Orca Energy Group Inc. (ORC-A.V)
| Previous Close | 55.00 |
| Open | 55.00 |
| Bid | 30.00 x N/A |
| Ask | 0.00 x N/A |
| Day's Range | 55.00 - 55.00 |
| 52 Week Range | 6.70 - 55.00 |
| Volume | 98 |
| Avg. Volume | 0 |
| Market Cap | 246.968M |
| Beta (5Y Monthly) | 0.37 |
| PE Ratio (TTM) | 50.14 |
| EPS (TTM) | 1.10 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 0.32 (0.58%) |
| Ex-Dividend Date | Dec. 30, 2020 |
| 1y Target Est | N/A |
- GlobeNewswire
Orca Energy Group Inc. Announces Preliminary Financial and Operating Results for 2020
TORTOLA, British Virgin Islands, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. ("Orca" or the "Company" and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces its preliminary unaudited financial and operating results for 2020. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated. FINANCIAL HIGHLIGHTSFor the year ended December 31, 2020, the Company's: * Average sales volumes for the year ended December 31, 2020 decreased 8.6% to 57.7 million standard cubic feet per day (“MMcfd”) compared to 63.1 MMcfd for the year ended December 31, 2019 and for Q4 2020 decreased 11.3% to 62.8 MMcfd compared to 70.8 MMcfd for Q4 2019. Reduced gas sales in 2020 were primarily attributed to the impact of the coronavirus pandemic on consumer investment/demand and abnormally high rainfall in early 2020 which reduced gas fired power demand due to increased hydro power generation. * Revenue decreased 10.4% to $76.7 million compared to $85.6 million in the year ended December 31, 2019 and for Q4 2020 decreased 10.3% to $20.8 million compared to $23.2 million in Q4 2019. * Cash and short-term investments totaled $103.8 million on December 31, 2020 compared to $138.7 million at December 31, 2019. The decrease is primarily due to the substantial issuer bid of CDN$50 million completed in Q1 2020. * As at December 31, 2020 the current receivable from Tanzanian Electricity Supply Company (“TANESCO”) was $ nil (December 31, 2019: $ nil). The TANESCO long-term trade receivable as at December 31, 2020 was $27.6 million with a provision of $27.6 million compared to $47.5 million (provision of $47.5 million) as at December 31, 2019. * Capital expenditures for the year ended December 31, 2020 were $27.0 million, which included an advance payment of $11.4 million for the procurement of long lead items of the compression project, compared to $5.8 million for the year ended December 31, 2019. The total value for the contract for the compression project signed in August 2020 is $38.0 million of which $24.7 million has been incurred to date. The expenditures in 2019 were primarily related to the refrigeration project for the Songas gas processing plant. The financial highlights noted above relating to production volumes, revenue, cash and short-term investments, TANESCO receivables and capital expenditures are management estimates only, have been reviewed by our Audit Committee, are unaudited, and have not been reviewed or audited by our auditors or approved by our Board of Directors. These estimates are subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. In addition, see "Forward-looking Information" for a statement of principal assumptions and risks that may apply. As such, these estimates may change upon the completion of the audited financial statements for the year ended December 31, 2020. Such changes could be material.Jay Lyons, Interim Chief Executive Officer, commented: “Considering the difficult operational context deriving from the global impact of the corona virus pandemic and its knock-on implications on the domestic operating environment, I am pleased with the performance of our Company during 2020. We continue to progress our strategy to focus on the Tanzanian gas business while providing return of capital to our shareholders through quarterly dividends and share buy backs. We maintain focus on the compression project for the Songas gas processing plant as evidenced by the level of capital incurred on this project in 2020. The project remains on budget and on track for completion in 2022 and we look forward to keeping the market updated on our wider progress over the coming months.”Orca Energy Group Inc.Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.For further information please contact:Jay Lyons, Interim CEO jlyons@orcaenergygroup.com +44-7798-502316Blaine Karst, CFO bkarst@orcaenergygroup.com +44-7471-902734For media enquiries: Celicourt (PR) Mark Antelme Jimmy Lea Jemima Lowe Orca@celicourt.uk +44-20 8434 2643Neither 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 InformationCertain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (the "forward-looking statements" or "statements") that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. This press release contains, without limitation, forward-looking statements pertaining to the following: expected timing for completion of the compression project for the Songas gas processing plant; the Company's ability to continue progressing the compression project for the Songas gas processing plant; the Company's strategy of focusing on the Tanzanian gas business; and the Company's ability to return capital to shareholders. These statements are only predictions and actual events or results may differ materially. Although the Company’s 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, competitive, political and social uncertainties and contingencies. Many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, and many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to, Orca's dependency on its management and technical team; reduced global activity as a result of the COVID-19 pandemic, including lower demand for natural gas and a reduction in price of natural gas, the potential impact of the COVID-19 pandemic on the health of the Company's employees, contractors, suppliers, customers and other partners and the risk that the Company and/or such persons are or may be restricted or prevented (as a result of quarantines, closures or otherwise) from conducting business activities for undetermined periods of time; the impact of actions taken by governments to reduce the spread of COVID-19, including declaring states of emergency, imposing quarantines, border closures, temporary business closures for companies and industries deemed non-essential, significant travel restrictions and mandated social distancing, and their effect on the Company's operations, access to customers and suppliers, availability of employees and other resources; risk that contract counterparties are unable to perform contractual obligations; the impact of general economic conditions in the areas in which the Company operates, civil unrest; the susceptibility of the areas in which the Company operates to outbreaks of disease; industry conditions; lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange rates and/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; changes in laws and how they are interpreted and enforced; obtaining required approvals from regulatory authorities; risks associated with negotiating with foreign governments; and unanticipated changes in legislation and the effect on the Company's operations. In addition, there are risks and uncertainties associated with oil and gas operations. Therefore, the Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, and accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca's current and future operations and such information may not be appropriate for other purposes. Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
- Newsfile
Shaymar Limited - Early Warning Disclosure With Respect to Orca Energy Group Inc.
St. Helier, Jersey--(Newsfile Corp. - December 15, 2020) - Shaymar Limited ("Shaymar") announces that if the substantial issuer bid (the "Offer") of Orca Energy Group Inc. ("Orca") described in Orca's press release issued yesterday is completed, then Shaymar will dispose of certain Class B Subordinate Voting Shares of Orca (the "Class B Shares") held by Shaymar.Orca has announced a substantial issuer bid (the "Offer") to purchase for cancellation a number of its Class B ...
- GlobeNewswire
Orca Energy Group Inc. Announces Commencement of Substantial Issuer Bid Up to C$40 Million
TORTOLA, British Virgin Islands, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. ("Orca" or the "Company" and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) is commencing its previously announced substantial issuer bid on December 16, 2020 pursuant to which the Company will offer to purchase for cancellation up to C$40 million of its Class B Subordinate Voting Shares ("Class B Shares") for cash (the "Offer"). The Offer will expire at 5:00 p.m. (Toronto time) on January 20, 2021, unless extended, varied or withdrawn by Orca. All dollar amounts are in Canadian dollars. The Offer is being made by way of a "modified Dutch auction", allowing shareholders of the Company ("Shareholders") who choose to participate in the Offer to individually select the price, within a price range of not less than C$6.50 and not more than C$7.50 per Class B Share (in increments of C$0.05 per Class B Share), at which they will tender their Class B Shares to the Offer. Upon expiry of the Offer, Orca will determine the lowest purchase price (which will not be more than C$7.50 and not less than C$6.50 per Class B Share) that will allow it to purchase the maximum number of Class B Shares properly tendered to the Offer, and not properly withdrawn, having an aggregate purchase price not exceeding C$40 million.Holders of Class B Shares and Class A Common Shares ("Class A Shares" and together with the Class B Shares, "Shares") of the Company who wish to participate in the Offer will be able to do so through: (i) an auction tender in which they will specify the number of Shares being tendered at a price of not less than C$6.50 and not more than C$7.50 per Class B Share in increments of C$0.05 per Class B Share; or (ii) a purchase price tender in which they will agree to have a specified number of Shares purchased at the purchase price to be determined pursuant to the auction (the "Purchase Price") and have their Shares considered as having been tendered at the minimum price of C$6.50 for the purposes of determining the Purchase Price. Shareholders who validly deposit Shares without specifying the method in which they are tendering their Shares will be deemed to have made a purchase price tender, understanding that those Shares will be considered to have been tendered at the minimum price of C$6.50 per Class B Share. All Shares tendered at or below the finally determined Purchase Price will be purchased, subject to proration and "odd lot" priority, at the same Purchase Price determined pursuant to the terms of the Offer. Shares that are not purchased, including Shares tendered pursuant to auction tenders at prices above the Purchase Price, will be returned to Shareholders.Holders of Class A Shares will be entitled to participate in the Offer. Class A Shares taken up by Orca will be converted into Class B Shares on a one-for-one basis immediately prior to take up. Only those Class A Shares proposed to be taken up by Orca will be converted into Class B Shares on a one-for-one basis immediately prior to take up.The Offer is not conditional upon any minimum number of Class B Shares being tendered to the Offer, but is subject to other conditions and Orca reserves the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment of deposited Class B Shares, certain events occur. Orca intends to fund any purchases of Shares pursuant to the Offer from cash on hand.As of today, Orca has 24,387,460 Class B Shares and 1,750,495 Class A Shares issued and outstanding. Shaymar Limited ("Shaymar") holds 1,741,975 Class A Shares and 4,694,870 Class B Shares, which in the aggregate represent approximately 99.51% and 19.25% of all issued and outstanding Class A Shares and Class B Shares, respectively, and an aggregate of 66.56% of the total voting rights of the Company. Shaymar has advised the Company that it intends to tender approximately 4,694,870 Class B Shares to the Offer.Orca expects to promptly mail to Shareholders the formal offer to purchase, issuer bid circular, letter of transmittal, notice of guaranteed delivery and other related documents (the "Offer Documents") containing the terms and conditions of the Offer, instructions for tendering Shares, and the factors considered by Orca and its Board of Directors in making its decision to approve the Offer, among other things. The Offer Documents have been filed with the applicable Canadian securities regulators and are available free of charge on Orca's SEDAR profile at www.sedar.com.Orca's Board of Directors has approved the making of the Offer and the purchase price for Class B Shares. However, none of Orca, its Board of Directors nor the depositary makes any recommendation to any Shareholder as to whether to deposit or refrain from depositing any Shares under the Offer. Shareholders are urged to evaluate carefully all information in the Offer, consult their own financial, legal, investment and tax advisors and make their own decisions as to whether to deposit Class B Shares under the Offer and, if so, how many such Shares to deposit and at what price or prices.This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Class B Shares. The solicitation and the offer to buy the Class B Shares will only be made pursuant to Offer Documents filed with the applicable Canadian securities regulators. The Offer will be optional for all Shareholders, who will be free to choose whether to participate, how many Shares to tender and, in the case of auction tenders, at what price to tender within the specified range. Any Shareholder who does not deposit any Shares (or whose Class B Shares are not repurchased under the Offer) will realize a proportionate increase in equity interest in Orca, to the extent that Class B Shares are purchased under the Offer.Orca has retained AST Trust Company (Canada) ("AST") to act as depositary. Any questions or requests for information may be directed to AST, as the depositary for the Offer, at 1 (800) 387-0825 (Toll Free – North America) or 1 (416) 682-3860 (outside North America).Orca Energy Group Inc.Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.For further information please contact:Jay Lyons, Interim CEO jlyons@orcaenergygroup.com +44-7798-502316Blaine Karst, CFO bkarst@orcaenergygroup.com +44-7471-902734For media enquiries: Celicourt (PR) Mark Antelme Jimmy Lea +44 (0)20 8434 2754 orca@celicourt.uk 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 InformationCertain information regarding Orca set forth in this news release, including but not limited to: the aggregate amount of Class B Shares to be purchased for cancellation under the Offer; the expected expiration date of the Offer; the Company's expectation that it will fund any purchases of Class B Shares pursuant to the Offer from cash on hand; and Shaymar's stated intention to tender 4,694,870 Class B Shares to the Offer, constitute "forward-looking information" within the meaning of applicable Canadian securities laws. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information. Forward-looking information, by its very nature, involves inherent risks and uncertainties and is based on several assumptions, both general and specific. Orca cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors which may cause the actual results or performance of Orca to be materially different from the outlook or any future results or performance implied by such information. The forward-looking information contained in this new release is provided as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable Canadian securities laws.
