Latest news with #Tortola
Associated Press
3 days ago
- Business
- Associated Press
Markets4you Celebrates 18 Years with Global Recognition, New Features, and Expanded Trading Options
TORTOLA, British Virgin Islands, June 2, 2025 /PRNewswire/ -- Internationally recognized trading platform Markets4you (previously Forex4you) is proud to mark a major milestone in 2025 with a series of key announcements: a global award honoring its platform excellence, the launch of an exclusive anniversary promotion, the expansion of its stock portfolio with more than 20 new listings, and the rollout of its newly launched PAMM Partner Program. Markets4you Recognized as Best Online Trading Platform Global for 2025 Markets4you has been named Best Online Trading Platform Global 2025 by the International Business Magazine Awards. This recognition underscores the company's ongoing commitment to providing a secure, reliable, and user-friendly trading platform for clients worldwide. It reflects the progress Markets4you has made in providing an environment where traders can focus on their strategies and goals. 18th Anniversary Promotion with Over $50,000 in Prizes In celebration of 18 years of service, Markets4you has introduced a global promotion aimed at giving back to its client base. Running from April 1 to June 30, 2025, its 18th Anniversary Campaign allows eligible participants to win a range of high-value prizes, including cash rewards up to $50,000, premium gadgets, travel vouchers, and a luxury vehicle. The campaign reflects the company's appreciation for its global community and its long-standing trust in the Markets4you brand. Growing Opportunities for Partners with PAMM Earlier this year, Markets4you introduced its PAMM (Percentage Allocation Management Module) service, allowing investors to allocate funds to experienced traders who manage the trading on their behalf. Following its successful launch, the brokerage has now rolled out its PAMM Partner Program, where partners can earn up to 40% in rebates from spreads or commissions, offering a competitive and flexible earning model. This new program reflects Markets4you's ongoing commitment to building strong, rewarding partnerships within its global network. 20+ New Global Stocks Now Available In response to growing demand for more trading options, Markets4you has added more than 20 new stocks to its platform. The latest additions include internationally recognized companies such as Louis Vuitton, AstraZeneca, Unilever, SAP, Volkswagen, and several others across multiple sectors. This expansion is part of the broker's broader initiative to offer clients greater flexibility, access to more international markets, and the ability to align their trading strategies with companies they know and trust. About Markets4you Markets4you is an award-winning, multi-asset trading platform offering contracts for difference (CFDs) in a wide range of markets across various assets, including forex, stocks, commodities, indices, and cryptocurrencies. For 18 years, Markets4you has been trusted by over 3 million traders and 100,000 partners worldwide. The award-winning broker has attained over 40 industry awards, including: Best Partnership Program Asia 2025 – International Business Magazine Best Forex Broker APAC 2025 – FXDailyInfo Most Innovative Forex Trading Solutions Provider 2025 – Global Business Magazine Forex4you and Markets4you are registered trademarks of E-Global Trade & Finance Group, Inc. For more information, users can visit Contact Global Marketing and Education Khairil Basyar Markets4you [email protected] Photo: Logo: View original content to download multimedia: SOURCE Markets4you
The Independent
27-05-2025
- Health
- The Independent
The smart summer travel guide
Are you craving barefoot luxury in the Caribbean, culture-soaked city breaks, or just some smart ways to make life easier when travelling? From eco-villas in Bali to a next-gen non-alcoholic drinks and even a high-tech chauffeur solution, these standout travel ideas are tailor-made for curious, conscious travellers looking to soak up the summer season in style. Encounter laid-back luxury with local soul on a Balinese beach Hotel Indigo Bali Seminyak Beach is so much more than just a beachfront beauty. As the beloved hospitality brand's first resort, it's a vivid celebration of Balinese culture and community. With 289 rooms, suites and villas, eight dining venues and a sublime spa, it's a dreamy place to unwind. But what truly sets it apart is its neighbourhood-rooted ethos. Guests can try Endek painting – a traditional textile art – or don ceremonial dress for a joyful immersion into local life. The hotel's sustainability efforts are equally hands-on, from transforming used chopsticks into furniture, to donating surplus food, and repurposing cooking oil into biodiesel. It's a stay that feels good – and does good, too. Discover a sun-kissed paradise in the British Virgin Islands Summer is so much more than a season — it's a state of mind. And at Long Bay Beach Resort that feeling comes vividly to life on one of the Caribbean's most postcard-perfect coastlines. Set on the shores of Tortola in the British Virgin Islands, this boutique resort hideaway offers modern beachfront villas and suites with knockout ocean views of the surrounding Caribbean islands, swaying palm trees and soft white sand just steps away from your door. Whether you're into paddleboarding at sunrise, sailing to secret coves, or just napping on a day bed on the beachfront to the gentle lapping sounds of the sea, Long Bay Beach Resort moves to your rhythm. Here, time slows down, the stress melts away and every moment feels like the golden hour. Book a five night stay 182 days in advance and get 30% off at Book now Possessing both magnificent nature and unparalleled urban style, Norway is a must for any discerning traveller's bucket list. And Thon Hotels makes it easy. With over 80 stylish locations across the country, this colourful hotel group pairs Scandinavian design with a warm welcome and a reassuring focus on sustainability. Whether you're soaking up Oslo's vibrant arts scene, kayaking through crystal-clear fjords, or chasing the midnight sun in the Arctic north, you'll find a cozy place to land at the end of every day. Expect smart, modern rooms, a standout Norwegian breakfast buffet and easy access to both wild nature and walkable cities. This is summer travel somewhere cool, calm and thoroughly refreshing. Save up to 20% on your stay at Offer ends August 2025. Located near Canggu, Desa Hay Bali is where eco-luxury meets soulful serenity. Each standalone villa comes with a private pool, lush garden, and is tailor-made for travellers who crave connection as much as comfort. At Ijo — the resort's restaurant — globally inspired tapas is crafted daily from fresh, local ingredients. Morning yoga, in-villa massages and traditional Melukat rituals offer deeper immersion, while nearby adventures range from the cliffside majesty of Tanah Lot to sunrise hikes up Mount Batur. With solar energy, water conservation and gentle luxury at its core, Desa Hay is so much more than a place to stay. It represents a slower, more meaningful way to experience Bali. Sip smarter on your next summer escape Whether it's beachfront barbecues or golden-hour gatherings, it's increasingly clear creating great travel memories needn't involve alcohol. That's where a new kind of drink comes in. Enter SENTIA Spirits — a pioneering functional drinks company whose products are designed to enhance mood, boost sociability and help you stay fully present. Developed by leading neuroscientist Professor David Nutt, these award-winning blends use cutting-edge science and botanical ingredients to support your brain's natural GABA system, bringing calm, clarity and connection wherever you roam. Start your day with an energising pre-surf GABA Black pour, savour vibrant GABA Gold at a long picnic lunch or wind down with a mellow GABA Red after dark. Whether paired with tonic, kombucha or your favourite fizzy drink, each sip helps support your wellbeing — without compromising on flavour. Or vibes. Flight delayed? Schedule changed? When travel plans shift on a dime, drvn exists to ensure your ground game stays sharp. Designed for travel managers, event planners and executive teams who demand flawless execution every time, this global platform coordinates private transportation at scale, with real-time ride tracking, custom integrations and white-label booking tools tailored to your exact needs. Whether it's black car pickups for an international conference or discreet SUV arrivals for top-tier clients, drvn connects you to a vetted network of commercial chauffeurs worldwide. Every detail is managed, and every mile carefully accounted for. This isn't just black car service, it's large-scale ground transportation management. Unwind at a Tuscan wellness retreat Castel Monastero is located in a beautifully restored 11th-centruty monastery in the heart of Chianti, surrounded by rolling vineyards and cypress trees. With just 70 rooms and suites, the hotel's atmosphere is one of calm refinement — perfect for couples or solo travellers seeking space, silence and soul. Guests can unwind at the award-winning wellness retreat with water circuits, detox therapies and customised spa rituals. Gastronomy is a highlight, from informal dining in the medieval cellar to a Michelin-starred experience in the historical square. Whether you're exploring Siena and Florence nearby, sipping Brunello under the stars or simply recharging in the gardens, this romantic corner is the perfect place to rediscover balance. If your soul is seeking a little snow-dusted silence and starlit solitude, Isbreen The Glacier is where it's at. This off-grid Arctic hideaway sits deep within Northern Norway's Jøkelfjord, where five geodesic-domed igloos overlook the Øksfjordjøkelen glacier and fjord below. From wood-burning stoves and private whirlpool baths to chef-prepared meals featuring reindeer and cloudberries, every detail exudes authentic local luxury. Fill your days with dog sledding, kayaking or whale swims. Or simply gaze at the Northern Lights, when conditions are right, from the comfort of your bed. The largest suite, a 1,500-sq-ft double dome, redefines remoteness with style. Book now and get your fourth night free, a complimentary forest sauna experience and potential igloo upgrade (subject to availability). Offer valid with code OFFER2025 for travel in 2025 and 2026. Stay stylishly stress-free in the Swiss Alps If your family vacation vision is all about clean lines, crisp air and zero hassle, rocksresort in LAAX totally hits the mark. Set in a modern Alpine village at 3,600ft, this design-forward escape swaps cookie-cutter chalets for sleek, stylish and modern stone-clad apartments, with cafes, restaurants, concept stores and a freestyle park that let kids roam and grown-ups breathe. The Family Deal of rocksresort wraps up the best of the region: lift passes for hiking and biking, entrance to turquoise Lake Cauma, the world's longest treetop walk (complete with gnarly spiral slide) and even childcare when you need a little adult escapism. LAAX brings laid-back energy with sustainability baked in—it's cool, conscious and quietly luxurious. Book now Learn a language through full cultural immersion If you're hoping for a life-altering summer, why not take the plunge and learn a language where it's spoken? EF's immersive Language Abroad programmes let you swap surface-level sightseeing for deep connection, meaning you'll bring home skills that last a lifetime. Offering flexible Monday start dates, EF has courses in 17 countries, including Spain, France, Japan and Costa Rica. You'll learn at modern campuses alongside students from over 100 countries and get to benefit from a full calendar of cultural events, weekend excursions and cool summer-only perks like beach barbecues and music festivals. Each programme includes accommodation, expert support and guaranteed progress in as little as six weeks. You'll return more confident, more connected and well on the way to fluency. Book before 12 June 2025 to get 15% off courses of three weeks or more departing by 25 September 2025.
Travel Weekly
22-05-2025
- Business
- Travel Weekly
Sunrise Airways to fly new routes in the eastern Caribbean
Haitian regional carrier Sunrise Airways will add eastern Caribbean routes this July. A new operating certificate will enable Sunrise to fly Barbados-Tortola, plus new routes from Santo Domingo to Tortola, St. Kitts, and St. Maarten/St. Martin. "The new extended reach we have now under the new air operator's certificate, combined with a series of new interline agreements we entered into in recent weeks, creates a host of new multi-destination flight options, added convenience, and more choice for our customers based in the region, as well as international travelers keen on experiencing multiple destinations when visiting the Caribbean," he said. Sunrise currently has interline agreements with Winair, Bahamas Air, and Air Caraibes. The airline expects to add interlining with LIAT 2020, Caribbean Airlines and French Bee. Also, Sunrise has named Gary Stone as its new CEO. Stone had been Sabre's vice president and regional general manager for Latin America and the Caribbean.
Globe and Mail
14-05-2025
- Business
- Globe and Mail
Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings
TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (' Orca ' or the ' Company ' and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management's discussion and analysis for the three month period ended March 31, 2025 (' Q1 2025 ') with the Canadian securities regulatory authorities. All amounts are in United States dollars (' $ ') unless otherwise stated. Jay Lyons, Chief Executive Officer, commented: 'Operationally, I am pleased with how Orca has performed in the first quarter of 2025. Despite the marginal reduction in gas deliveries, largely due to factors outside of the Company's control, production from the Songo Songo gas field remains robust and in line with our expectations. In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward. Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.' Highlights Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment. To date the Songas Power Plant remains shutdown. Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (' JNHPP ') commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP's power generation is currently constrained pending ongoing development of the electricity distribution network, the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector. On April 14, 2023, PanAfrican Energy Tanzania Limited (' PAET ') formally requested Tanzanian Petroleum Development Corporation (' TPDC ') apply for an extension of the Songo Songo Development License (the ' License '). TPDC is contractually required to make this application promptly upon a request by the Company. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (' MoE '), however, being uneconomic, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET's concerns itself, TPDC refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. The Company's Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, and to date a response has not been received to such letter. There are currently no certainties on the timing, nature and extent of any extension of the License. Until an extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company's operating activities subsequent to October 2026, when the License is set to expire. On April 15, 2024, contrary to the terms of the gas agreement (' Gas Agreement ') and Production Sharing Agreement (the ' PSA ') between PAET, TPDC and the Government of Tanzania (' GoT '), and in violation of Pan African Energy Corporation (Mauritius) (' PAEM ') and PAET's expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas Limited (' Songas '), directing TPDC to 'ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026'. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties' contractual agreement that Protected Gas ceased after July 31, 2024. In February 2025, PAET, TPDC and Tanzania Portland Cement PLC (' TPCPLC ') agreed to the terms of the Supplementary Gas Agreement (' SGA ') to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. In Q1 2025, TPCPLC fully paid the Company $10.4 million of the receivable previously outstanding as at December 31, 2024. On August 7, 2024, PAET and PAEM issued a notice of dispute (' Notice of Dispute ') in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (' BIT '), and a contractual dispute against GoT and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity's chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company's Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, to date we haven't had a response to the letter. In February 2025, the Company received a judgment (the ' Judgment ') from the Tanzanian High Court (Commercial Division) (the ' Court ') for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET's termination of a contract relating to the Company's 3D seismic acquisition program. The contract was signed in 2022 and work was due to be completed by the end of 2022; however, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgment applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time. Net income attributable to shareholders decreased by 89% for Q1 2025 compared to the same prior year period, primarily as a result of higher depletion and general and administrative expenses. Net cash flows from operating activities1 increased to $20.3 million in Q1 2025 compared to net cash flows used in operating activities of $6.2 million for the same prior year period, primarily a result of the higher payment of the 2023 current liability associated with additional profits tax in Q1 2024 and the TPCPLC settlement of the 2024 year end receivable as well as other changes in non-cash working capital. Capital expenditures decreased by 63% for Q1 2025 compared to the same prior year period. The capital expenditures in Q1 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. The capital expenditures in Q1 2024 primarily related to the costs of the planned SS-7 well workover program. The Company exited the period with $26.8 million in working capital1 (December 31, 2024: $21.9 million) and cash and cash equivalents of $70.2 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $64.8 million, as at March 31, 2025 (December 31, 2024: $87.1 million). In February 2025, the Company fully prepaid the $60 million investment (the ' Loan ') made by International Finance Corporation (' IFC ') in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the ' Loan Agreement '). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding. As at March 31, 2025, the current receivable from the TANESCO was $12.5 million (December 31, 2024: $12.7 million). The TANESCO long- term receivable as at March 31, 2025 and as at December 31, 2024 was $22.0 million and has been fully provided for. Subsequent to March 31, 2025, the Company has invoiced TANESCO $5.4 million for April 2025 gas deliveries and TANESCO has paid the Company $5.7 million to date. On April 15, 2025 PAET signed a settlement agreement with TPDC and TANESCO (' Settlement Agreement '), for TANESCO to pay PAET and TPDC $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field. The Settlement Agreement requires TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO pays the settlement amount when required and in full while remaining current on amounts owed. TANESCO must pay the settlement amount to PAET via weekly instalments and meet monthly total payment amounts, commencing in April 2025 and ending in October 2025. Payments on account of the settlement amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the settlement amount, the Company expects to retain approximately $29.4 million of the settlement amount with TPDC retaining the balance. To date, TANESCO has paid $10.0 million under the Settlement Agreement. 1 See Non-GAAP Financial Measures and Ratios. Financial and Operating Highlights for the Three Months Ended March 31, 2025 Three Months ended March 31 % Change (Expressed in $'000 unless indicated otherwise) 2025 2024 Q1/25 vs Q1/24 OPERATING Daily average gas delivered and sold (MMcfd) 72.0 74.3 (3)% Industrial 19.1 14.0 36 % Power 52.9 60.3 (12)% Average price ($/mcf) Industrial 7.98 8.94 (11)% Power 3.92 3.87 1 % Weighted average 4.99 4.82 4 % Operating netback ($/mcf) 1 2.87 2.79 3 % FINANCIAL Revenue 25,391 24,937 2 % Net income attributable to shareholders 102 969 (89)% per share – basic and diluted ($) 0.01 0.05 (80)% Net cash flows from / (used in) operating activities 20,264 (6,170) n/m per share – basic and diluted ($) 1 1.03 (0.31) n/m Capital expenditures 1 548 1,470 (63)% Weighted average Class A and Class B shares ('000) 19,766 19,799 0 % March 31, As at December 31, 2025 2024 % Change Working capital (including cash) 1 26,796 21,904 22 % Cash and cash equivalents 70,183 90,076 (22)% Outstanding shares ('000) Class A 1,750 1,750 0 % Class B 18,015 18,022 0 % Total shares outstanding 19,765 19,772 0 % 1 See Non-GAAP Financial Measures and Ratios. The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management's Discussion & Analysis for the three months ended March 31, 2025 may be found on the Company's website at or on the Company's profile on SEDAR+ at Orca Energy Group Inc. Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A. The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as 'Protected Gas' and 'Additional Gas'. The Gas Agreement deals further with the parties' entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island. 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. Abbreviations mcf thousand cubic feet MMcf million standard cubic feet MMcfd million standard cubic feet per day Non-GAAP Financial Measures and Ratios In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares. These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (' IFRS '), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company's financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period. Non-GAAP Financial Measures Capital expenditures Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows: Three Months ended March 31 $'000 2025 2024 Pipelines, well workovers and infrastructure 548 1,169 Other capital expenditures – 301 Capital expenditures 548 1,470 Change in non-cash working capital 7,102 (85) Net cash used by investing activities 7,650 1,385 Operating netback Operating netback is calculated as revenue less processing and transportation tariffs, TPDC's revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows: Three Months ended March 31 $'000 2025 2024 Revenue 25,391 24,937 Production, distribution and transportation expenses (4,203) (4,310) Net Production Revenue 21,188 20,627 Less current income tax adjustment (recorded in revenue) (2,538) (1,726) Operating netback 18,650 18,901 Sales volumes MMcf 6,487 6,764 Netback $/mcf 2.87 2.79 Non-GAAP Ratios Operating netback per mcf Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production. Supplementary Financial Measures Working capital Working capital is defined as current assets less current liabilities, as reported in the Company's Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company's ability to meet its financial obligations as they fall due. Net cash flows from operating activities per share Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments. Weighted average Class A and Class B Shares In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period. Forward-Looking Statements This press release contains forward-looking statements or information (collectively, ' forward-looking statements ') within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company's expectations regarding the demand for natural gas and power supply; assessment by the Company of the merits of the appeal made by the Company pursuant to the Judgment; costs, outcomes and timing in respect to the outcome of the appeal of the Judgement; merit, outcomes, position and timing in respect of the Notice of Dispute; expectations in relation to the Notice of Dispute; extension of the License and the Company's expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of arrears from TANESCO; and the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies. 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: uncertainties involving the Notice of Dispute and the Judgment; various uncertainties involved in the extension of the License; risk that meetings related to the Notice of Dispute are not held on the anticipated timing; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company's rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company's average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute and/or appeal of the Judgment; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute; uncertainties regarding quantum of damages payable by the Company in respect of the appeal of the Judgment; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company's various development programs and studies in 2025 are different than expected; risk of damage to the Company's infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company's operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; if any payment is eventually required in respect of the Judgment, that it will not be cost recoverable under the PSA; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company's cash flow and liquidity and the Company's ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company's tax liabilities and the implementation of further legislation and the Company's interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company's ability to complete sales of Additional Gas; negative effect on the Company's rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company's business in Tanzania; risk relating to the Company's relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company's assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company's customers when due; the risk that the Company's Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under 'Business Risks' in our management discussion and analysis for the three months ended March 31, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, 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. Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute and the appeal of the Judgment; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company's gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company's relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company's ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company's other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company's cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company's ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company's expectations; accurate assessment by the Company of the merits of appeal brought forward by the Company pursuant to the Judgment; that the amount of damages recoverable by the Company under the Notice of Dispute will be in line with expectations; the Company's interpretation and prediction of the effects regarding changes to the Company's tax liabilities and the implementation of further legislation is accurate in all material respects; the Company's ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company's appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
