In the end of April, BVI-registered Orca Exploration Group Inc, focused on natural gas exploration, production and marketing, announced its financial results for the year ended December 31, 2007. Among other figures, the company reported additional gas sales that made 59% increase over 2006, which resulted in operating revenue of US$18.7 million. The funds generated from operations before working capital changes of US$8.7 million made an increase of 46% over 2006.
Financial results included increase of revenue by 36% – in 2007 it reached 18,777. Profit before taxation increased by 11% from the previous year, and made 4,261; In 2007, Orca generated cash flows before working capital changes of US$8.7 million – an increase of 46% over the previous year. Other financial highlights are: operating netbank in the amount of 2.45 (6% increase from 2.31 in 2006), cash and cash equivalents 20,678 (20% increase compared to 2006), shareholders’ equity 71,544 37,889 (89% rise), profit per share – basic 0.11 (45%) and diluted 0.10 (40%). Funds from operations before working capital changes made 46% (8,696 from 5,969 in 2006).
Orca Exploration Group (BVI) continued to add to its natural gas reserves, and increased cash flow from its operations in Tanzania gas fields. BVI company’s exploration and acquisitions team is working to identify a suitable prospect in Africa that can be developed within a two year time period, with the main focus area in West Africa.