provide additional operational redundancy and deliverability for future additional gas sales, by way of the work-over and re-completion, abandonment or sidetrack drilling of three existing offshore wells, and\/or the drilling of additional production gas wells at locations to be determined in the region of the existing offshore wells depending \u00a0on the outcome of the work-overs.<\/li>\n<\/ul>\n“It allows us to raise finance and manage risk in the face of a challenging business environment, and to undertake urgently needed development of the Songo Songo field. It further safeguards Songo Songo’s future as an important part of Tanzania’s energy security,\u201d says W. David Lyons, Orca Chairman and Chief Executive Officer.<\/p>\n
Since programme commencement, previously suspended production wells SS-5 and SS-9 have been successfully worked over and recompleted, and have been restored to full productive capacity estimated to be approximately 35 MMscfd per well.<\/p>\n
Orca adds the Off-Shore Programme is intended to restore and expand field productive capacity from approximately 83 million standard cubic feet per day (MMscfd) prior to the programme to approximately 190 MMscfd on completion of the programme.<\/p>\n
When completed, the field is expected to be capable of both filling the existing Songas infrastructure to capacity of approximately 102 MMscfd, as well as providing additional gas volumes to the newly commissioned National Natural Gas Infrastructure Project (NNGIP) as and when contracted.<\/p>\n
“The Songo Songo field is Tanzania’s most important source of proven natural gas production, and is the largest supplier of energy to the Dar es Salaam region. Through this investment, IFC is working to help to alleviate electricity shortages in Tanzania, which are an impediment to the country’s continued economic growth and development,” said Lance Crist, IFC Global Head of Natural Resources.<\/p>\n
The term of the Loan is 10-years, with no repayment of principal for the first seven years, followed by a three-year amortization period.<\/p>\n
The Loan is an unsecured subordinated obligation of PAET and is guaranteed by Orca to a maximum of US$30 million.\u00a0 The guarantee may only be called upon by IFC at maturity in 2025 and, subject to (among others) IFC approval, Orca may issue shares in fulfillment of all or part of the guarantee obligation in 2025, subject to receipt of all required regulatory approvals.<\/p>\n","protected":false},"excerpt":{"rendered":"
Orca Exploration has announced that it has entered into a loan agreement with International Finance Corporation (IFC), a member of the World Bank Group, for a US$60 million investment in … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":3810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[3516,3749,1696,3318,2884,3750,2883,3748,2466,2745],"class_list":["post-3966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-international-finance-corporation","tag-national-natural-gas-infrastructure-project","tag-natural-gas","tag-orca-exploration","tag-panafrican-energy-tanzania-limited","tag-paragon-m826","tag-songas","tag-songo-songo-field","tag-tanzania","tag-world-bank","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/09\/Paragon-Offshore-jack-up-rig-M826.jpg?fit=356%2C213&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-11Y","jetpack-related-posts":[{"id":3077,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-receives-60-million-financing-songo-songo-development-programme\/","url_meta":{"origin":3966,"position":0},"title":"Orca Exploration Receives $60 million financing for the Songo Songo development programme","author":"","date":"June 16, 2015","format":false,"excerpt":"Orca Exploration has announced that it is proceeding with the first phase of the Songo Songo development programme following World Bank board approval of the International Finance Corporation financing. Through its operating subsidiary, PanAfrican Energy Tanzania Limited the World Bank board approved an investment of $60 million by IFC currently\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/songo-songo2.png?fit=465%2C546&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2635,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-considering-first-phase-offshore-development-tanzania\/","url_meta":{"origin":3966,"position":1},"title":"Orca considering first phase of offshore development in Tanzania","author":"","date":"February 26, 2015","format":false,"excerpt":"Orca exploration has said it is contemplating a first phase of offshore development consisting of working over two existing wells (SS-5 and SS-9) that are currently suspended in order to fill the existing Songas infrastructure to capacity and provide operational redundancy. This follows under-utilization of the existing infrastructure with the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/02\/Songo-Songo-Orca-exploration.png?fit=302%2C417&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6201,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-receives-government-approval-additional-gas-plan-2-songo-songo-field\/","url_meta":{"origin":3966,"position":2},"title":"Orca Exploration Receives Government approval of Additional Gas Plan 2 from the Songo Songo Field","author":"","date":"July 29, 2017","format":false,"excerpt":"Orca Exploration Group has announced the approval of the Second Additional Gas Plan (AGP-2) by the Government of Tanzania, more than doubling the available volume of Additional Gas for sale from the Songo Songo Field. Under the Production Sharing Agreement for the Songo Songo gas field, production is identified as\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/PanAfrican-Energy-Tanzania-Ltd-East-Africa-.jpg?fit=645%2C331&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/PanAfrican-Energy-Tanzania-Ltd-East-Africa-.jpg?fit=645%2C331&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/PanAfrican-Energy-Tanzania-Ltd-East-Africa-.jpg?fit=645%2C331&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6712,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-announces-closing-first-tranche-swala-investment\/","url_meta":{"origin":3966,"position":3},"title":"Orca Exploration Announces Closing of the First Tranche of the Swala Investment","author":"","date":"January 22, 2018","format":false,"excerpt":"Orca Exploration Group has announced that the escrow release conditions have been met regarding the first tranche of the previously announced investment of up to US$130 million by Swala Oil & Gas (Tanzania) plc in the Orca Group. As a result, the definitive agreements for the Investment have been released\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/08\/swala-energy-orca-exploration.png?fit=331%2C303&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3809,"url":"https:\/\/www.oilnewskenya.com\/index.php\/inchcape-shipping-awarded-logistics-contract-paragon-offshore-tanzania\/","url_meta":{"origin":3966,"position":4},"title":"Inchcape Shipping Awarded logistics contract by Paragon Offshore in Tanzania","author":"","date":"September 13, 2015","format":false,"excerpt":"Inchcape Shipping Services (ISS) has announced it has been appointed by Paragon Offshore, Houston, as marine and logistic services provider for a new drilling campaign off the Songo Songo Islands, Tanzania - the first new commercial drilling project in Tanzania in a number of years. ISS will be providing a\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/09\/Paragon-Offshore-jack-up-rig-M826.jpg?fit=356%2C213&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4386,"url":"https:\/\/www.oilnewskenya.com\/index.php\/orca-exploration-completes-offshore-workover-drilling-program-phase-at-songo-songo\/","url_meta":{"origin":3966,"position":5},"title":"Orca Exploration completes offshore workover & drilling program phase at Songo Songo","author":"","date":"February 22, 2016","format":false,"excerpt":"Orca Exploration Group Inc announces the successful completion of its offshore workover and drilling program and the release of the Paragon M826 mobile drilling workover rig from the Songo Songo Main Field. The Off-Shore Programme of the Songo Songo Main Field development programme included workovers on three existing wells (SS-5,\u2026","rel":"","context":"In \"Dar es Salaam\"","block_context":{"text":"Dar es Salaam","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/dar-es-salaam\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/orca-exploration.gif?fit=400%2C553&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=3966"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3966\/revisions"}],"predecessor-version":[{"id":3967,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3966\/revisions\/3967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/3810"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}