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.
SOURCE Orca Exploration Group Inc.