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Orca Exploration announces closing of US$60 million financing of Tanzania natural gas field development with International Finance Corporation
Orca Exploration announces closing of US$60 million financing of Tanzania natural gas fiel...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nOrca Exploration announces closing of US$60 million financing of Tanzania natural gas field development with International Finance Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nOrca Exploration announces closing of US$60 million financing of Tanzania natural gas field development with International Finance Corporation\nCanada NewsWire\nTORTOLA, British Virgin Islands, Oct. 29, 2015\n\n\n\n\n\n\nTSX-V: ORC.A, ORC.B \n\n\n\nTORTOLA, British Virgin Islands, Oct. 29, 2015 /CNW/ - Orca Exploration Group Inc. (\"Orca\" or the \"Company\") announces that it has entered into a loan agreement with International Finance Corporation (\"IFC\"), a member of the World Bank Group, for a US$60 million investment (the \"Loan\") in the Company's operating subsidiary, PanAfrican Energy Tanzania Limited (\"PAET\").\n\nProceeds of the Loan will be used to fund part of an estimated US$120 million first phase of a Songo Songo Main Field development programme (the \"Off-Shore Programme\") currently being undertaken using the Paragon M826 drilling rig (commenced in September 2015). The Off-Shore Programme is designed to (i) put safe existing suspended and operating production wells; (ii) restore and increase the current productive capacity of the Songo Songo Main Field to ensure the continued delivery of Protected and Additional gas into the existing Songas infrastructure; and (iii) provide additional operational redundancy and deliverability for future additional gas sales, by way of the workover and recompletion, abandonment or sidetrack drilling of three existing offshore wells, and/or the drilling of additional production gas wells at locations to be determined in the region of the existing offshore wells depending  on the outcome of the workovers. Since programme commencement, previously suspended production wells SS-5 and SS-9 have been successfully worked over and recompleted, and have been restored to full productive capacity estimated to be approximately 35 MMscfd per well.\n\nThe Off-Shore Programme is intended to restore and expand field productive...