Licence16 May 2024 11:39
For our envious troll friends down the road
With Q1 24 revenues decreased by 18% It seems Orca now have to go through the same long process we have been through
"After 20 years of continuous production, natural gas deliverability from current producing wells and reservoir compartments in the Songo Songo field is declining."
NOTE: SUBJECT TOO
"Operationally, mobilization has commenced for the production logging program, targeting SS-3, SS-5, and SS-10, alongside with the planning of the well intervention for SS-7, subject to the availability of US dollars in Tanzania, contract agreements on the extension of the PGSA and contracting new gas sales from August 1, 2024. The success of these programs, coupled with other low-cost efficiency projects that are underway, are expected to maintain the Company's production levels, ensuring gas contracts are met.
As noted in our recent communications, this time remains a critical juncture for Orca, as we continue to strive towards agreeing to a framework and timeline for a license extension on the Songo Songo field. Orca has proven itself as a committed investor in Tanzania, and the extension of the license would allow the Company to plan for and execute a longer-term development solution, which enables Tanzania’s anticipated increased gas demands to be met for the foreseeable future, for the benefit of all stakeholders.” "
Old ham chops won't be happy perhaps they should sell for a 30% premium?
Nice to know our licence has been approved for issuance by the cabinet and expected to arrive any day soon. Due to the deadlines the Tanzanian government have put on building their own pipeline, I fully expect receipt of the Development licence prior to the AGM on 27th June
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