Taifa Gas Tanzania Limited and Amber Energy Investment L.L.C-FZ's Proposed Acquisition of Indirect Control of PanAfrican Energy Tanzania Limited

The Fair Competition Commission (FCC) has received a merger notification relating to the proposed acquisition by Taifa Gas Tanzania Limited and Amber Energy Investment L.L.C-FZ of all issued and outstanding shares in PAE PanAfrican Energy Corporation (PAEM), resulting in the indirect acquisition of control over PanAfrican Energy Tanzania Limited (PAET). FCC has commenced its review and investigation of the transaction.

Taifa Gas Tanzania Limited is a Tanzanian energy company engaged in the importation, storage, handling, distribution and export of liquefied petroleum gas (LPG). Amber Energy Investment L.L.C-FZ is a UAE-incorporated investment vehicle owned by Transcontinental Investments Ltd.

PAEM, a Mauritius-incorporated holding company, owns 100% of the shares of PanAfrican Energy Tanzania Limited (PAET). PAET is the operating company through which Orca Energy Group Inc. holds its interest in Tanzania's Songo Songo gas field. PAET is a party to the Production Sharing Agreement relating to the Songo Songo gas field and is engaged in the production and marketing of natural gas in Tanzania.