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Orca Exploration Announces Farm-in on Northern Petroleum's Longastrino Block
Orca Exploration Announces Farm-in on Northern Petroleum's Longastrino Block
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\n Dec. 8, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX-V: ORC.A, ORC.B\n\n\nTORTOLA, British Virgin Islands, Dec. 8 /CNW/ - Orca Exploration Group\n Inc. ("Orca" or the "Company") announces that it has signed an\n agreement with Northern Petroleum (UK) Limited ("Northern Petroleum")\n to farm in on its Longastrino Block in the Po Valley Basin, onshore\n Italy.\n\n\nUnder the terms of the farm-in with Northern Petroleum, Orca will pay\n 100% of the costs of the first well up to Euro 4.3 million and 70%\n thereafter to complete the drilling phase. If the well is tested and\n completed, then Orca will earn an additional 5% by paying 100% of the\n testing costs up to Euro 1.3 million and 75% thereafter. The Company\n will also pay back costs of Euro 0.6 million.\n\n\nThe principal target within the Longastrino Block is the La Tosca\n prospect. The prospect is just 2 kilometers to the northeast of the\n Alfonsine gas field and the 3-D seismic that covers the prospect shows\n a well defined seismic amplitude anomaly within the mapped closure. \n The La Tosca-1 well will be drilled to an estimated total depth of\n approximately 2,500 meters.  The well is scheduled to be drilled in\n Q2/Q3 2011.\n\n\n"Orca is delighted to be partnering with Northern Petroleum in drilling\n the La Tosca well.  We see this as a low risk exploration opportunity\n in a proven hydrocarbon basin with significant upside potential," said\n Da...