Nairobi, April 15 -- Tanzania's Taifa Gas has inked an agreement to acquire a 49 per cent stake in one of the country's largest gas producers - PanAfrican Energy.

The deal will follow exit of Toronto-listed Orca Exploration in PanAfrican Energy, which has been operating the Songo Songo gas field since 2001.

Orca Exploration yesterday announced it has entered a share purchase agreement with Taifa Gas and Amber Energy Investment.

Upon closing the deal, Amber will acquire a 51 per cent stake, and Taifa will take the balance.

"The board therefore believes that preserving cash for shareholder distributions and divesting the Tanzanian business.is consistent with Orca's long-stated objective of realising value from its Tanzanian business in ...