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Orca sells unconventional gas interests and secures funding


Published Jun 17, 2013
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Orca Exploration Group Inc. names James Smith as Vice President Exploration-Spotlight

The Board of Orca Energy Limited has agreed to sell its 20% participating interest in South Australian petroleum exploration licence (PEL) 115 to Senex Energy Limited, in exchange for a package of benefits worth approximately $7 million that includes free carry for oil exploration and development in the southern Cooper Basin.

Under the terms of the agreement with Senex, Orca will retain its 20% interest in two key assets within PEL 115, namely the Fury oil discovery and the Burruna-1 oil exploration well. The parties will apply for a separate licence for the Fury and Burruna blocks, which will be known as the Fury Joint Venture and operate under the terms ofthe existing PEL 115 joint venture (Senex 80% and Operator,Orca 20%).

Tags: Orca Exploration Group Inc




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