. Swala holds exploration blocks in the world-class East African Rift System with a total net land package in excess of 14,000 km2. New discoveries have been announced by industry participants in a number of licences along this trend that extend the multi-billion-barrel Albert Graben play developed by Tullow Oil into the eastern arm of the rift. Swala has an active operational and business development programme to continue to grow its presence in the hydrocarbon provinces of East Africa and globally. More information on Swala is available at http://swalaoilandgas.com/.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact: E. Alan Knowles, Interim CEO +44-1962-884944 Alan Knowles or W. David Lyons, Chairman +44-7717-100-200