10:52 AM EST, 02/24/2025 (MT Newswires) -- Orca Energy Group (ORC-B.V, ORC-A.V) on Monday said it has permanently prepaid the 2015 US$60 million investment made by International Finance Corporation (IFC) in Orca's operating subsidiary, PanAfrican Energy Tanzania (PAET).

It added the annual variable participating interest granted to IFC under the loan agreement remains outstanding.

Meanwhile, Orca announced that PAET has reached an agreement with Tanzania Petroleum Development (TPDC) and the Tanzania Portland Cement Company (TPCC) to supply increased volumes of gas to Wazo Hill.

In addition, PAET has been ordered to pay damages of US$23.1 million and legal costs and interest at a rate of 7%, by the Tanzanian High Court for a claim brought by a contractor arising over PAET terminating a contract relating to Orca's 3D seismic acquisition program. "PAET respectfully disagrees with the Judgment and is currently preparing to launch an appeal. It is likely PAET will be required to post-security for the full amount of the judgment until the appeal is resolved."

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