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Orca Exploration provides update on operations in Tanzania


Published Feb 26, 2015
Orca Exploration Group Inc.

Orca Exploration Group Inc. announced an update of its activities in respect of Songo Songo development and changes among some of the Company's key stakeholders in Tanzania.

Following a Tanzania Parliament review of an alleged fraud in the energy sector, the Minister and Permanent Secretary for Energy and Minerals have been replaced, along with the board of directors of state power company TANESCO.

With Songo Songo production declining below infrastructure capacity and markets continuing to expand, the Company has been developing plans to embark upon a first phase of Songo Songo development, with financing of approximately half of the US$120 million estimated capital cost in the process of receiving internal approvals by the International Finance Corporation of the World Bank Group. Weekly TANESCO payments have resumed since the beginning of 2015 and form an integral part of the plan to finance Songo Songo development.

Tags: Orca Exploration Group Inc




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