Orca Exploration announced financial results for Q3 2012

Orca Exploration Group Inc. announced its financial results for the third quarter of 2012. For the period ended 30 September 2012, the BVI-domiciled exploration company reported record increase of funds from operations before working capital of US$14.1 million for the quarter – that is US$0.41 per share, a 44% higher than in the second quarter of 2012 (US$9.9 million, or $0.28 per share) and 170% higher than in the third quarter of 2011 ($5.3 million, or $0.15 per share).

In Q3 2012, the BVI company reported 75% decrease of profit after tax if compared to the previous quarter of 2012 – from US$5.2 million, or $0.15 per share to US$1.3 million or $0.04 per share, respectively. This became the result of writing off US$7.5 million in costs associated with the La Tosca Italy exploration well.

At the end of the third quarter of 2012, working capital was $37.7 million including $23.3 million cash. This is down 2% and up 15% respectively over the previous quarter of this year.

During the third quarter of 2012, Orca Exploration closed a US$10 million secured loan facility with Tanzania bank to assist in working capital whilst the resolution of the TANESCO payment issues is going to be resolved. This 18 months facility is to be repaid in equal instalments beginning in March 2013. The BVI company drew US$6.0 million under the facility during Q3 2012.

Regarding TANESCO payments, the BVI company received US$13.2 million from the state utility of Tanzania during Q3, ad another US$9,5 million since the end of this quarter.

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