Transfer of Pan African shares vague – CAG

CONTROLLER and Auditor General (CAG) (pictured) has backed Tanzania Petroleum Development Company’s (TPDC) move to halt transfer of shares by Pan African Energy Corporation (PAET) to Swala Oil and Gas Tanzania.
 
In its 2016/17 audit report, the CAG Professor Mussa Assad proposed the halting of the share transfer to remain intact.

“My review on Swala Oil’s acquisition of 40 per cent stake in PAET in my previous year’s audit revealed a number of anomalies in the Songosongo Production Sharing Agreement (PSA),’’ says Professor Assad in his recently released report. He said the government was advised to withstand its decision to suspend sale of shares to Swala Oil pending determination of the raised anomalies.

According to the CAG report, PAET is among the companies involved in the development of gas field in the country.

The Company is wholly owned by PanAfrican Energy Corporation (PAE) which is subsidiary of Orca Exploration Group Inc (Orca). The report says Orca had arranged for an investment transaction deal to sell 40 per cent of its shares in PAET to Swala Oil at a total consideration of 130 million US dollars 130 million (about 300bn/-).

“The government through the Ministry of Energy via the January 5, 2018 dated letter with ref. No: CBC105/294/01/50, directed TPDC to instruct PAET and Swala Oil to suspend the transaction, pending the government’s review, based on my previous audit findings,’’ reads the report.

According to Prof Assad, among the allowed costs was market and market research expenses. The expenses were downstream activities recovered from sales contrary to the model PSAs, which provide that only upstream costs be recoverable from gas sales revenue.

There were also unresolved dispute over recoverable cost of 34 million US dollars as of 30 November 2012. “TPDC and PAET have an unresolved dispute over recoverable cost of 34 million US dollars from 30 November 2012, the amount TPDC rejected to be charged as recoverable costs against revenues earned during the particular year,’’ reads the report.

Subject to the anomalies facing PAET’s PSA, the government was advised to withstand its decision to suspend the share sales to Swala Oil until the matters were resolved including review and negotiating some clauses, which do not reflect fair dealings between PAET and the government in line with Section 4 of the Natural Wealth and Resources Contracts (Review and Renegotiation of Unconscionable Terms) Act, 2017.

Swala - the first oil and gas exploration company to be listed on the Dar es Salaam Stock Exchange - agreed to acquire the firm through its subsidiary Swala (PAEM) Limited (SPL).

PanAfrican Energy Corporation is the parent company of Pan- African Energy Tanzania Limited (PAET), which produces and sells natural gas from the Songo Songo block.

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