Petroleum Africa
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Wednesday, July 16, 2014
Orca Exploration has received several unsolicited approaches from companies interested in purchasing the firm, a significant asset disposal, or other transactions involving the company recently. In response to the speculation surrounding a potential sale or significant asset disposal Orca said that it is often approached about financing and participation in its assets and takes every approach seriously, notwithstanding that few such approaches progress past initial responses.
The speculation has not injured Orca’s share price in the least; the company saw a jump of C$0.54 per share since the close of business on July 14. Despite the speculation Orca maintains that no agreement has been entered into and accordingly no assurance can be given that these discussions will lead to a binding agreement relating to the sale of the company, significant asset disposal, strategic investment or other type of transaction.
It also reported that it is still committed to the growth of its Songo Songo gas production and is continuing with preliminary engineering, negotiation of commercial agreements, and arrangement of finance in respect of such development. The company has recently received from Tanesco a payment of $5.96 million against arrears as an allocation of the World Bank Second $100 million Development Policy Operation. This is substantially less than that which was represented to Orca prior to disbursement. Together with weekly payments of approximately $1.8 million , the company is currently owed $52.4 million by Tanesco, of which $46.0 million is overdue. Orca continues to pursue the full repayment of arrears from Tanesco under a Notice of Dispute filed on April 2.
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