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Orca Exploration announces commencement of seismic programme in Uganda
TORTOLA, British Virgin Islands, Dec. 7 /CNW/ - Orca Exploration Group Inc ("Orca Exploration") a...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, Dec. 7 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration") announces the commencement of an approximately 300\nkilometer 2-D seismic exploration programme in Exploration Area 5 ("EA 5") in\nUganda.\n\n\nThe seismic will be shot by IMC Geophysics International Limited over a\nsedimentary sequence with prospective structures in the Albertine Graben\nsystem that were identified by a regional gravity survey. The data is expected\nto be processed and interpreted by the end of Q1 2008.\n\n\nThe seismic is being shot under the terms of an agreement between Orca\nExploration and Tower Resources plc ("Tower"). On receipt of the fully\ninterpreted seismic, Orca Exploration has the right to acquire a 50% working\nlicence interest in EA 5 in return for funding 83.33% of two exploration\nwells.\n\n\nTower and Orca Exploration have commenced the search for a suitable rig\nto drill these two exploration wells during 2008 in anticipation that the\nseismic results will be positive. There is currently significant exploration\nactivity in Uganda as a result of the successful oil discoveries in blocks\nsouth of EA 5 in the last two years.\n\n\nOrca Exploration Group Inc. is a well-financed, international public\ncompany engaged in hydrocarbon exploration, development and marketing in\nTanzania and Uganda. Orca's operations are directed from offices in Dar es\nSalaam, Tanzania. The Company is focused on increasing shareholder value\nthrough the exploration, development and marketing of Tanzanian natural gas\nand the exploration and development of high potential oil interests in\nsub-Saharan Africa. Orca Exploration trades on the TSXV under the trading\nsymbols ORC.B and ORC.A.\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...