Orca Energy Group Inc. Announces Completion of Q2 2023 Interim Filings

TORTOLA, BRITISH VIRGIN ISLANDS – August 16, 2023: Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim financial statements and management’s discussion and analysis (“MD&A”) for the three and six month periods ended June 30, 2023 (“Q2 2023”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated. Any terms not defined herein have the meanings given to such terms in the Q2 2023 MD&A.

Jay Lyons, Chief Executive Officer, commented:
“We have had an active first half of the year, with the Company delivering a robust financial and operational performance.
We continue to assess the potential to carry out a number of projects later this year and into 2024. These workstreams will enable development of additional reserves to meet increasing demand. However, capital allocation towards these initiatives will need to be weighed against the existing timeline remaining on the license period and are subject to the necessary approvals. As such, we formally requested TPDC initiate the process to work towards a license extension. As evidenced by the Group’s significant investment in Tanzania to date, we are a forward looking organization and want to keep supporting Tanzania’s economic and industrial growth by realizing further value from the Songo Songo Gas Field for the benefit of all stakeholders. We await a formal response from TPDC and look forward to actively engaging with the Government of Tanzania and TPDC to progress this matter.
However, and although acquisition has now commenced, delays continue to hamper the progress of the 3D seismic project. This is largely due to poor performance of the contractor and lack of equipment reliability. As a result, the Company is now reviewing its options regarding the way forward for this project.”