TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands, July 12, 2012 /CNW/ - Orca Exploration Group Inc. ("Orca" or "the Company") and its operating subsidiary PanAfrican Energy Tanzania Limited ("PAT" or "PanAfrican") jointly announce their commitment to successfully conclude ongoing discussions with the Tanzania Government Negotiating Team.
W. David Lyons, Orca's Chairman and CEO met with Mr. Eliakim Maswi, Permanent Secretary of the Ministry of Energy and Minerals of the Republic of Tanzania, in Dar es Salaam 9th July 2012. The meeting was held to review discussions between the Government Negotiating Team and PanAfrican Energy Tanzania Limited on a number of monetary issues and proposed amendments to the Company's Songo Songo Production Sharing Agreement signed in 2001.
"We had a warm, very frank and positive exchange of views and ideas on the remaining issues to be resolved. Both Orca Exploration and PanAfrican Energy are fully committed to see talks continue to a successful conclusion," said David Lyons. "Our companies are looking forward to meeting again on 16th July 2012 in Arusha with Mr. Maswi."
"As the first commercial developer of Tanzania's natural gas resources PanAfrican Energy has been involved in developing Tanzania's gas resources for almost 20 years. On a broader basis we are also available to play a very supportive role to the Tanzania Petroleum Development Corporation ("TDPC") as it works to implement a very large gas infrastructure program to better meet Tanzania's urgent power and energy needs," said Mr. Lyons.
Orca Exploration Group Inc. is an international public company engaged in natural gas exploration, development and supply in Tanzania through the wholly-owned subsidiary PanAfrican Energy Tanzania Limited, as well as oil and gas appraisal in Italy. Orca trades on the TSXV under the trading symbols ORC.B and ORC.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to, ongoing discussions with the Tanzania Government Negotiating Team; timing of future discussions with the Tanzania Government Negotiating Team; and Orca's support of the Tanzania Petroleum Development Corporation. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies. Many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by Orca.
These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, including, but not limited to, the impact of general economic conditions in the areas in which Orca operates; outcome of discussions with the Tanzania Government Negotiating Team; civil unrest; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, drilling equipment and skilled personnel; failure to obtain required equipment for drilling; delays in drilling plans; changes in laws; the production and growth potential of the Company's assets; obtaining required approvals of regulatory authorities; risks associated with negotiating with foreign governments; ability to access sufficient capital; and risk that the Company will not be able to fulfill its obligations. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits that Orca will derive therefrom.
Such forward-looking statements are based on certain assumptions made by Orca in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Orca believes are appropriate in the circumstances, including, but are not limited to, the ability of Orca to add production at a consistent rate; infrastructure capacity; commodity prices will not deteriorate significantly; the ability of Orca to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labour; timing and amount of capital expenditures; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters.
The forward-looking statements contained in this press release are made as of the date hereof and Orca undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For further information:
W. David Lyons, Chairman and Chief Executive Officer
Robert S. Wynne, Chief Financial Officer and Director
+1 (403) 399-8046