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Material Change Report

Posted on 24 January 2020

On January 24, 2020, Orca announced the authorization of a substantial issuer bid, the outcome of its strategic review process, and its focused strategy to grow an integrated gas business in Africa.

Based on the alternatives available to the Company, the special committee (“Special Committee”) of Orca recommended, and the board of directors (the “Board”) of Orca concluded, that it is in the best interests of the Company and its shareholders (“Shareholders”) to continue operating as an independent company with a view to enhancing value to its Shareholders through a balanced approach, focused on:

  1. Return of Capital: The return of retained cash to Shareholders in the form of share purchases and/or dividends;
  2. Value maximization of the Songo Songo Production Licence: The continued value maximization and monetization of the Company’s Songo Songo natural gas field in Tanzania; and
  3. Sustainable Growth: Strategic reinvestment utilizing the Company’s core competency to develop a sustainable, integrated gas business in Africa with accretive returns.

In conjunction with the announcement of this strategy, the Company announced its intention to return a portion of its excess cash to Shareholders through a substantial issuer bid.

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