Business
Orca Exploration announces its results for the quarter ended 30 June 2008
TORTOLA, British Virgin Islands, Aug. 29 /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. 29 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the\nquarter ended 30 June 2008.\n\n\nHighlights\n\n- 60% increase in Orca's Q2 revenues to US$4.8 million (Q2 2007:\n US$3.0 million).\n\n- Increased Q2 2008 sales of Additional Gas to the power sector by 28%\n to 956 Mmscf (Q2 2007: 745 Mmscf). This equated to an average of\n l0.5 Mmscf/d (Q2 2007: 8.2 Mmscf/d). Gas demand increases for the\n power sector is now underpinned by the TANESCO Wartsila 100 MW plant,\n which is now commissioned and fully operational for the long term.\n The average price for the gas to the power sector was US$2.93/Mcf\n (Q2 2007: US$2.17/Mcf).\n\n- Q2 2008 sales of Additional Gas to Dar es Salaam industrial customers\n decreased by 15% to 336 Mmscf (Q2 2007: 397 Mmscf). This equated to\n an average of 3.7 Mmscf/d (Q2 2007: 4.4 Mmscf/d). Average prices were\n 51 % higher at US$12.97/Mcf leading to a 27% increase in industrial\n sales revenue when compared to Q2 2007.\n\n- 63% increase in funds flow from operations to US$1.6 million\n (Q2 2007: US$ 1.0 million). A 427% increase in net cash flows to\n US$4.6 million from US$0.8 million. Loss before tax of US$9.7 million\n (Q2 2007 loss: US$0.5 million) included a one-time impairment charge\n of US$9.5 million with respect to the write down of the Company's\n activities in Uganda.\n\n- Orca is continuing its exploration focus in Sub-Saharan Africa, and\n is evaluating a lower risk, potentially early commercialisation\n opportunity offshore West Africa.\n\n- Extended the gas purchase contracts of five of the larger industrial\n customers by a further five years from the end of their existing\n contracts in return for capping the gas price at approximately\n US$11.49/mcf with a floor of US$7.38/mcf.\n\n- Contracted McDaniel and Associates Consultants Ltd to conduct a\n resource evaluation report of the Songo Songo West prospect within\n the Company's licence acreage. The report is expected to be published\n at the end of Q3 2008.\n\n- Undertook extensive work to secure a jack up rig to drill the Songo\n Songo West prospect in 2009. An invitation to tender was issued\n during Q3 2008 and three offers were received. Evaluation is\n currently underway. Materials for the first Songo Songo West...