TORTOLA, Dec. 14, 2018 - Orca Exploration Group Inc. ("Orca" or the "Company") acknowledges the press release issued by Swala Oil & Gas (Tanzania) plc ("Swala") announcing that it has entered into a definitive agreement for an initial investment of US$30 million from Energy Tanzania Limited ("ETL") the proceeds of which Swala expects to use to develop Swala's current projects. ETL is owned by Dr. Reginald Mengi, the well-known Tanzanian entrepreneur and philanthropist.
At this time, Orca has not received a formal notice that Swala wishes to proceed with the acquisition of the additional PAEM shares on the terms and conditions previously disclosed. No assurances can be given that any such transaction will take place. Any such transaction may be subject to conditions, including regulatory approvals.
Orca has notified Swala that it has until March 31, 2019 to complete the remaining transactions failing which Orca will complete the termination the Investment Agreement with the Swala group.
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.
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TORTOLA, Dec. 14, 2018 - Orca Exploration Group Inc. ("Orca" or the "Company") acknowledges the press release issued by Swala Oil & Gas (Tanzania) plc ("Swala") announcing that it has entered into a definitive agreement for an initial investment of US$30 million from Energy Tanzania Limited ("ETL") the proceeds of which Swala expects to use to develop Swala's current projects. ETL is owned by Dr. Reginald Mengi, the well-known Tanzanian entrepreneur and philanthropist.
