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Orca Exploration announces approval of 2009 capital program
TORTOLA, British Virgin Islands, Dec. 15 /CNW/ - Orca Exploration Group Inc ("Orca") announces th...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, Dec. 15 /CNW/ - Orca Exploration Group\nInc ("Orca") announces that the Board of Directors has approved a US$11\nmillion capital program for its gas asset in Tanzania in 2009.\n\n\nThe majority of the capital will be allocated to the expansion of Orca's\ndownstream distribution systems so as to increase the sale of gas to the\nindustrial customers in Dar es Salaam and Morogoro by a forecast 5 mmscf/d by\nthe end of 2009. It will include the construction of 10 kilometers of\nadditional low pressure pipeline, the installation of a new pressure reduction\nstation at the cement producer, Tanzania Portland Cement Company, and the\nexpansion of Orca's compressed natural gas facilities.\n\n\nOrca will fund this capital program from internally generated cash flow\nwhile increasing its current cash deposits of US$10 million over the course of\nthe year.\n\n\nThe demand for natural gas continues to grow in Tanzania and Orca remains\ncommitted to identify ways to increase reserves, expand markets, reduce costs\nand monetise its assets.\n\n\nForward Looking Statements\n\n\nThis disclosure contains certain forward-looking estimates that involve\nsubstantial known and unknown risks and uncertainties, certain of which are\nbeyond Orca Exploration's control, including the impact of general economic\nconditions in the areas in which Orca Exploration operates, civil unrest,\nindustry conditions, changes in laws and regulations including the adoption of\nnew environmental laws and regulations and changes in how they are interpreted\nand enforced, increased competition, the lack of availability of qualified\npersonnel or management, fluctuations in commodity prices, foreign exchange or\ninterest rates, stock market volatility and obtaining required approvals of\nregulatory authorities. In addition there are risks and uncertainties\nassociated with oil and gas operations, therefore Orca Exploration's actual\nresults, performance or achievement could differ materially from those\nexpressed in, or implied by, these forward-looking estimates and, accordingly,\nno assurances can be given that any of the events anticipated by the\nforward-looking estimates will transpire or occur, or if any of them do so,\nwhat benefits, including the amounts of proceeds, that Orca Exploration will\nderive therefrom.\n\n...