Orca Exploration Seeks To Maximize The Value Of Tanzania Operations
Orca exploration who operates the songo songo gas field in Tanzania under its subsidiary Pan African energy Tanzania Limited announced the appointment of RBC capital markets to review strategic alternatives for the Company under the direction of a special committee of independent directors, says a press release issued on 5th September 2019.
The review will include the evaluation of alternatives for the return of capital to shareholders and business combination opportunities.
Also Read: Five Key Recent Developments Impacting The Oil and Gas
“Orca is currently evaluating several options to increase production to meet forecast gas demand both under the terms of the existing license and any possible license extension. This includes the preparation of a development plan for compression and the drilling of wells in Songo Songo North and their connection to the National Natural Gas Infrastructure. Details including the associated capital cost of this plan will be disclosed as appropriate” says a company in a press release.
In the meanwhile, the company announces that David Ross has been named the Chairman of the Board
David currently holds the position of Non-Executive Director (“NED”) at Orca. Also, Frannie Leautier, Ebbie Haan and Carole Wainaina have been appointed to hold the position of Non-Executive Directors as two of Orca’s existing Non-Executive Directors, William Smith and Glenn Gradeen, step down from the Board effective September 3, 2019
The announcement has followed in support of the company’s current business plan to maximize the value of Tanzanian operations and develop its assets base.
Orca exploration who operates the songo songo gas field in Tanzania through its subsidiary Pan African energy Tanzania Limited announced the appointment of RBC capital markets to review strategic alternatives for the Company under the direction of a special committee of independent directors, says a press release issued on 5th September 2019.
Also Read: Five Recent Developments Impacting The Oil and Gas
The review will include the evaluation of alternatives for the return of capital to shareholders and business combination opportunities.
“Orca is currently evaluating several options to increase production to meet forecast gas demand both under the terms of the existing license and any possible license extension. This includes the preparation of a development plan for compression and the drilling of wells in Songo Songo North and their connection to the National Natural Gas Infrastructure. Details including the associated capital cost of this plan will be disclosed as appropriate” says a company in a press release.
In the meanwhile, the company announces that David Ross has been named the Chairman of the Board
David currently holds the position of Non-Executive Director (“NED”) at Orca. Also, Frannie Leautier, Ebbie Haan and Carole Wainaina have been appointed to hold the position of Non-Executive Directors as two of Orca’s existing Non-Executive Directors, William Smith and Glenn Gradeen, step down from the Board effective September 3, 2019
The announcement has followed in support of the company’s current business plan to maximize the value of Tanzanian operations and develop its assets base.
