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Orca Energy Group Inc. Notes Announcement by Swala Oil and Gas (Tanzania) PLC

Posted on 09 August 2022

TORTOLA, British Virgin Islands, August 9, 2022: Orca Energy Group Inc. (“Orca” or the “Corporation“) notes the announcement by Swala Oil and Gas (Tanzania) PLC (“Swala”) titled “IMPACT OF ACCOUNTING FAILURES IN PAEM ON SWALA ACCOUNTS”.

As Swala had been specifically and repeatedly advised prior to its issuance, this press release appears to contain inaccurate and misleading statements in relation to PanAfrican Energy Tanzania Limited (“PAET”) and PAE Pan African Energy Corporation.

Orca is working closely with its legal and other advisors and intends to take any steps necessary or appropriate to address the situation, including pursuing any legal remedies available to the Corporation.

Orca does not intend on providing any further communication to shareholders on this matter unless the board of directors of the Corporation determines it is advisable to do so or such disclosure is required in order for Orca to comply with applicable law.

Orca Energy Group Inc.

Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PAET.  Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

For further information please contact:

Jay Lyons
Chief Executive Officer

+44 (0)20 8434 2754

Lisa Mitchell
Chief Financial Officer

+44 (0)20 8434 2754

For media enquiries please contact:

Mark Antelme
Jimmy Lea
+44 (0)20 8434 2754

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the steps that Orca intends to take in response to Swala’s announcement and the legal remedies available to Orca.

These forward-looking statements involve substantial known and unknown risks, uncertainties, certain of which are beyond the Corporation’s control, and many factors could cause the Corporation’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Corporation, including, but not limited to: there being limited or no legal remedies available to Orca.

Such forward-looking statements are based on certain assumptions made by the Corporation in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Corporation believes are appropriate in the circumstances, including, but not limited to: Orca having various legal remedies available to it.

The forward-looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.