Orca Announces Quarterly Dividend

TORTOLA, British Virgin Islands – February 25, 2020:  Orca Exploration Group Inc. (“Orca” or the “Company”) (TSX-V: ORC.A, ORC.B) today announced that its Board of Directors has declared a quarterly cash dividend of $0.06 (Cdn) per Class A Common Voting Share of the Company and $0.06 (Cdn) per Class B Subordinate Voting Share of the Company. The dividend will be payable on April 30, 2020 to holders of Class A Common Voting Shares and Class B Subordinate Voting Shares of record on March 31, 2020.

About Orca Exploration Group Inc.

Orca is an international public company engaged in natural gas exploration, 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
nfriend@orcaexploration.com

Blaine Karst, CFO
bkarst@orcaexploration.com

For media enquiries:

Celicourt (PR)
Mark Antelme
Jimmy Lea
Jemima Lowe
Orca@celicourt.uk
+44-020-8434-2754

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.

Orca Exploration Group Inc. Announces Preliminary Financial Results for 2019 and Independent Reserves Evaluation for 2019

TORTOLA, BRITISH VIRGIN ISLANDS – February 25, 2020 – Orca Exploration Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces its preliminary unaudited financial results for 2019 and its Independent Reserves Evaluation as at December 31, 2019. This update should be read in conjunction with the update provided in our news release issued on January 24, 2020. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

FINANCIAL HIGHLIGHTS

For the year ended December 31, 2019, the Company’s:

  • Revenue increased 48.1% to $85.6 million compared to $57.8 million in the year ended December 31, 2018 and for Q4 2019 increased 71.9% to $23.2 million compared to $13.5 million in Q4 2018.
  • Net income attributable to shareholders increased 85.0% to $24.6 million compared to $13.3 million in the year ended December 31, 2018 and for Q4 2019 increased by 335.7% to $12.2 million compared to $2.8 million in Q4 2018.
  • Net cash flows from operating activities increased by 20.8% to $34.8 million compared to $28.8 million in the year ended December 31, 2018 and for Q4 2019 increased 24.4% to $5.1 million compared to $4.1 million in Q4 2018.
  • Adjusted funds flow from operations[1] increased 122.3% to $42.9 million compared to $19.3 million in the year ended December 31, 2018 and for Q4 2019 increased 107.8% to $13.3 million compared to $6.4 million in Q4 2018.
  • Working capital increased 28.7% to $108.4 million at December 31, 2019 compared to $84.2 million at December 31, 2018.

For the year to date in 2020, the Company’s:

  • Cash and short-term investments totaled $141.6 million on February 21, 2020 compared to $138.7 million at December 31, 2019.
  • January 2020 sales volume was 59.5 million standard cubic feet per day (“MMcfd”) compared to the fourth quarter average for 2019 of 70.8 MMcfd. The decrease in sales volume in January 2020 was 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 $9.0 million from the electricity utility, the Tanzanian Electricity Supply Company, and has invoiced $2.0 million for gas deliveries in January 2020.

Click here to download the full financial update