Business
Orca Exploration announces La Tosca-1 Well Plugged & Abandoned with Gas Shows
TSX-V: ORC.A, ORC.B TORTOLA, British Virgin Islands, Sept. 7, 2012 /CNW/ - Orca Explo...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\n\n\nTSX-V: ORC.A, ORC.B\n\n\nTORTOLA, British Virgin Islands, Sept. 7, 2012 /CNW/ - Orca Exploration\n Group Inc. (\"Orca\" or \"the Company\") announces that the La Tosca-1\n exploration well onshore Italy has reached total depth and has been\n plugged and abandoned having encountered gas shows. La Tosca-1\n commenced drilling operations on the 6th August 2012 evaluating the\n exploration potential of the gas prospect mapped from 3D seismic on the\n Longastrino permit. Drilling reached total depth of 2335m on 27th\n August 2012. \n\n\nAs the well was not completed, Orca has earned a 70% working interest\n and, subject to government approval, operatorship in the block. Under\n the terms of the farm-in agreement, Orca was to pay 100% of the costs\n of the La Tosca-1 well up to €4.3 million and 70% thereafter for the\n drilling phase, together with back-in costs of €0.6 million to earn a\n 70% interest in the block.\n\n\nThe positive expectations prior to drilling were, to an extent,\n supported by wireline logging but the indications were of more limited\n reservoir sand development than expected from extrapolation of data\n from nearby wells. The considered conclusion was that the data did not\n provide a sufficiently strong economic case to warrant well completion\n and testing. The well is situated within the prolific gas fairway of\n the Eastern Po Valley basin, with the Alfonsine gas field located in\n close proximity. Once approved as the new operator, Orca intends to\n review the technical and drilling data to determine whether to continue\n exploration on the block.\n\n\nW. David Lyons, Orca's Chairman and CEO commented, \"While we are\n naturally disappointed with the well results, the La Tosca-1 drilling\n was well executed, significantly ahead of schedule and on budget. The\n gas shows encountered are encouragement for further work to be\n undertaken to determine the future potential in the area.\"\n\n\nOrca Exploration Group Inc. is an international public company engaged\n in natural gas exploration, development and supply in Tanzania through\n the wholly-owned subsidiary PanAfrican Energy Tanzania Limited, as well\n as oil and gas appraisal in Italy. Orca trades on the TSXV under the\n trading symbols ORC.B and ORC.A.\n\n\n \n\n\n \n\n\nNeither the TSX Venture Exchange nor its Re...