Petroleum Africa
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Wednesday, December 16, 2015
Orca Exploration Group’s wholly owned subsidiary, Pan African Energy Tanzania Ltd. (PAET), made an initial drawdown of $20 million from the available $60 million IFC loan facility. PAET intends to make additional drawdowns of the loan which will be subject to meeting all conditions precedent on or before the time of drawdown.
The drawdown will be used to fund part of the first phase of PAET’s Songo Songo natural gas field development program. The Songo Songo development program was designed to ensure the safety of existing suspended and operating wells and to increase production capacity to approximately 190 Mmcf/d of natural gas. The program will also provide operating redundancy and field deliverability to maintain current power and industrial gas sales plus provide additional deliverability to supply future gas sales.
Since program commencement, existing production wells SS-5, SS-7 and SS-9 have been successfully worked over and recompleted. PAET is currently drilling a new production well SS-12, which is expected to be completed by mid-January after which time the initial phase of development will be complete. The success of the workovers to date has increased field productive capacity from approximately 83 Mmscf/d to a current productive capacity of approximately 150 Mmscf/d. When the program is completed the field is expected to be able to produce approximately 190 Mmscf/d, which would both fill the existing Songas infrastructure to its capacity of approximately 102 Mmscf/d, and provide additional gas volumes to the newly commissioned National Natural Gas Infrastructure Project, as and when contracted.
“We are delighted with the success of the current workover and drilling program,” said Orca Chairman and CEO David Lyons, “The IFC financing has enabled the Company to significantly increase production capacity in Tanzania and ensure the continued reliable supply of natural gas to our customers.”
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