Business
Orca Exploration (formerly EastCoast Energy Corporation) announces its results for the year ended 31 December 2006
Orca Exploration (formerly EastCoast Energy Corporation) announces its results for the year ended 31 December 2006.
About this update from Orca Energy Group Inc. Class B
[{"type":"text","content":"\n\n\n\nTORTOLA, British Virgin Islands, April 30 /CNW/ - Orca Exploration Group\nInc ("Orca Exploration" or the "Company") announces its results for the year\nended 31 December 2006.\n\n\nFINANCIAL AND OPERATING HIGHLIGHTS\n\nYear ended 31 December 2006 2005 Change\n-------------------------------------------------------------------------\nFinancial (US$'000 except where otherwise\n stated)\n\nRevenue 13,828 5,759 140%\nProfit before taxation 4,261 953 347%\nOperating netback (US$/mcf) 2.45 2.11 16%\nCash and cash equivalents 20,678 3,198 547%\nWorking capital 20,430 2,211 824%\nShareholders' equity 37,889 16,662 127%\nProfit per share - diluted (US$) 0.10 0.02 400%\nFunds from operations before working\n capital changes 6,030 2,268 166%\nFunds per share from operations before\n working capital changes - diluted (US$) 0.24 0.09 167%\n-------------------------------------------------------------------------\nOperating\n\nAdditional Gas sold - industrial (mmscf) 1,466 777 89%\nAdditional Gas sold - power (mmscf) 3,371 1,672 102%\nAverage price per mcf - industrial (US$) 8.22 7.07 16%\nAverage price per mcf - power (US$) 1.90 1.66 14%\n\nGross Recoverable Reserves to end of licence\n (bcf)\n\nProved 266 241 10%\nProbable 149 79 89%\nProved plus probable 415 320 30%\n\nPresent Value, discounted at 10% (US$ million)\n\nProved 109.0 67.7 61%\nProved plus probable 158.7 83.8 89%\n-------------------------------------------------------------------------\n\n\nPresident & CEO's Letter to Shareholders\n\n\n2006 was another good year for Orca Exploration Group Inc (formerly\nEastCoast Energy Corporation). The Company continued development of the Songo\nSongo gas field in Tanzania with positive results. Reserves have increased, a\nsubstantial development programme is underway, sales are ahead of forecast and\nmarkets continue to grow as significant gas-fired generation is installed at\nDar es Salaam over the next 12 months.\n\n\nThe Company has also developed a strengthened exploration capability\nthrough the recruitment of key individuals with substantial international oil\nand gas experience especially in West Africa. Building on this, the Company\nhas indicated its intention to identify and acquire oil opportunities by the\nend of 2007 as well as continuing to develop its existing business in\nTanzania.\n\n\nDurin...