Friday, January 19, 2018

TPDC wants delay of acquisition of 40pc shares of Pan Africa energy

 

By Alex Malanga @ChiefMalanga amalanga@tz.nationmedia.com

Dar es Salaam. Tanzania Petroleum Development Corporation (TPDC) has written to Swala Oil and Gas (Tanzania) PLC requesting them to hold the transaction in line with purchasing Orca Exploration Group’s shares. 

On January 2 this year, Swala issued a press release informing the general public about its subsidiary company reaching an agreement with Orca to acquire up to 40 per cent of the latter’s share.

TPDC said in a press release to have reached a decision to hold the transaction, pending government and its institutions satisfaction that the deal will have no effect on the Production Sharing Agreement (PSA) signed between the government, TPDC and PanAfrican Energy.

The caution by the TPDC follows the fact that the transaction would touch the interest of the PanAfrican Energy, a company undertaking petroleum activities in the country. 

“TPDC wishes to inform the general public that it has demanded that, all companies in the transfer process to hold the transaction pending the government and is institution to have the full information regarding the transaction,” reads a press release in part.

Adding: “The public will be notified after the government being satisfied itself of the deal.

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