Business
Orca Exploration announces its annual results for the year ended 31 December 2009
Orca Exploration announces its annual results for the year ended 31 December 2009
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, Apr. 21, 2010 (Canada NewsWire Group) -- /CNW/ -- Orca Exploration Group Inc (\"Orca Exploration\" or the \"Company\") announces its results for the year ended 31 December 2009.Highlights- Increased sales of Additional Gas by 20% to 10.4 Bcf or 28.5 MMcfd(2008: 8.7 Bcf or 23.7 MMcfd). This boosted revenue toUS$25.3 million.- Increased funds from operations before working capital changes by 30%to US$12.7 million (2008: US$9.8 million).- Increased working capital by 73% to US$16.8 million (2008: US$9.7million).- Increased profit before taxation to US$6.9 million (2008: loss of US$7.1 million).- Commenced sales to a new US$100 million kiln at the Wazo Hill cementplant in Dar es Salaam.- Commenced sales to the new Tegeta 45MW power plant at Dar es Salaamin the last quarter of 2009. This plant has a maximum consumption of9 MMcfd.- Connected ten new industrial customers to the low pressuredistribution network in Dar es Salaam.- Commenced the sale of compressed natural gas (\"CNG\") for use byvehicles and hotels. This is the first project of its kind in EastAfrica.- Designed a 144 MMcfd permanent expansion upgrade to the existinginfrastructure system that processes and transports the gas to Dar esSalaam. The target is for this to be operational by the end of 2012.- The Company's recoverable gross proven and probable reserves on alife of licence basis were assessed by the independent reserveevaluator, McDaniel and Associates Consultants Ltd (\"McDaniel\"), at490.2 Bcf (2008: 491.4 Bcf). This represents an increase on originalreserves after allowance for 2009 production.- Commenced work to identify a jack up rig for the drilling of SongoSongo West in 2011. McDaniel evaluated this prospect and assessed itto contain unrisked mean resources of 551 Bcf.- Re-activated the new venture team to identify two new high impact oilopportunities in proven hydrocarbon basins in West Africa, the MiddleEast and southern Europe. Several projects are under active review.Financial and Operating Highlights--------------------------------Years ended / As at 31 December 2009 2008 Change-------------------------------------------------------------------------Financial (US$ except where otherwisestated)Revenue 25,317 23,782 6%Profit/(loss) before taxation 6,882 (7,056) n/aOperating netback (US$/mcf) 2.21 2.60 (15%)Cash an...