Business
Orca Exploration announces its results for the quarter ended 31 March 2008
TORTOLA, British Virgin Islands, May 29 /CNW/ - Orca Exploration Group Inc ("Orca Exploration" or...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, May 29 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the\nquarter ended 31 March 2008.\n\n\nHighlights\n\n- 38% increase in revenue to US$5.3 million (Q1 2007: US$3.8 million),\n profit before taxation of US$0.3 million (Q1 2007: US$0.4 million)\n and a 100% increase in the net cash flow from operations before\n working capital changes to US$2.4 million (Q1 2007: US$1.2 million).\n\n- Increased Q1 2008 sales of Additional Gas to Dar es Salaam industrial\n customers by 7% to 322 Mmscf (Q1 2007: 301 Mmscf). This equated to an\n average of 3.5 Mmscf/d (Q1 2007: 3.3 Mmscf/d). Average prices\n remained strong at US$11.55/mcf.\n\n- Increased Q1 2008 sales of Additional Gas to the power sector by 46%\n to 1,983 Mmscf (Q1 2007: 1,356 Mmscf). This equated to an average of\n 21.8 Mmscf/d (Q1 2007: 15.1 Mmscf/d). The average price for the gas\n to the power sector was US$2.05/mcf (Q1 2007: US$2.19/mcf).\n\n- Tendered for the installation of two compressors, a vehicle dispenser\n and two trailer filling facilities to deliver 0.7 Mmscf/d of\n compressed natural gas at a cost of US$2.5 million. This market is\n expected to expand to approximately 4 Mmscf/d within 18 months.\n\n- Advanced negotiations for the supply of approximately 2.0 Mmscf/d to\n the Wazo Hill cement plant from Q2 2009. In addition, signed\n contracts with two new industrial contracts for 0.2 Mmscf/d and\n commenced negotiations on five further industrial contracts for\n 0.3 Mmscf/d.\n\n- Made significant progress in the negotiation of the long term\n contracts for the supply of approximately 250 Bcf of Additional Gas\n to the power sector. These contracts are expected to be signed at the\n beginning of Q3 2008.\n\n- Made significant progress in the negotiation of the contracts that\n will enable the third and fourth gas processing trains to be\n constructed.\n\n- Commenced work on the installation of two new Joule-Thompson valves\n at the existing gas processing plant that will facilitate the\n re-rating of the two existing trains to a forecast 90 Mmscf/d at the\n end of Q2 2008.\n\n- Completed the acquisition of three hundred kilometers of 2-D seismic\n in the Albertine Graben sedimentary basin in Uganda and commenced\n processing of the data.\n\n\nFinancial ...