Orca Exploration announced that McDaniel & Associates Consultants Ltd. has finalized its report on the resource potential of the Songo Songo West prospect that lies 2.5 kilometers west of the existing Songo Songo field. The Songo Songo West prospect has a similar geological structure to the Songo Songo field and is expected to have trapped gas in the same reservoir.
The prospect is interpreted by McDaniel as having a high geological chance of success of 52% in the Neocomian and 35% in the Cenomanian reservoirs.
The size of the prospect compares extremely favourably with the Songo Songo field that contains total gross 2P recoverable Additional Gas reserves of approximately 500 Bcf on a life of license basis (gross to the Company 474 Bcf with an NPV 10 of US $255 million) that is available to be marketed and sold by Orca under the terms of the PSA with the Tanzania Petroleum Development Corporation.
Orca has tendered for a jackup rig with a view to testing the prospect in 2009. The Company is currently looking for another Operator in East Africa to share the costs of the rig and ancillary services.
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