Orca Energy Group announces independent reserves evaluation

Orca Energy Group announces the approval of its Independent Reserves Evaluation as at December 31, 2022. The Company’s conventional natural gas reserves as at December 31, 2022 for the period to the end of the primary term of the production sharing agreement with the Tanzanian Petroleum Development Corporation have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 24, 2023 and the effective date of the evaluation is December 31, 2022. All the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company, and are based on the Company’s 92.07 percent ownership interest in the reserves following the transaction with Swala Oil & Gas. Total Proved Gross Company conventional natural gas reserves at year ended December 31, 2022, were 141 billion standard cubic feet compared to 160 Bcf at year end 2021, representing a 12% decrease. Total Proved plus Probable Gross Company conventional natural gas reserves at year ended December 31, 2022, were 167 Bcf compared to 188 Bcf at year end 2021, representing an 11% decrease.