Swala Oil & Gas, through its wholly owned subsidiary Swala (PAEM) Limited (Swala PAEM), has signed an agreement to acquire 40% stake in PAE PanAfrican Energy Corporation (PAEM) from Orca Exploration Group for $130m.
The acquisition is expected to strengthen Swala’s business operations.
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Both Swala and Orca Exploration are oil and gas companies based in Tanzania.
Gunpowder Capital has divested its stake in Advantagewon Oil for C$0.45m ($0.36m).
The acquirer company purchased three million shares in the target company by transferring 45,000 Class A preferred shares of Gunpowder.
Gunpowder Capital is a Canadian merchant banking and advisory services firm, while Advantagewon is an oil and gas company also based in Canada.
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By GlobalData
