KEYFACT Energy
Orca Exploration Group Inc. has agreed to extend to July 13, 2018 the date by which the second closing and third closing of the previously announced investment by Swala Oil & Gas (Tanzania) plc in PAE PanAfrican Energy Corporation, a subsidiary of Orca, of up to US$130 million must be completed. There are no assurances given that one or more of the transactions will be completed by July 13, 2018 or that they will be completed on the terms previously disclosed.
Orca also announces that it has closed the deferred consideration portion of the first closing of the Swala Investment, pursuant to which Orca has received US$3,966,500 face amount of Swala convertible preferred shares.