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Orca Exploration announces 14% increase in proved and probable reserves and its results for the year ended 31 December 2007
TORTOLA, British Virgin Islands, April 29 /CNW/ - Orca Exploration Group Inc ("Orca Exploration" ...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, April 29 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the year\nended 31 December 2007.\n\n\nHighlights\n\n\n- Increased 2P Additional Gas reserves by 14% from 415 Bcf to 474 Bcf.\n\n- Sold 7.7 Bcf (21.2 Mmscf/d) of Additional Gas, an increase of 59%\n over 2006. This resulted in operating revenue of US$18.7 million.\n\n- Generated funds from operations before working capital changes of\n US$8.7 million, an increase of 46% over 2006.\n\n- Successfully completed the drilling of the SS-10 development well\n adding an estimated 55 Mmscf/d to field deliverability.\n\n- Successfully performed remedial work on the SS-9 well adding\n 25 Mmscf/d to field deliverability.\n\n- Completed the installation of an additional 8 kilometers of low\n pressure distribution pipeline to improve security of supply and to\n connect new industrial customers.\n\n- Connected four new gas-fired power plants with an installed capacity\n of 220 MWs.\n\n- Advanced negotiations with the electricity utility, TANESCO, for the\n supply of approximately 200 Bcf of Additional Gas over the next\n 16 years.\n\n- Advanced negotiations with Songas Limited for the supply of\n approximately 47 Bcf of Additional Gas over the period to July 2024.\n\n- Negotiated an option to enter a high potential oil play in the\n Albertine Graben sedimentary basin in Uganda and acquired\n 300 kilometers of 2 D seismic.\n\n\nFinancial and Operating Highlights\n\nYears ended 31 December 2007 2006 Change\n-------------------------------------------------------------------------\nFinancial (US$'000 except where\n otherwise stated)\n\nRevenue 18,777 13,828 36%\nProfit before taxation 3,775 4,261 (11%)\nOperating netback (US$/mcf) 2.31 2.45 (6%)\nCash and cash equivalents 16,515 20,678 (20%)\nWorking capital 7,299 20,430 (64%)\nShareholders' equity 71,544 37,889 89%\nProfit per share - basic (US$) 0.06 0.11 (45%)\nProfit per share - diluted (US$) 0.06 0.10 (40%)\n\nFunds from operations before working\n capital changes 8,696 5,969 46%\n\nFunds per share from operations before\n working capital changes - basic (US$) 0.31 0.26 19%\n\nFunds per share from operations before\n working capital changes - diluted (US$) 0.29 0.24 21%\n------------------------------------------------------...