TANZANIA – Orca Energy Group Inc has announced changes to its strategic direction and senior management team.

In a press release, the company’s Board of Directors said that it is determined that in the current challenging market conditions for the oil and gas sector and taking into consideration the impact that government responses to the COVID-19 pandemic continue to have on domestic and global levels of economic activity,  it is in the best interests of the Company and its shareholders to solely focus on the continued value maximization through the optimization and monetization of the Company’s rights to develop the Songo Songo natural gas field in Tanzania and to suspend ongoing efforts to acquire and develop an integrated gas business in other African countries.

 Since February 2018, the Company has distributed approximately US$ 67.7 million in dividends and share buybacks. 

“Focusing on the prudent management of capital and maximizing shareholder returns and regular distributions to our shareholders will continue to be a core part of our strategy moving forward” read the statement.

Similarly, the statement said that in connection with the change to the Company’s strategic direction, the Board had accepted the resignation of Mr. Nigel Friend from the Company and its subsidiaries.

“Nigel was involved early in establishing the Company’s business in Tanzania and had made significant contributions to Orca’s strategic thinking since re-joining the Company in 2018.  On behalf of the Board of Directors, we thank Nigel for his contributions and wish him every success in his future endeavours “added the statement

Subsequently Mr. Jay Lyons has been appointed interim Chief Executive Officer of Orca.

Mr. Lyons has been a member of Orca’s Board of Directors since May 29, 2019 and is a seasoned energy executive with experience in Canada and the United States in both the upstream and downstream sectors.

Mr. Lyons has a strong familiarity and understanding of the Songo Songo project and the Tanzanian operating environment while Mr. Blaine Karst will continue to lead the Company’s accounting, finance, and treasury functions as the Company’s Chief Financial Officer.

The Company’s in-country management team will continue to steward Orca’s Tanzanian business and key stakeholder relationships.

Orca is an international public company engaged in natural gas exploration, development, and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited.

 Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

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