Business
Orca Exploration announces results of independent resource report on the Songo Songo West prospect
TORTOLA, British Virgin Islands, Sept. 30 /CNW/ - Orca Exploration Group Inc ("Orca") announces t...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, Sept. 30 /CNW/ - Orca Exploration Group\nInc ("Orca") announces that McDaniel & Associates Consultants Ltd. has\nfinalised its report on the resource potential of the Songo Songo West\nprospect that lies 2.5 kilometres west of the existing Songo Songo field. The\nSongo Songo West prospect has a similar geological structure to the Songo\nSongo field and is expected to have trapped gas in the same reservoir.\n\n\nThe report summarises the prospective recoverable resources to be as\nfollows:\n\n\nFormation Unrisked Unrisked Unrisked Unrisked Risked\n P90 P50 Mean P10 Mean\n Bcf Bcf Bcf Bcf Bcf\n-------------------------------------------------------------------------\nNeocomian 170.1 418.1 505.2 1,027.9 264.4\nCenomanian 8.5 31.7 46.4 117.7 16.2\n-------------------------------------------------------------------------\n 551.6 280.6\n-------------------------------------------------------------------------\n\n\nThe prospect is interpreted by McDaniel as having a high geological\nchance of success of 52% in the Neocomian and 35% in the Cenomanian\nreservoirs.\n\n\nThe size of the prospect compares extremely favourably with the Songo\nSongo field that contains total gross 2P recoverable Additional Gas reserves\nof approximately 500 Bcf on a life of licence basis (gross to the Company 474\nBcf with an NPV 10 of US$255 million) that is available to be marketed and\nsold by Orca under the terms of the PSA with the Tanzania Petroleum\nDevelopment Corporation.\n\n\nOrca has tendered for a jack up rig with a view to testing the prospect\nin 2009. The Company is currently looking for another operator in East Africa\nto share the costs of the rig and ancillary services.\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 pri...