Business
Orca Exploration announces Q2 2013 results
TSX-V: ORC.A, ORC.B TORTOLA, British Virgin Islands , Aug. 28, 2013 /CNW/ - Orca Exp...
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\nTSX-V: ORC.A, ORC.B\n\n\nTORTOLA, British Virgin Islands, Aug. 28, 2013 /CNW/ - Orca Exploration\n Group Inc. (\"Orca\" or \"the Company\") announces its results for the\n second quarter ended 30th June 2013.\n\n\nHighlights\n\n\n\nA total of US$35.2 million has been received from TANESCO since the end\n of Q1 2013 - US$19.8 million during Q2 and a subsequent payment of\n US$15.4 million in July 2013.\n\n\n\n\nAt 30 June 2013, TANESCO owed the Company US$46.3 million including\n arrears of US$39.7 million (31 March 2013: US$48.8 million, including\n arrears of US$44.0 million). Current TANESCO arrears are US$31.2\n million.\n\n\n\n\nAdditional Gas sales continued near field capacity during Q2 averaging\n 58.4 MMcfd being an increase of 6% over  the prior period (Q2 2012:\n 54.9 MMcfd) and down 5% over Q1 2013 (61.6 MMcfd).\n\n\n\n\nIndustrial sales volume decreased by 11% to 11.7 MMcfd from 13.1 MMcfd\n in Q1 2013. Power sector sales volumes during Q2 averaged 46.7 MMcfd\n down 4% over Q1 2013 at 48.5 MMcfd.\n\n\n\n\nAverage Industrial gas price for the quarter was US$8.60/mcf up 11% from\n Q1 2013 (US$7.78/mcf) and Power sector gas prices averaged US$3.63/mcf\n for the quarter up 2% over Q1 2013 price of US$3.55/mcf.\n\n\n\n\nCost pools were depleted in Q4 2012, which together with capital\n spending of only US$0.1 million adding to cost pools, constraining\n earnings and funds from operations. Accordingly, revenue of US$12.0\n million was down 9% over Q1 2013 (US$13.2 million).\n\n\n\n\nStronger gas sales prices and cost reductions drove Q2 funds from\n operations before working capital changes of US$10.5 million (US$0.30\n per share diluted), up 20% from Q1 2013 (US$8.7 million or US$0.25 per\n share diluted).\n\n\n\n\nQ2 posted a loss of US$6.8 million or US$0.19 per share diluted, down\n 331% from Q1 2013 earnings of US$3.0 million or US$0.08 per share\n diluted. Whilst the Company continues to believe it will collect the\n full TANESCO receivable, the outstanding amount has been discounted by\n US$7.9 million reflecting the time value of money resulting from delays\n in collection, such charge applied directly to earnings.\n\n\n\n\nWorking capital decreased by 59% during the quarter to US$22.5 million\n as at 30 June 2013 (US$54.8 million as at 31 March 2013) as a\n consequence of reclassifying that portion...