Business
Orca Exploration announces its results for the three months ended 31 March 2009
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 three\nmonths ended 31 March 2009.\n\n\nFinancial and Operating Highlights\n\n-------------------------------------------------------------------------\n Three months ended 31-Mar 31-Mar\n 2009 2008 Change\n-------------------------------------------------------------------------\nFinancial (US$'000 except where otherwise stated)\nRevenue 4,443 5,284 (16%)\nProfit before taxation 322 270 19%\nOperating netback (US$/mcf) 2.18 2.21 (1%)\nCash and cash equivalents 9,710 12,521 (22%)\nWorking capital 9,154 8,297 10%\nShareholders' equity 64,684 72,053 (10%)\n-------------------------------------------------------------------------\n(Loss) per share - basic and diluted (US$) (0.01) (0.00) n/m\nFunds from operations before working capital\n changes 1,458 2,391 (39%)\nFunds per share from operations before working\n capital changes - basic and diluted (US$) 0.05 0.08 (38%)\n-------------------------------------------------------------------------\nOutstanding Shares ('000)\nClass A shares 1,751 1,751 (0%)\nClass B shares 27,788 27,863 (0%)\nOptions 2,797 2,847 (2%)\n-------------------------------------------------------------------------\n\nOperating\nAdditional Gas sold - industrial (MMscf) 360 322 12%\nAdditional Gas sold - power (MMscf) 1,570 1,983 (21%)\nAverage price per mcf - industrial (US$) 7.91 11.55 (32%)\nAverage price per mcf - power (US$) 2.39 2.05 17%\n-------------------------------------------------------------------------\n\n\nHighlights\n\n - Increased capacity of the gas processing plant on Songo Songo Island\n by 29% to 90 MMscfd. Acting as operator, Orca made equipment and\n facilities changes approved by the owner of the facilities, Songas\n Limited. The capacity of the plant was re-rated by Lloyds Register\n to 55 MMscfd per train, with a plant limit of 90 MMscfd in January\n 2009 and it is forecast that the additional capacity will be\n utilised in the second half of 2009.\n\n - Increased profit before taxation by 19% to US$0.32 million (Q1 2008:\n US$0.27 million) despite a 16% decrease in revenue. Funds from\n operations before working capital changes were US$1.5 million (Q1\n 2008: US$2.4 million).\n\n - Increased Q1 2009 sales of Addition...