Tanzania: IFC invests $60m in Orca

Orca Exploration Group said on 15 June it was proceeding with the first phase of its planned Songo Songo development programme following World Bank board approval of a $60m investment by the International Finance Corporation (IFC). The IFC will invest in Orca subsidiary PanAfrican Energy Tanzania in the form of a subordinated income participating loan. Orca has signed a drilling contract with Paragon Offshore for its M826 mobile drilling workover rig, to start in August or September. Operations will include workovers on three existing wells and drilling of a new well. Orca has the option to drill a further two wells, depending on the success of the workovers.