19/12/2008 Orca news par ggautie

Orca Exploration Tanzanie 19:12 18/12/08
Orca Exploration announces approval of 2009 capital program
Orca Exploration Group Inc ("Orca") announces that the Board of Directors has approved a US$11 million capital program for its gas asset in Tanzania in 2009.

The majority of the capital will be allocated to the expansion of Orca’s downstream distribution systems so as to increase the sale of gas to the industrial customers in Dar es Salaam and Morogoro by a forecast 5 mmscf/d by the end of 2009. It will include the construction of 10 kilometers of additional low pressure pipeline, the installation of a new pressure reduction station at the cement producer, Tanzania Portland Cement Company, and the expansion of Orca’s compressed natural gas facilities.

Orca will fund this capital program from internally generated cash flow while increasing its current cash deposits of US$10 million over the course of the year.

The demand for natural gas continues to grow in Tanzania and Orca remains committed to identify ways to increase reserves, expand markets, reduce costs

le 01/10/08 par gg

Orca has tendered for a jack up rig with a view to testing the prospect in 2009. The Company is currently looking for another operator in East Africa to share the costs of the rig and ancillary services.

Orca Exploration Group Inc. previously operated as EastCoast Energy Corporation. EastCoast Energy was originally a subsidiary of PanOcean Energy Corporation, but in August 2004, it was distributed to the shareholders and separately listed on the TSXV under the symbols ECE.A and ECE.B. On 14 November 2006 EastCoast Energy shareholders approved a name change to Orca Exploration Group Inc. Upon approval of regulatory authorities, Orca commenced trading on the TSXV on 4 April 2007.