Business
Orca Exploration announces its results for the quarter ended 31 March 2007
Orca Exploration announces its results for the quarter ended 31 March 2007.
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, May 31 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the\nquarter ended 31 March 2007.\n\n\nFinancial and Operating Highlights\n\n 31-Mar 31-Mar\nQuarter ended 2007 2006 Change\n-------------------------------------------------------------------------\nFinancial (US$'000 except where otherwise\n stated)\n\nOperating revenue 3,632 2,034 79%\n\nProfit before taxation 430 266 62%\n\nOperating netback (US$/mcf) 2.03 2.05 (1%)\n\nCash and cash equivalents 14,736 3,454 327%\n\nWorking capital 10,570 2,118 399%\n\nShareholders' equity 37,983 16,928 124%\n\nProfit per share - diluted (US$) - - -\n\nFunds from operations before working\n capital changes 1,190 671 77%\n\nFunds per share from operations before\n working capital changes - diluted (US$) 0.04 0.03 33%\n\nOperating\n\nAdditional Gas sold (mmscf) - industrial 301 230 31%\n\nAdditional Gas sold (mmscf) - power 1,356 682 99%\n\nAverage price per mcf (US$) - industrial 7.70 7.63 1%\n\nAverage price per mcf (US$) - power 2.19 1.79 22%\n\n-------------------------------------------------------------------------\n\n\n\nQuarter Highlights\n\n- Earned profit before tax of US$0.4 million (Q1 2006 US$0.3 million)\n with funds from operations before working capital changes of\n US$1.2 million (Q1 2006: US$0.7 million). This is despite an increase\n in costs attributable to the business development activities.\n\n- Successfully completed the remedial downhole work on SS-9 with an\n increase in the Songo Songo production capacity by 30 mmscf/d.\n\n- Signed a contract with Caroil SA for the drilling of SS-10. The well\n was spudded on 28 April 2007 and is forecast to be complete by the\n end of Q2, with a forecast 50 mmscf/d increase in production\n capacity.\n\n- Commenced the installation of an additional 8 kilometers of low\n distribution pipeline to improve security of supply and to hook up\n four new industrial customers. This line is due to be completed in\n early Q3 2007.\n\n- Increased Q1 2007 sales of Additional Gas to Dar es Salaam industrial\n customers by 31% to 301 mmscf (an average of 3.3 mmscf/d) compared\n with Q1 2006. Average industrial prices remained strong at\n US$7.70/mcf.\n\n- Increased Q1 2007 sales of Additional Gas to the power sector by 99%\n to 1,356 ...