Orca Exploration Group Class B ( (ORXGF) ) has released its Q3 earnings. Here is a breakdown of the information Orca Exploration Group Class B presented to its investors.
Orca Energy Group Inc. is an international company involved in the development and supply of natural gas in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. The company operates primarily in the energy sector, focusing on the Songo Songo gas field offshore Tanzania.
Orca Energy Group Inc. reported a decrease in revenue for the third quarter and the first nine months of 2024, attributing the decline to changes in gas supply agreements and unrecognized revenues under IFRS 15. The termination of the Protected Gas supply agreement led to the reclassification of gas volumes as Additional Gas, affecting revenue recognition. The company also faced challenges with the expiration of the Interim Power Purchase Agreement with Songas and uncertainty regarding future agreements.
Key financial metrics for Q3 2024 include a 9% decrease in revenue and an 8% decline in gas deliveries compared to the previous year. Net income attributable to shareholders surged by 715% for the quarter but dropped by 43% for the nine-month period due to decreased revenue and foreign exchange losses. Capital expenditures saw a significant increase, primarily due to ongoing workover programs.
Looking forward, Orca Energy Group Inc. remains focused on managing its gas field operations and resolving contractual disputes with Tanzanian entities. The company aims to secure new agreements and maintain production levels while navigating the complexities of the Tanzanian energy market.
