Orca Exploration Group Inc. 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. .