Business
Orca Exploration announces its result for the quarter ended 30 June 2009
TORTOLA, British Virgin Islands, Aug. 28 /CNW/ - Orca Exploration Group Inc ("Orca Exploration" o...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, Aug. 28 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the\nquarter ended 30 June 2009.\n\n\nFinancial and Operating Highlights\n\n------------------------------------------------- -----------------------\n Three months ended Six months ended\n 30-Jun 30-Jun 30-Jun 30-Jun\n 2009 2008 Change 2009 2008 Change\n-------------------------------------------------------------------------\n\nFinancial (US$ except\n where otherwise stated)\nRevenue 5,501 4,826 14% 9,944 10,110 (2%)\nProfit before taxation 1,079 (9,710) n/m 1,401 (9,440) n/m\nOperating netback (US$/mcf) 2.17 3.44 (37%) 2.18 2.65 (18%)\nCash and cash equivalents 9,072 11,924 (24%) 9,072 11,924 (24%)\nWorking capital 9,939 6,094 63% 9,939 6,094 63%\nShareholders' equity 65,477 62,824 4% 65,477 62,824 4%\nProfit/(loss) per share\n - basic and diluted (US$) 0.01 (0.34) n/m 0.01 (0.35) n/m\nFunds from operations\n before working capital\n changes 2,514 1,619 55% 3,981 4,010 (1%)\nFunds per share from\n operations before working\n capital changes -\n basic (US$) 0.09 0.05 80% 0.13 0.03 333%\nFunds per share from\n operations before working\n capital changes -\n diluted (US$) 0.08 0.05 60% 0.13 0.03 333%\nNet cash flows per share\n from operating activities\n basic and diluted (US$) 0.06 0.17 (65%) 0.12 0.15 (20%)\n-------------------------------------------------------------------------\nOutstanding Shares ('000)\nClass A shares 1,751 1,751 (0%) 1,751 1,751 (0%)\nClass B shares 27,788 27,863 (0%) 27,863 27,863 (0%)\nOptions 2,797 2,847 (2%) 2,797 2,847 (2%)\n-------------------------------------------------------------------------\n\nOperating\nAdditional Gas sold\n (MMcf) - industrial 613 336 82% 973 658 48%\nAdditional Gas sold\n (MMcf) - power 1,693 956 77% 3,263 2,939 11%\nAverage price per mcf\n (US$) - industrial 7.02 12.97 (46%) 7.35 12.27 (40%)\nAverage price per mcf\n (US$) - power 2.36 2.93 (19%) 2.37 2.33 2%\n-------------------------------------------------------------------------\n\n\nHighlights\n\n- Increased profit before taxation to US$1.1 million (Q2 2008: loss\n before taxation US$9.7 million after incurring an impairment of\n US$9.5 million).\n\n- 14% increase in Orca's Q2 2009 revenues to US$5.5 million (Q2 2008:\n US$4.8 million) despite lower g...