05:20 PM EDT, 08/07/2024 (MT Newswires) -- Orca Energy Group Inc. announced after trade Wednesday that its 100% wholly-owned subsidiaries, PanAfrican Energy (Tanzania) -- known as PAET -- and Pan African Energy Corporation (Mauritius) -- PAEM -- have issued a notice of dispute in respect of an investment treaty claim under the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the Government of the United Republic of Tanzania -- the BIT.

A statement noted the claim is against the Government of Tanzania for breach of the BIT, alongside notification of a contractual dispute against the Government of Tanzania and Tanzanian Petroleum Development Corporation, a petroleum corporation owned and controlled by the Government of Tanzania, for breaches of: the Production Sharing Agreement between the Government of Tanzania, TPDC, and PAET; and the Gas Agreement between the Government of Tanzania, TPDC, Songas Limited and PAET, for an amount in excess of US$1.2 billion.