SWALA Oil and Gas wants to intensify its presence in the country by buying 20 per cent stake in Orca's Exploration Group's PAE PanAfrican Energy Corp. The firm, bids to acquire the stake at 130million US dollars, however, is waiting a shareholding meeting.
According to Swala, the deal is expected to provide Swala part ownership of PAE's Tanzanian subsidiary, which holds exploration and production rights for natural gas in the Songo Songo block, in partnership with the Tanzania Petroleum Development Corp.
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