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Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings
TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings\n\n\n\n TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“\n \n Orca\n \n ” or the “\n \n Company\n \n ” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management’s discussion and analysis for the three month period ended March 31, 2025 (“\n \n Q1 2025\n \n ”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“\n \n $\n \n ”) unless otherwise stated.\n \n\n\n Jay\n \n\n Lyons,\n \n\n Chief\n \n\n Executive\n \n\n Officer,\n \n\n commented:\n \n\n\n\n “Operationally, I am pleased with\n \n\n how Orca has performed in the first quarter of 2025. Despite the\n \n\n marginal reduction in gas\n \n\n deliveries, largely due\n \n\n to factors\n \n\n outside\n \n\n of\n \n\n the\n \n\n Company’s\n \n\n control,\n \n\n production\n \n\n from\n \n\n the\n \n\n Songo\n \n\n Songo\n \n\n gas\n \n\n field\n \n\n remains\n \n\n robust\n \n\n and\n \n\n in line\n \n\n with\n \n\n our expectations.\n \n\n In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward.\n \n\n\n\n Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns\n \n\n policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.”\n \n\n\n\n Highlights\n \n\n\n\n Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment.\n \n\n\n\n To date the Songas Power Plant remains shutdown.\n \n\n Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (“\n \n JNHPP\n \n ”) commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP’s ...