Orca Exploration Announces Termination of Swala Investment Agreement
Apr 1, 2019
| Source: Orca Exploration Group, Inc.
TORTOLA, British Virgin Islands, April 01, 2019 (GLOBE NEWSWIRE) -- Orca Exploration Group Inc. (“Orca” or the “Company”) advises that, pursuant to the terms of an investment agreement dated December 29, 2017 (the “Agreement”) with Swala Oil & Gas (Tanzania) plc (“Swala”) in respect of the shares of PAE PanAfrican Energy Corporation (“PAEM”), the parties have agreed to terminate the Agreement as a result of Swala not acquiring additional shares of PAEM. PAEM share ownership remains at 92.067% by Orca with 7.933% by Swala through it’s subsidiary Swala (PAEM) Limited. 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. 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:Nigel Friend, CEOBlaine Karst, CFO