orca Tanzanie 10:19 01/10/08
Orca provides results of independent resource report on the Songo Songo West prospect
Published Oct 1, 2008
Orca Exploration Group Inc. says that McDaniel & Associates Consultants Ltd. has finalised its report on the resource potential of the Songo Songo West prospect that lies 2.5 kilometres west of the existing Songo Songo field. The Songo Songo West prospect has a similar geological structure to the Songo Songo field and is expected to have trapped gas in the same reservoir.
The prospect is interpreted by McDaniel as having a high geological chance of
success of 52% in the Neocomian and 35% in the Cenomanian reservoirs.
The size of the prospect compares extremely favourably with the Songo Songo field
that contains total gross 2P recoverable Additional Gas reserves of approximately
500 Bcf on a life of licence basis (gross to the Company 474 Bcf with an
NPV 10 of US$255 million) that is available to be marketed and sold by Orca
under the terms of the PSA with the Tanzania Petroleum Development Corporation.
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.
Tags: Orca Explora
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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.
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Orca Exploration Touts 14% Increase in Proved, Probable Reserves
Orca Exploration Wednesday, April 30, 2008
Since the Orca Exploration's incorporation in 2004, independent evaluation of the Songo Songo field's Additional Gas reserve has increased proven and probable ("2P") reserves 86% from 255 Bcf to 474 Bcf.
At year end 2007, Orca's independent reserve evaluator, McDaniel & Associates Consultants Ltd., increased its 2P estimate of Songo Songo recoverable reserves on a life of licence basis from 415 Bcf at year end 2006
Related Products
Hydrocarbon Exploration and Production
Improved Recovery
to 474 Bcf. In addition McDaniel included a proven, probable and possible ("3P") category on a life of licence basis of 783 Bcf of recoverable Additional Gas reserves.
Provided the Songo Songo field pressure declines remain consistent with historical trends, and there is a successful drilling of an appraisal well at Songo Songo North, Orca anticipates that the 2P reserve estimates will increase to the level of the 3P number over time. Confirmation of Songo Songo's increased reserves has been achieved through diligent monitoring of the sub surface. The drilling of SS-10 has provided extensive data has on the field for the first time in 25 years as well as adding 80 Mmscf/d of deliverability when combined with the remedial work undertaken on SS-9. The well also contributed the major portion of the increase in reserves in 2007.
The Company remains committed to exploration for new oil and gas reserves. Orca is excited by its Songo Songo West exploration prospect that could add approximately 350 Bcf of reserves if gas is discovered. The Company intends to drill a vertical well on this prospect once a suitable jack-up rig can be contracted.
Orca provides results of independent resource report on the Songo Songo West prospect
Published Oct 1, 2008
Orca Exploration Group Inc. says that McDaniel & Associates Consultants Ltd. has finalised its report on the resource potential of the Songo Songo West prospect that lies 2.5 kilometres west of the existing Songo Songo field. The Songo Songo West prospect has a similar geological structure to the Songo Songo field and is expected to have trapped gas in the same reservoir.
The prospect is interpreted by McDaniel as having a high geological chance of
success of 52% in the Neocomian and 35% in the Cenomanian reservoirs.
The size of the prospect compares extremely favourably with the Songo Songo field
that contains total gross 2P recoverable Additional Gas reserves of approximately
500 Bcf on a life of licence basis (gross to the Company 474 Bcf with an
NPV 10 of US$255 million) that is available to be marketed and sold by Orca
under the terms of the PSA with the Tanzania Petroleum Development Corporation.
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.
Tags: Orca Explora
---------------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------------------
Orca Exploration Touts 14% Increase in Proved, Probable Reserves
Orca Exploration Wednesday, April 30, 2008
Since the Orca Exploration's incorporation in 2004, independent evaluation of the Songo Songo field's Additional Gas reserve has increased proven and probable ("2P") reserves 86% from 255 Bcf to 474 Bcf.
At year end 2007, Orca's independent reserve evaluator, McDaniel & Associates Consultants Ltd., increased its 2P estimate of Songo Songo recoverable reserves on a life of licence basis from 415 Bcf at year end 2006
Related Products
Hydrocarbon Exploration and Production
Improved Recovery
to 474 Bcf. In addition McDaniel included a proven, probable and possible ("3P") category on a life of licence basis of 783 Bcf of recoverable Additional Gas reserves.
Provided the Songo Songo field pressure declines remain consistent with historical trends, and there is a successful drilling of an appraisal well at Songo Songo North, Orca anticipates that the 2P reserve estimates will increase to the level of the 3P number over time. Confirmation of Songo Songo's increased reserves has been achieved through diligent monitoring of the sub surface. The drilling of SS-10 has provided extensive data has on the field for the first time in 25 years as well as adding 80 Mmscf/d of deliverability when combined with the remedial work undertaken on SS-9. The well also contributed the major portion of the increase in reserves in 2007.
The Company remains committed to exploration for new oil and gas reserves. Orca is excited by its Songo Songo West exploration prospect that could add approximately 350 Bcf of reserves if gas is discovered. The Company intends to drill a vertical well on this prospect once a suitable jack-up rig can be contracted.