Orca declared quarterly dividend due for 1Q 2020

21Jul 2020
The Guardian Reporter
Dar es Salaam
The Guardian
Orca declared quarterly dividend due for 1Q 2020

Orca Exploration Group Incorporated which owns Pan African Energy Tanzania Limited has declared a quarterly cash dividend of U$0.06 per share after its board of directors approved the amount.

Orca’s CEO Nigel Friend.

In a statement last week, the British Virgin Islands based company said, the quarterly cash dividend of $0.06 will be paid this month to both Class A common voting share and Class B subordinate voting share owners.

“The dividend will be payable on July 15, 2020 to holders of Class A common voting shares and Class B subordinate voting shares of record on June 30, 2020. The world markets continue to be extremely volatile under the influence of the coronavirus outbreak and energy companies have furthermore been significantly impacted by low oil and gas prices,” said Orca CEO, Nigel Friend.

As a consequence, several energy companies have suspended dividend payments and launched capital conservation programmes. “At Orca we also are taking appropriate measures to remain resilient to current adverse market conditions, but remain committed to our strategy we recently published and which depicts our three strategic investment themes: a) safeguarding shareholder returns, b) investing in upstream and midstream capacity in our Tanzania operations and c) investing in additional gas growth opportunities as we see fit,” Friend added.

“This dividend is approved in recognition of the ongoing shareholder support for the company and is based on the positive year to date results and forecast free cash flows for the balance of 2020. The ability of the company to pay future dividends will be reviewed on a quarterly basis taking into consideration actual and forecast cash flows and the macroeconomic outlook at that point in time,” the CEO noted.

Orca is an established international public company, engaged in the development of natural gas resources in Africa. The company operates the world class Songo Songo field in Tanzania and is a major supplier of natural gas to the country’s domestic energy market. The company is focused on further developing its existing asset base in the country whilst also pursuing additional value accretive natural gas opportunities elsewhere in Africa.

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