IMPLEMENTATION of the provisions of the National Natural Gas Policy whose draft is currently in circulation will affect the Production Sharing Agreement signed over a decade ago between
In its latest six month report for 2014, the
"These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, and many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made," the company said.
The report further noted that such known and unknown risks also include risk that the contingencies related to the development work for the full field development plan for Songo Songo are not satisfied and that of the onstream date for the
"Failure to obtain funding for full field development plan for Songo Songo and the risk that the company will be required to pay additional taxes and penalties," the report noted.
The company's report to
"Lack of availability of qualified personnel or management; fluctuations in commodity prices; foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, drilling equipment and skilled personnel," the report stated.
In addition, there are risks and uncertainties associated with oil and gas operations, therefore Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forwardlooking estimates.
The company receives no revenue for the protected gas delivered to
Under the PSA, the company has the right to produce and market all gas in the Songo Songo field in excess of the protected gas requirements, the report noted.
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