Swala Oil and Gas Tanzania has responded to a statement issued by the Tanzania Petroleum Development Corporation (TPDC) saying its transaction with Orca Exploration Group is simple and compliant with all laws.
The company's chairman Mr Abdullah Mwinyi told reporters on Thursday February 22 that they are ready to explain everything to the TPDC for further understanding of the transaction.
Swala announced last year that it agreed with Orca to buy 40 of its subsidiary PanAfrican Energy Mauritius which owns PanAfrican Energy Tanzania for a total consideration of up to $130 million.
However, TPDC said on Monday that it put the transaction on hold to see if it would have impact on its production sharing agreement with PAET.
"We involved stakeholders like TRA, CMSA and FCC and all are aware of the transaction. We are ready to sit with TPDC for explanation and we hope it will be soon solved," said Mr Mwinyi.
