Orca Energy Group Inc. Provides Operational and Corporate Update - Seite 2

Corporate

To further increase Orca’s visibility and help communicate Orca’s strategy, the Company has engaged Canaccord Genuity Limited (“Canaccord”) and Investec Bank plc (“Investec”) to provide advisory and corporate broking services. As part of the mandate, Canaccord and Investec will introduce Orca to respective institutional investor bases, particularly in Europe and Africa. 

Nigel Friend, CEO of Orca commented:

“Despite the challenging macro backdrop, we are very pleased with Orca’s performance in the first six months of 2020.  We are well placed to finance and deliver a number of essential capital projects which are critical to sustaining gas production in Tanzania through to the end of the license period. The Government of Tanzania has shown a long-term commitment to natural gas through its investment in gas infrastructure and we will continue to develop the Songo Songo field with our partner, the Tanzania Petroleum Development Corporation, to fuel economic growth and prosperity in country. 

We are delighted to have engaged Canaccord and Investec who are expected to help the Company expand its institutional investor bases in Europe and Africa. They will also assist us with communicating the success of our project in Tanzania and the long-term investment case of the Company.  I look forward to keeping our shareholders appraised of developments over the coming months.”

For media enquiries:
Celicourt (PR)
Mark Antelme
Jimmy Lea
[e-mail]
[phone]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain information regarding Orca set forth in this news release, including but not limited to: the compressors' ability to ensure maximum production levels are sustained through to the end of the Production Sharing Agreement in 2026; the forecast cost of the compressors and Orca's ability to pay in the remainder of 2020; the compressors' scheduled operational date; expected gas demand; the workover of onshore well SS-10 and the potential remedial work on wells SS-3 and SS-4; the completion of the subsurface review of the Songo Songo gas field in Q4 2020; and Canaccord and Investec's ability to introduce Orca to institutional investor bases; the Company's position in the market; and Orca's intention to continue to develop the Songo Songo field constitute "forward-looking information" within the meaning of applicable Canadian securities laws. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information. Forward-looking information, by its very nature, involves inherent risks and uncertainties and is based on several assumptions, both general and specific. Orca cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors which may cause the actual results or performance of Orca to be materially different from the outlook or any future results or performance implied by such information.