TORTOLA, British Virgin Islands, June 29, 2018 (GLOBE NEWSWIRE) -- Orca Exploration Group Inc. (“Orca” or the “Company”) (TSX-V:ORC.A) (TSX-V:ORC.B) today announced that Orca 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 ("Swala") in PAE PanAfrican Energy Corporation, a subsidiary of Orca, of up to US$130 million (the "Swala Investment") 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 is also pleased to announce 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.
About Orca Exploration Group Inc.
Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its wholly-owned 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.
About Swala Oil & Gas (Tanzania) plc
Swala is an independent oil & gas exploration and production company, the first to be listed on an East African Stock Exchange and having a significant local Tanzanian ownership. Swala holds exploration blocks in the world-class East African Rift System with a total net land package in excess of 14,000 km2. New discoveries have been announced by industry participants in a number of licences along this trend that extend the multi-billion-barrel Albert Graben play developed by Tullow Oil into the eastern arm of the rift. Swala has an active operational and business development programme to continue to grow its presence in the hydrocarbon provinces of East Africa and globally. More information on Swala is available at http://swalaoilandgas.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.