Tanzania: Swala to invest in PanAfrican Energy

Swala Oil & Gas announced on 2 January that it plans to acquire up to 40% of Orca Exploration subsidiary PanAfrican Energy Corporation, which operates the Songo Songo gas field. The deal is worth up to $130m, to be carried out in three phases. Under the first phase, with completion pushed back from 12 January to 17 January, Dar es Salaam-listed Swala will pay $25.8m in cash and shares for an initial 7.93% stake. Under the subsequent phases, due for completion by 28 February, Swala will pay another $104.2m for a further 32.07%.