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Swala Extends The 2nd &3rd Closing Dates of Orca Investment

Source: www.gulfoilandgas.com 5/14/2018, Location: Africa

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Swala Oil & Gas (Tanzania) plc announced that Orca Exploration Group Inc. (“Orca”) has agreed to an additional extension to the date by which the second closing and third closing of the previously announced investment by the Company in the Orca group of up to US$130 million must be completed from 11th May 2018 to 29th June 2018. There are no assurances given that one or more of the transactions will be completed by 29th June 2018 or that they will be completed on the terms previously disclosed.

Dr. David Mestres Ridge (Swala CEO) said: “The new extension is not a reflection of lack of interest, which remains strong both nationally and internationally, but of certain aspects of the listing approvals process. Having identified these issues the Company has taken steps to ensure that no further delays are incurred as a result, and shall advise the market as the process progresses."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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