Business
Orca Exploration announces its result for the quarter ended 30 June 2011
TSX-V: ORC.A, ORC.B TORTOLA, British Virgin Islands, Aug. 26, 2011 /CNW/ - Orca Explora...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\n\n\nTSX-V: ORC.A, ORC.B\n\n\nTORTOLA, British Virgin Islands, Aug. 26, 2011 /CNW/ - Orca Exploration\n Group Inc (\"Orca Exploration\" or the \"Company\") announces its results\n for the quarter ended 30 June 2011.\n\n\nHighlights \n\n\nIncreased sales of Additional Gas by 6% to 3,653 MMcf or 40.2MMcfd (Q2\n 2010: 3,002 MMcf or 33.0 MMcfd). In the last ten days of June, sales\n increased to an average of 53 MMcfd.\n\nIncreased working capital by 2% during the quarter to US$57.1 million\n (US$55.8 million at 31 March 2011).\n\nSigned a Re-rating Agreement with Songas Limited to increase the Songo\n Songo gas processing capacity from 90 MMcfd to 110 MMcfd. This has\n increased the infrastructure capacity to 102 MMcfd (restricted by the\n pipeline capacity and downstream pressure requirements).\n\nMade good progress with the Songas Expansion Project that will see\n infrastructure capacity increase to 140 MMcfd with the addition of new\n gas processing units and pipeline compression.\n\nSigned a Portfolio Gas Sales Agreement with TANESCO for the sale of\n Additional Gas to the power sector for the period until June 2023.\n\nContinued to strengthen Orca's management team by recruiting a new chief\n operating officer.\n\n\n.\n\n\nFinancial and Operating Highlights\n\n\n \n\n\nThree months ended or as at\n\n\n \n\n\nSix months ended or as at\n\n\n \n\n\n30-Jun\n\n\n30-Jun\n\n\n \n\n\n \n\n\n30-Jun\n\n\n30-Jun\n\n\n \n\n\n \n\n\n2011\n\n\n2010\n\n\nChange\n\n\n \n\n\n2011\n\n\n2010\n\n\nChange\n\n\nFinancial (US$'000) except where otherwise stated\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nRevenue\n\n\n8,296\n\n\n9,017\n\n\n(8%)\n\n\n \n\n\n17,936\n\n\n17,276\n\n\n4%\n\n\nProfit before taxation\n\n\n1,341\n\n\n4,092\n\n\n(67%)\n\n\n \n\n\n5,371\n\n\n7,365\n\n\n(27%)\n\n\nOperating netback (US$/mcf)\n\n\n1.80\n\n\n2.37\n\n\n(24%)\n\n\n \n\n\n1.98\n\n\n2.27\n\n\n(13%)\n\n\nCash and cash equivalents\n\n\n48,993\n\n\n18,319\n\n\n167%\n\n\n \n\n\n48,993\n\n\n18,319\n\n\n167%\n\n\nWorking capital\n\n\n57,070\n\n\n24,941\n\n\n129%\n\n\n \n\n\n57,070\n\n\n24,941\n\n\n129%\n\n\nShareholders' equity\n\n\n100,956\n\n\n73,942\n\n\n37%\n\n\n \n\n\n100,956\n\n\n73,942\n\n\n37%\n\n\nEarnings per  share - basic  (US$)\n\...