Orca Exploration Group Inc., an international public company registered in the British Virgin Islands, announced the financial results for the year ended 31 December 2011. For this period, the company reported 27% increase of proven reserves, and 22% increase of probable reserves. Also, the sales of Additional Gas increased by 30%, which resulted in operating revenue of US$46.4 million. Working capital increased by 7%, from US$52.4 million to US$56.0 million. Funds from operations before working capital changes increased by 9%.
In 2011, Orca Exploration’s revenues were US$45.9 million – an increase by 18% as compared to US$38.8 million in 2010. The 2011 revenue increase was limited by the fact that brought forward costs had been recovered in the first half of 2011. This reduced the percentage of net revenue. BVI company’s total cost recovery share will rise in 2012 as the funds were invested by Orca in the current drilling programme.
The company finished the year with cash of US$34.7 million and no debt. The revenue growth was fuelled by Additional Gas sales in 2011 which were made possible by an infrastructure system re-rating.