British Virgin Islands-registered company Orca Exploration Group Inc. reported its financial results for the third quarter period ended 30 September 2013. At the end of the reported period, income of Orca Exploration was US$1.9 million or US$0.05 per share diluted, as compared to US$6.8 million loss in the second quarter of 2013. Working capital increased by 40 per cent and made US$31.6 million (US$22.5 million as at 30 June 2013), as a result of increased funds from operations and only US$0.7 million in capital spending during the quarter. At 30 September 2013, cash on hand was US$30.3 million, – that is 62 per cent increase from the previous quarter. Current cash balances are US$34 million.
During the third quarter of the year, the BVI company received from TANESCO US$16.4 million and a subsequent payment of US$7.2 million. At the end of the reported period, TANESCO owed to Orca Exploration US$53.0 million ((US$46.3 million in Q2 2013).
In the third quarter of 2013, industrial sales volume increased by 2 per cent. Power sector sales volumes during Q3 were up 15 per cent from the previous quarter. Stronger gas sales prices and volumes resulted in Q3 funds from operations before working capital changes of US$11.9 million (US$0.34 per share diluted), up 12 per cent from Q2 2013 (US$10.5 million or US$0.30 per share diluted).