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Orca Energy Group Inc. Announces Completion of Q3 2023 Interim Filings

Posted on 15 November 2023



For Immediate Release

TORTOLA, BRITISH VIRGIN ISLANDS – November 15, 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 nine month periods ended September 30, 2023 (“Q3 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 Q3 2023 MD&A.

Jay Lyons, Chief Executive Officer, commented:

“During the first three quarters of 2023, Orca has seen a slight decrease in production of 0.5% year on year, however we remain confident in achieving our revised guidance range of 85–90 MMcfd for 2023. Our additional gas average production guidance for 2024 continues to be set within the range of 80–90 MMcfd.

We continue to look forward to engaging with the Government of Tanzania and TPDC to advance the matter of license extension, which we believe will be of great benefit to Tanzania and a key enabler for sustainable and reliable power supply.

Orca exited the period in a strong financial position with $64.3 million in working capital, cash and cash equivalents of $101.7 million, and long-term debt of $34.9 million.

We value the ongoing support of our stakeholders and look forward to providing further updates in due course.”

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