Orca Group finds strategic investor in Swala Oil & Gas

Orca Exploration has finalised terms for independent exploration and production company Swala Oil & Gas (Tanzania) to invest up to $130 million for approximately a 40% interest in the Orca Group subsidiary PanAfrican Energy Tanzania Limited (PAET), with 85% of the purchase price payable in cash. PAET currently has an outstanding $60 million loan with the IFC.