TORTOLA, British Virgin Islands — Orca Exploration Group Inc (“Orca Exploration”) announces the commencement of an approximately 300 kilometer 2-D seismic exploration programme in Exploration Area 5 (“EA 5”) in Uganda.
The seismic will be shot by IMC Geophysics International Limited over a sedimentary sequence with prospective structures in the Albertine Graben system that were identified by a regional gravity survey. The data is expected to be processed and interpreted by the end of Q1 2008.
The seismic is being shot under the terms of an agreement between Orca Exploration and Tower Resources plc (“Tower”). On receipt of the fully interpreted seismic, Orca Exploration has the right to acquire a 50% working licence interest in EA 5 in return for funding 83.33% of two exploration wells.
Tower and Orca Exploration have commenced the search for a suitable rig to drill these two exploration wells during 2008 in anticipation that the seismic results will be positive. There is currently significant exploration activity in Uganda as a result of the successful oil discoveries in blocks south of EA 5 in the last two years.
Orca Exploration Group Inc. is a well-financed, international public company engaged in hydrocarbon exploration, development and marketing in Tanzania and Uganda. Orca’s operations are directed from offices in Dar es Salaam, Tanzania. The Company is focused on increasing shareholder value through the exploration, development and marketing of Tanzanian natural gas and the exploration and development of high potential oil interests in sub-Saharan Africa. Orca Exploration trades on the TSXV under the trading symbols ORC.B and ORC.A.
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca Exploration’s control, including the impact of general economic conditions in the areas in which Orca Exploration operates, 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, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca Exploration’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, including the amounts of proceeds, that Orca Exploration will derive therefrom.
For further information please contact:
Peter Clutterbuck, President and CEO
+255 (0)22 2138737
Nigel A Friend, CFO
+255 (0)22 2138737