Orca Exploration Group Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Production Results for the Second Quarter Ended June 30, 2014
Aug 28 14
Orca Exploration Group Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's revenue was $19,074,000 compared to $11,996,000 a year ago. Profit before tax was $10,387,000 compared to loss before tax of $8,509,000 a year ago. Profit after tax was $6,527,000 or $0.18 per diluted share compared to loss after tax of $6,566,000 or $0.19 per diluted share a year ago. Cash flows from operating activities was $7,255,000 or $0.20 per diluted share compared to $8,268,000 or $0.23 per diluted share a year ago. Funds flow from operating activities was $13,266,000 or $0.37 per diluted share compared to $10,546,000 or $0.30 per diluted share a year ago.
For the six months, the company's revenue was $32,772,000 compared to $25,193,000 a year ago. Profit before tax was $13,633,000 compared to loss before tax of $3,849,000 a year ago. Profit after tax was $8,113,000 or $0.23 per diluted share compared to loss after tax of $3,792,000 or $0.11 per diluted share a year ago. Cash flows from operating activities was $7,916,000 compared to $2,519,000 a year ago. Property, plant and equipment expenditures was $270,000 compared to $406,000 a year ago.
Total field production averaged 84.2 million standard cubic feet per day down 11% from the prior year period, and down 10% from 93.9 MMcfd in first quarter 2014. Additional Gas sales volumes averaged 50.0 MMcfd, a decrease of 14% over the same period in 2013 of 58.4 MMcfd and a decrease of 13% over first quarter 2014 of 57.4 MMcfd.
Orca Is In Discussions To Sell Itself
Jul 15 14
Orca Exploration Group Inc. (TSXV:ORC.B) is in discussions with third parties to sell itself. Orca Exploration Group Inc. is in discussions with a number of third parties which have made unsolicited approaches relating to a significant asset disposal, strategic investment or other transaction involving it.
Orca Exploration Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2014
May 29 14
Orca Exploration announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2014. First quarter total comprehensive income was $1.6 million or $0.04 per share diluted, down 47% from the prior year period’s total comprehensive income of $2.9 million or $0.08 diluted per share and compared with a loss of $3.9 million or $0.11 per share in fourth quarter 2013, again reflecting the cost of carrying the TANESCO receivable and provisioning a further $2.6 million versus fourth quarter 2013 of $2.2 million against doubtful debts, primarily Songas. Funds flow from operating activities was down 20% to $7.1 million or $0.20 per share diluted against first quarter 2013 funds from operating activities of $8.9 million or $0.25 per share, a result of lower net revenues. Revenue was $13.7 million against $13.2 million of prior year period. Profit before tax was $3.2 million against $4.7 million of prior year period. Net cash flows from operating activities were $0.7 million or $0.02 diluted per share against cash outflows from operating activities of $5.7 million or $0.16 diluted loss share of prior year period. Property, plant and equipment expenditures amounted to $0.5 million against $0.3 million of prior year period.
The company its Tanzania Songo Songo gas field in the first quarter of 2014 near its productive capacity delivering Additional Gas sales volumes averaging 57.4 MMcfd, a decrease of 7% over the same period in 2013 versus (61.6 MMcfd) for first quarter 2013 and a decrease of 4% over (60.1 MMcfd) for the fourth quarter 2013. Overall production of Protected Gas and Additional Gas was down 2% over first quarter 2013 at 94 MMcfd versus 96 MMcfd of first quarter 2013. Current average production is approximately 94 MMcfd with current volumes down to approximately 82 MMcfd due to seasonally high hydro usage by TANESCO. Average gas prices were up 2% in first quarter to $4.55/mcf over the prior year period's $4.45/mcf, Industrial gas prices were up 4% in first quarter to $8.11/mcf versus $7.78/mcf of first quarter 2013 and down 3% from fourth quarter 2013 ($8.38/mcf) from changes in the sales mix.