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Orca Exploration announces 2013 results amid another year of challenges

TSX-V: ORC.A, ORC.B

TORTOLA, British Virgin Islands, April 24, 2014 /CNW/ - Orca Exploration Group Inc. ("Orca" or "the Company") announces its results for the year ended 31 December 2013.


  • Orca operated its Tanzania Songo Songo gas field in 2013 at near plant and pipeline capacity generating record results from production operations. Additional Gas sales volumes increased 9% over 2012 to average 61.5 MMcfd. Overall production of Protected Gas and Additional Gas was essentially flat over 2012 at 96.3 MMcfd (2012: 95.8 MMcfd) and current average production is approximately 94 MMcfd.
  • The situation with respect to the outstanding accounts receivable from TANESCO is increasingly urgent. In the event that the Company does not collect from TANESCO the balance of the receivables and TANESCO continues to be unable to pay the Company for subsequent gas deliveries, the Company will need additional funding for its ongoing operations by the end of the 2014 fiscal year.

  • Working capital was US$27.8 million at year-end, down 41% over 2012 (US$46.8 million), a result of reclassifying US$47.0 million (prior to discount) of TANESCO debt as a long-term receivable. As at 31 December 2013, TANESCO owed the Company US$56.6 million of which US$51.5 million was in arrears.

  • TANESCO currently owes the Company US$64.9 million, of which US$60.2 million is in arrears. Neither TANESCO nor the Government has proposed any plan to address arrears and/or ongoing payments. The Company has served notice to TANESCO and is actively pursuing all legal options available to collect the arrears and arrest the increase in TANESCO receivables, including but not limited to the suspension of gas deliveries to TANESCO.

  • Earnings suffered in 2013 with the Company posting a US$5.9 million loss after tax, or US$0.17 loss per share diluted (2012: income US$18.4 million or US$0.52 per share), as a result of provisions of US$17.1 million against TANESCO receivables to account for the cost of timing, and US$10.5 million against doubtful debts, primarily Songas.

  • Average gas prices were up 8% in 2013 to US$4.66/Mcf (2012: US$4.31/Mcf), Industrial gas prices were down 11% in 2013 to US$8.27/Mcf (2012: US$9.30/Mcf) from changes in the sales mix, and average Power sector gas prices increased 18% over 2012 to US$3.76/Mcf from US$3.18/Mcf, a result of increased take at higher marginal prices.

  • The 9% increase in Additional Gas sales volumes together with an 8% increase in the average gas price generated increased gross revenue, but the lack of Cost Pool recoveries due to minimal capital spending during the year reduced the Company's share of revenue to US$54.7 million (2012: US$77.3 million).

  • Funds flow from operating activities was down 14% to US$39.8 million or US$1.15 per share (2012: US$46.3 million or US$1.33 per share), a result of lower net revenues partially offset by reduced operating and G&A costs.

  • The Company ended the year with US$32.6 million in cash and US$1.7 million in debt, double the cash balances of the prior year. Notwithstanding the stronger cash position, the continued TANESCO and Songas non-payment still threatens the Company's viability and the Company has maintained a going concern note in its 2013 Consolidated Financial Statements. The Company currently has US$35 million in cash and no debt.

  • During 2013 the Company received a number of assessments for additional tax from the Tanzania Revenue Authority ("TRA"), which together with interest penalties total US$18.4 million. Management together with tax advisors have reviewed each of the assessments and believe them to be without merit. The Company has appealed against the assessments for additional withholding tax and employment related taxes, and has filed formal objections against TRA's claims for additional corporation tax and VAT.

  • The Company ended negotiations on the Songo Songo Production Sharing Agreement (the "PSA") and Government Negotiating Team issues having obtained a full retraction by the Tanzania Petroleum Development Corporation ("TPDC") of the alleged over-recovery of US$21 million in Cost Pools. The claim was the cornerstone of Parliament's 2011 resolution advising the Government to terminate the PSA. The Company has committed to use the dispute resolution mechanisms in its agreements to address any and all pertinent issues going forward, including Cost Pool audits and downstream unbundling.

  • Establishing commercial terms for future incremental gas sales remains a key condition to the Company's commitment to Songo Songo development – after a year of proposals from the Company on gas pricing, there has yet to be agreement with TPDC. In the absence of an agreement in the near future, the Company intends to pursue its rights under the PSA to develop other markets for Songo Songo gas.

  • Despite the stalled efforts to reach agreement on commercial terms, the Company continued planning the full development of Songo Songo to reach 190 MMcfd deliverability by mid-2015, beginning designs for workovers of SS-3, SS-5 and SS-9, followed by the drilling of SS-12 and the installation of infrastructure, for projected total capital spending of approximately US$165 million. The Company is currently working with the International Finance Corporation of the World Bank Group to finance the development programme. All development work remains contingent upon (i) satisfactory resolution of TANESCO arrears; (ii) acceptable commercial terms; and (iii) payment guarantees for future gas deliveries to TANESCO.

  • The Tanzania National Natural Gas Infrastructure Project ("NNGIP") made significant progress during 2013, with the pipeline currently 72% complete and gas processing facilities 58% complete. Expected onstream date is mid-2015.

  • In October 2013, the Government of Tanzania issued a National Natural Gas Policy which contemplates a restructuring of TPDC, its strategic participation throughout the upstream, midstream and downstream sectors, its ownership and control of gas infrastructure and the setting by the Government of domestic natural gas prices. The Company expects its rights under the PSA to be respected at such time as the policy is enacted by law in Tanzania.

  • Songo Songo gas reserves on a Company Gross basis remain solid with a 11% increase in Songo Songo's Total Proved Additional Gas reserves to the end of the license period, after production of 22.4 Bcf during the year (2012: 20.6 Bcf); a 8% increase in the Proved plus Probable Additional Gas reserves from 489 Bcf to 527 Bcf (based on a report prepared by Orca's independent reserves evaluator as at 31 December 2013 and dated 3 April 2014 in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook). The increase is primarily due to increased recoverability and adjustments to TPDC back-in, offset by a reduction in the remaining life of the licence. NPV10% 2P was estimated at US$403 million (2012: US$386 million).

  • Beer van Straten stepped down at the end of 2013 from the role of Chief Operating Officer to join the Advisory Board. The Company recently appointed Stephen Huckerby as Chief Accounting Officer. Mr. Huckerby has been with Orca since 2007 and has been instrumental in supporting the Company's economics and business analysis, treasury management and accounting needs.

 

Operating and Financial Highlights

US$'000 except where otherwise stated

2013

2012

% Change

Revenue

54,718

77,259

(29)

(Loss)/profit before tax

(3,722)

35,454

    n/m

Operating netback (US$/mcf)

2.20

2.82

(22)

Cash

32,588

16,047

103

Working  capital (1)

27,756

46,820

(41)

Shareholders' equity

120,252

125,935

(5)

Total comprehensive (loss)/income

(5,857)

18,418

    n/m

per share - basic (US$)

(0.17)

0.53

    n/m

per share - diluted (US$)

(0.17)

0.52

    n/m

Funds flow from operating activities (2)

39,840

46,264

(14)

per share - basic (US$)

1.15

1.33

(14)

per share - diluted (US$)

1.15

1.30

(12)

Net cash flows from operating activities

22,491

30,883

(27)

per share - basic (US$)

0.65

0.88

(26)

per share - diluted (US$)

0.65

0.86

(24)

Outstanding Shares ('000)

Class A shares

 

1,751

 

1,751

 

Class B shares

33,072

32,892

1

Options

1,742

1,922

(9)

Operating




Additional Gas sold (MMcf) - Industrial

4,478

3,813

17

Additional Gas sold (MMcf) - Power

17,957

16,832

7

Additional Gas sold (MMcfd) - Industrial

12.3

10.4

18

Additional Gas sold (MMcfd) - Power

49.2

46.0

7

Additional Gas sold (MMcfd)

61.5

56.4

9

Average price per mcf (US$) - Industrial

8.27

9.30

(11)

Average price per mcf (US$) - Power

3.76

3.18

18

Average price per mcf (US$) - Industrial & Power

4.66

4.31

8

Additional Gas Gross Recoverable Reserves to end of licence (BCF) (3)

 

476

 

429

 

 

11

Proved

Probable

52

60

(13)

Proved plus probable

527

489

8

Net Present Value, discounted at 10% (US$ millions) (3)

Proved

 

365

 

354

 

3

Proved plus probable

403

386

4

1.

Working capital as at 31 December 2013 includes a TANESCO receivable of US$9.6 million (31 December 2012: US$33.3 million). Given the payment pattern, the TANESCO receivables have been discounted by US$17.1 million and receivables from TANESCO in excess of 60 days of US$47 million have been classified as long-term receivables. Total long and short-term TANESCO receivables as at 31 December 2013 were US$56.6 million prior to discounting. Subsequent to the end of the year, TANESCO paid US$6.4 million, and as at 24 April 2014 the TANESCO balance was US$64.9 million of which arrears total US$60.2 million.

2.

See MD&A – Non-GAAP Measures.

3.

Based on a report prepared by independent petroleum engineers McDaniel & Associates Consultants Ltd. dated 31 December 2013, which was prepared on 3 April 2014 in accordance with National Instrument 51-101 and definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook.

 

Consolidated Statement of Comprehensive (Loss)/Income
ORCA EXPLORATION GROUP INC.

YEAR ENDED 31 DECEMBER

 



US$'000 except per share amounts

NOTE

2013

2012





REVENUE

6,7

54,718

77,259

Cost of sales




Production and distribution expenses


(4,426)

(5,953)

Depletion expense

13

(12,166)

(8,968)



38,126

62,338

General and administrative expenses


(15,428)

(17,989)

Exploration asset impairment

12

(158)

(8,284)

Finance income

9

2,646

23

Finance costs

9

(28,908)

(634)

(Loss)/profit before tax


(3,722)

35,454

Income taxes

10

(1,743)

(17,125)

(Loss)/profit after tax


(5,465)

18,329

Foreign currency translation (loss)/gain from foreign operations


(392)

89

Total comprehensive (loss)/income for the period


(5,857)

18,418





EARNING PER SHARE




Basic (US$)

17

(0.17)

0.53

Diluted (US$)

17

(0.17)

0.52

See Going Concern (Note 1) and accompanying notes to the consolidated financial statements.


 

Consolidated Statement of Financial Position
ORCA EXPLORATION GROUP INC.                               



AS AT

US$'000s

NOTE

31 Dec 2013

31 Dec 2012

ASSETS




Current assets




Cash

3

32,588

16,047

Trade and other receivables

11

37,215

73,495

Tax receivable

10

14,585

14,692

Prepayments


281

246



84,669

104,480

Non-current assets




Long-term trade receivable

11

29,911

-

Exploration and evaluation assets

12

5,564

5,720

Property, plant and equipment

13

90,832

102,044



126,307

107,764

Total assets 


210,976

212,244





EQUITY AND LIABILITIES




Current liabilities




Trade and other payables

14

53,296

45,496

Bank loan

15

1,659

5,842

Tax payable


1,958

6,322



56,913

57,660

Non-current liabilities




Deferred income taxes

10

12,132

20,399

Deferred additional profits tax

10

21,679

8,250



33,811

28,649

 Total liabilities


90,724

86,309





Equity




Capital stock

16

85,428

84,983

Contributed surplus


6,482

6,753

Accumulated other comprehensive income


(303)

89

Accumulated income


28,645

34,110



120,252

125,935

Total equity and liabilities 


210,976

212,244


See accompanying notes to the consolidated financial statements.

Going concern (Note 1)
Contractual obligations and committed capital investment (Note 19)
Contingencies (Note 20)
The consolidated financial statements were approved by the Board of Directors on 24 April 2014.


 

Consolidated Statement of Cash Flows
ORCA EXPLORATION GROUP INC.

YEAR ENDED 31 DECEMBER



US$'000

NOTE

2013

2012

CASH FLOWS FROM OPERATING ACTIVITIES




(Loss)/profit after tax


(5,465)

18,329

Adjustment for:




    Depletion and depreciation

13

12,498

9,281

    Exploration asset impairment

12

158

8,284

    Provision for doubtful debt

9

10,531

-

    Discount on long-term receivable

9

17,073

-

    Stock-based compensation

16

(209)

1,152

    Deferred income taxes

10

(8,267)

5,205

    Deferred additional profits tax

7,10

13,429

3,463

    Interest income

9

-

(23)

    Interest expense

9

678

315

    Unrealised loss on foreign exchange


(586)

258

Funds flow from operating activities


39,840

46,264

Decrease/(Increase) in trade and other receivables


25,845

(33,133)

Decrease/(Increase) in tax receivable


107

(8,812)

(Increase)/Decrease in prepayments


(35)

56

Increase in trade and other payables


8,082

22,589

(Decrease)/Increase in taxation payable


(4,364)

3,919

Increase in long-term receivable


(46,984)

-

Net cash flows from operating activities


22,491

30,883

CASH FLOWS USED IN INVESTING ACTIVITIES




Exploration and evaluation expenditures

12

(2)

(11,083)

Property, plant and equipment expenditures

13

(1,286)

(43,612)

Interest received

9

-

23

Increase in trade and other payables


-

(716)

Net cash used in investing activities


(1,288)

(55,388)

CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES




Normal course issuer bid

16

-

(12)

Bank loan proceeds

15

4,000

5,842

Bank loan repayments

15

(8,183)

-

Interest paid

9

(678)

(315)

Proceeds from exercise of options


174

150

Net cash flow (used in)/from financing activities


(4,687)

5,665

Increase/(decrease) in cash


16,516

(18,840)

Cash at the beginning of the year


16,047

34,680

Effect of change in foreign exchange on cash in hand


25

207

Cash at the end of the year


32,588

16,047

See accompanying notes to the consolidated financial statements.


 

Condensed Consolidated Interim Statement of Changes in Shareholders' Equity
ORCA EXPLORATION GROUP INC.

US$'000

Capital stock

Contributed

surplus

Cumulative

translation

adjustment

Accumulated 

income

Total

Balance as at 1 January 2013

84,983

6,753

89

34,110

125,935

Options exercised

445

(271)

-

-

174

Foreign currency translation adjustment on foreign operations

-

-

(392)

-

(392)

Loss after tax for the period

-

-

-

(5,465)

(5,465)

Balance as at 31 December 2013

85,428

6,482

(303)

28,645

120,252







US$'000

Capital stock

Contributed

surplus

Cumulative

translation

adjustment

Accumulated

income

Total

Balance as at 1 January 2012

84,610

6,268

-

15,781

106,659

Stock based compensation

-

720

-

-

720

Options exercised

383

(233)

-

-

150

Normal course issuer bid

(10)

(2)

-

-

(12)

Foreign currency translation adjustment on foreign operations

-

-

89

-

89

Profit after tax for the period

-

-

-

18,329

18,329







Balance as at 31 December 2012

84,983

6,753

89

34,110

125,935

See accompanying notes to the consolidated financial statements.

Orca Exploration Group Inc.
Orca Exploration Group Inc. is an international public company engaged in natural gas exploration, development and supply in Tanzania through the wholly-owned subsidiary PanAfrican Energy Tanzania Limited, as well as oil and gas appraisal in Italy. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A. The complete Audited Consolidated Financial Statements and Notes, Management Discussion & Analysis, and the NI-51-101 Standards of Disclosure for Oil and Gas Activities filing may be found on the Company's website www.orcaexploration.com or on www.sedar.com .

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.

Forward Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to: repayment of the TANESCO receivables; the need for additional funding by year end for the Company's ongoing operations if the Company is unable to collect the TANESCO receivables; the actions taken and to be taken by the Company to collect the TANESCO receivables; the Company's viability and its ability to meet its obligations as they come due; the potential taxes and penalties payable by the Company to the TRA and the Company's beliefs regarding the assessments and the steps taken and to be taken by the Company to appeal and object to such assessments; status of negotiations with the TPDC regarding a sales agreement for incremental gas volumes and the Company's plans if an agreement is not reached in the near future; status of execution of a full field development plan for Songo Songo, including the anticipated gas sales volumes, the funding of the development plan, and the contingencies related to the development work; the expected onstream date for the NNGIP; anticipated effect of the National Natural Gas Policy on the Company's rights under the PSA; and the Company's strategic plans. In addition, statements relating to "reserves" are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserve estimates of Orca's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered.  As a consequence, actual results may differ materially from those anticipated in the forward looking statements. It should not be assumed that the estimates of future net revenues presented above represents the fair market value of the reserves. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, and many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by Orca, including, but not limited to: failure to receive payments from TANESCO; failure to obtain adequate funding to meet the Company's obligations as they come due; failure to reach a sales agreement with TPDC for incremental gas volumes; potential negative effect on the Company's rights under the PSA as a result of the National Natural Gas Policy; risk that the contingencies related to the development work for the full field development plan for Songo Songo are not satisfied; risk that the expected onstream  date for the NNGIP is delayed; failure to obtain funding for full field development plan for Songo Songo; risk that the Company will be required to pay additional taxes and penalties; the impact of general economic conditions in the areas in which Orca operates; civil unrest; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices; foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, drilling equipment and skilled personnel;  failure to obtain required equipment for drilling; delays in drilling plans; failure to obtain expected results from drilling of wells; effect of changes to the PSA on the Company; changes in laws; imprecision in reserve estimates; the production and growth potential of the Company's assets; obtaining required approvals of regulatory authorities; risks associated with negotiating with foreign governments; inability to access sufficient capital; failure to successfully negotiate agreements; and risk that the Company will not be able to fulfill its obligations. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits that Orca will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive

Such forward-looking statements are based on certain assumptions made by Orca in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Orca believes are appropriate in the circumstances, including, but are not limited to: that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that the Company will have adequate funding to continue operations;  that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of Orca to add production at a consistent rate; infrastructure capacity; commodity prices will not deteriorate significantly; the ability of Orca to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labour; timing and amount of capital expenditures; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company will obtain funding for full field development plan for Songo Songo; that the Company's appeal of the tax assessment by the TRA will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters.

The forward-looking statements contained in this press release are made as of the date hereof and Orca undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Orca Exploration Group Inc.

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