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Thursday, February 18, 2016
Release
TORTOLA, British Virgin Islands, Feb. 17, 2016 /CNW/ – Orca Exploration Group Inc (“Orca” or the “Company”) wishes to update the market in response to the news release issued by Lloyd I. Miller, III on 16 February 2016 relating to Orca.
Orca confirms that its board of directors (the “Board of Directors”), under the direction of a special committee of the Board of Directors, was evaluating the possibility of Orca undertaking a Dutch Auction substantial issuer bid for its Class B Subordinate Voting Shares but determined in mid-January 2016 not to proceed with a substantial issuer bid due to the status of Orca’s offshore workover and drilling program and the current financial condition of the Company, including the level of the Tanesco account receivables.
Orca also confirms that Mr. David Lyons, the Chief Executive Officer and indirect controlling shareholder of Orca, has informed the Board of Directors that it is his intention to evaluate a privatization transaction involving Orca, and that he may propose such a transaction to Orca in the future. The Board of Directors has neither received nor solicited a formal proposal or offer related to such a transaction and there can be no assurance that Mr. Lyon’s current intention will result in a formal proposal or offer or that any such proposal or offer, if received, will ultimately result in a completed transaction. Orca intends to provide updates if and when necessary in accordance with applicable securities laws.
Orca has substantially completed its offshore workover and drilling. The offshore program of the Songo Songo Main Field development program included workovers on three existing wells (SS-5, SS-7 and SS-9) and the drilling of one new development well, SS-12. Orca expects to provide a detailed update on the results of the Offshore Program in due course.
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