TORTOLA, BRITISH VIRGIN ISLANDS – March 31, 2020: Orca Exploration Group Inc. (“Orca” or the “Company“) provides an operational update. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.
- Cash and short-term investments totaled $99.2 million on March 30, 2020 compared to $138.7 million at December 31, 2019. The decrease takes into account payments by the Company pursuant to its recently completed substantial issuer bid in the aggregate amount of approximately $37.8 million (CDN$50 million) and payment of Additional Profit Tax for 2019 of $11.8 million.
- The sales volumes to date for Q1 2020 have averaged 56.7 million standard cubic feet per day (“MMcfd”) compared to the fourth quarter average for 2019 of 70.8 MMcfd. The decrease in sales volumes in 2020 is primarily a result of an increase in hydro power generation as recent rainfall totals have been significantly above the long-term average reducing the requirement for gas power generation.
- Subsequent to December 31, 2019 the Company received $14.8 millionfrom the electricity utility, the Tanzanian Electricity Supply Company, against 2020 invoices for gas deliveries of $3.5 million for January and February 2020 and forecasted sales of $1.9 million for March, 2020.
Orca Exploration Group Inc.
Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.
For further information please contact:
Nigel Friend, CEO
Blaine Karst, CFO
For media enquiries:
+44-20 8434 2643
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.