Orca Energy Group Inc.（“Orca”或“公司”，包括其子公司和附属公司）宣布，已向加拿大证券监管机构提交了截至 2024 年 6 月 30 日的三个月和六个月期间（“2024 年第二季度”）的简明合并中期财务报表和管理层讨论与分析。除非另有说明，所有金额均以美元（“$”）为单位。

重点

2024 年第二季度的收入与去年同期相比下降了 11%，截至 2024 年 6 月 30 日的六个月的收入下降了 14%，这主要是由于电力部门的销售额下降和当期所得税调整减少。根据与坦桑尼亚联合共和国坦桑尼亚石油开发公司（“TPDC”）和坦桑尼亚政府签订的生产分成协议（“PSA”），分配给坦桑尼亚石油开发公司（“TPDC”）的收入份额减少，这部分抵消了这一影响。

2024 年第二季度常规天然气总产量平均为 94.4 MMcfd，其中 62.8 MMcfd 为附加天然气（如 PSA 中所定义），截至 2024 年 6 月 30 日的季度为 102.8 MMcfd，其中 68.5 MMcfd 为附加天然气。与去年同期相比，2024 年第二季度的天然气交付量下降了 25%，截至 2024 年 6 月 30 日的六个月的天然气交付量下降了 23%。2024 年上半年，坦桑尼亚的 Julius Nyere 水电项目（“JNHPP”）开始商业运营，最初由一台涡轮机运行，随后由第二台和第三台涡轮机运行，峰值输出功率达到 705 MW。

再加上雨季提前到来，降雨量远高于该时期的季节平均值，水力发电已成为 2024 年上半年电力部门天然气产量减少的主要因素。经过 20 年的连续生产，Songo Songo 油田目前生产井和储层中的天然气产量正在下降。

我们目前预测，2024 年全年平均额外天然气销量将在 70-80 MMcfd 之间，基于当前合同量持续增长以及受保护天然气（PSA 中定义）制度于 2024 年 7 月 31 日结束。2023

年 4 月 14 日，PanAfrican Energy Tanzania Limited（“PAET”）正式要求 TPDC 申请延长 Songo Songo 开发许可证（“许可证”），截至本报告发布之日，TPDC 尚未申请。 TPDC 预计将在公司提出请求后合理及时地提出此申请，但不得晚于许可证到期日前 12 个月。目前尚不确定此类许可证延期的时间、性质和范围。在最终确定此类延期之前，公司在 2026 年 10 月之后的经营活动范围存在很大不确定性。

在与坦桑尼亚电力供应有限公司（“TANESCO”）就延长 PAET、TPDC 和 TANESCO 之间的组合天然气供应协议（“PGSA”）进行广泛讨论后，TANESCO、PAET 和 TPDC 于 2024 年 7 月 30 日对 PGSA 进行了第二次修订（“修订”）。修正案将 PGSA 的期限延长至 2026 年 10 月 10 日。2024

年 4 月 15 日，坦桑尼亚能源部（“MoE”）常任秘书违反了《天然气协议》和 PSA 的条款并违反了泛非能源公司（毛里求斯）（“PAEM”）和 PAET 的期望，致函 TPDC，抄送 PAET 和 Songas Limited（“Songas”），指示 TPDC“确保继续生产受保护的天然气，直到 2026 年 10 月 10 日开发许可证到期”。根据该指示，TPDC 采取的立场是，尽管双方的合同协议规定受保护天然气将于 2024 年 7 月 31 日终止，但受保护天然气仍应继续。

我们认为，自 2024 年 8 月 1 日起，PAET 有权按商业价格获得 Songas 和坦桑尼亚波特兰水泥公司 (“TPCPLC”) 开采的所有天然气的补偿。未签订合同的天然气在 2024 年 8 月 1 日之后继续流动，存在 PAET 无法收到付款或付款可能成为合同纠纷一部分的风险。PAET

和 TPCPLC 已同意（但未执行）从 2024 年 8 月 1 日起的新天然气销售合同（“新 GSA”）的条款，以将 2024 年 8 月 1 日之前作为受保护天然气供应的天然气作为额外天然气出售。2024 年 7 月 23 日，TPDC 拒绝签署新 GSA。 TPDC 拒绝的唯一依据是其声称受保护天然气将在 2024 年 7 月 31 日之后继续供应。2024 年 7 月 25 日，PAET 根据 PSA 第 4.3(b) 条将此事上报给环境部。2024 年 8 月 5 日，环境部通过一封 PAET 收到的信函拒绝了新 GSA 的条款，环境部要求 PAET 提出适当的措辞，以制定“临时安排”，延长受保护天然气的供应。信函进一步指出，如果 PAET 未能这样做，其他各方将寻求“替代方式”来运营 Songo Songo 气田。

2024 年 8 月 7 日，PAET 和 PAEM 就毛里求斯共和国政府与坦桑尼亚政府之间《促进和相互保护投资协定》（以下简称“BIT”）项下的投资条约索赔向坦桑尼亚政府（以下简称“GoT”）发出争议通知（以下简称“争议通知”），指控其违反 BIT，同时还针对坦桑尼亚政府和 TPDC 发出合同纠纷，指控其违反：(i) PSA 和 (ii) 天然气协议，索赔金额超过 12 亿美元。根据争议通知，PAET 和 PAEM 寻求与坦桑尼亚政府和 TPDC 进一步谈判，但如果未达成解决方案，则须在以下情况下进行：(i) 自 BIT 争议通知之日起六个月内； (ii) 在 PSA 和天然气协议的争议通知发出后 45 天内，PAEM 和 PAET 将分别根据 BIT、PSA 和天然气协议开始仲裁程序。2024

年第二季度归属于股东的净收入与去年同期相比下降了 56%，截至 2024 年 6 月 30 日的六个月内下降了 65%，主要是由于收入减少以及坦桑尼亚先令贬值和汇率兑换导致的净外汇损失增加。

2024 年第二季度，经营活动产生的净现金流与去年同期相比增长了 4%，截至 2024 年 6 月 30 日的六个月内则减少了 55%。截至 2024 年 6 月 30 日的六个月内，经营活动产生的净现金流的减少主要是由于 2024 年第一季度支付的额外利润税产生的 2023 年年度流动负债。

与去年同期相比，2024 年第二季度的资本支出增长了 36%，截至 2024 年 6 月 30 日的六个月内则增长了 9%。2024 年第一季度和第二季度的资本支出主要与计划中的 SS-7 井修井计划的成本有关。2023 年第一季度和第二季度的资本支出主要与 3D 地震采集计划有关。

海上油井 SS-7 的修井工作已经开始，设备和服务已抵达肯尼亚蒙巴萨，准备和配置在自升式平台和支持驳船上，修井作业将从蒙巴萨继续调动到坦桑尼亚的松戈松戈岛。预计油井现场作业将于 2024 年 9 月开始，持续约三周，预计油井将于 2024 年第四季度初恢复生产。该工作计划旨在关闭导致油井从 2019 年开始停产和关闭的水源。水源产生的原因是生产衬管外部的水泥粘结失效，从而为水流入油井创造了一条流路。如果成功，SS-7 油井预计将从目前未生产的南部区域增加 20-25 MMcfd 的油田产能。预计项目总成本已从 1390 万美元增加到 1660 万美元。尽管根据双边投资协定提出了投资条约索赔的争议通知，以及针对土耳其政府和 TPDC 违反生产分成合同和天然气协议的合同纠纷，我们仍在继续进行 SS-7 以履行合同义务。由于

未能获得 TPDC 和石油上游监管局（“PURA”）的批准，拟议的新公共进气歧管的前端工程已暂停，TPDC 希望推进多设施压缩（“MFC”）项目，他们报告称该项目将于 2025 年底/2026 年初投入使用。认识到在 MFC 可能可用之前通过优化从 Songo Songo 气田到岛上两个天然气加工厂的天然气流量来缓解不断下降的储层压力的需要，公司目前正在评估工厂之间现有的流线重新配置，以提高高原生产率的可持续性。

SS-3、SS-10 和 SS-5 三个油井的饱和度和生产测井已结束，早期结果积极，提供了重要的油藏信息，可确定未来的增产机会并提高油藏性能预测的准确性。该计划的最终成本为 130 万美元。

公司在本期结束时拥有 6860 万美元的营运资本1（2023 年 12 月 31 日：6730 万美元）、现金和现金等价物 9720 万美元（2023 年 12 月 31 日：1.016 亿美元）和 2510 万美元的长期债务（2023 年 12 月 31 日：3000 万美元）。长期债务的减少与 2024 年 4 月偿还 500 万美元有关，这是公司第四次半年度偿还长期债务。持有的硬通货现金（美元、欧元、英镑、加元）为 8610 万美元（2023 年 12 月 31 日：6040 万美元）。

截至 2024 年 6 月 30 日，TANESCO 的当期应收账款为 630 万美元（2022 年 12 月 31 日：590 万美元）。截至 2024 年 6 月 30 日和 2023 年 12 月 31 日，TANESCO 的长期应收账款为 2200 万美元，拨备为 2200 万美元。2024 年 6 月 30 日之后，公司已向 TANESCO 开具了 370 万美元的 2024 年 7 月天然气交付发票，TANESCO 迄今已向公司支付了 670 万美元。

2023 年第四季度，公司终止了与负责 3D 地震采集项目的承包商的合同，理由是承包商未能履行合同义务，未能在原定计划一年多后全面动员推进项目；而且，由于供应商召回关键任务资产，且没有获得替代资产的前景，承包商在没有权利的情况下暂停了运营，也没有提出完成项目的切实计划。2024 年 3 月 20 日，PAET 收到坦桑尼亚高等法院（商业部门）的传票，要求其就承包商就 PAET 于 2023 年 10 月 25 日终止合同而产生的损失提出的索赔提交书面辩护声明。承包商寻求索赔 3000 万美元，作为损失赔偿，外加法律费用、利息和一般损害赔偿。公司在咨询其法律顾问后认为，该索赔的依据有限，并于 2024 年第二季度提起了自己的反诉，要求赔偿 550 万美元的特定损害赔偿和 2580 万美元的一般损害赔偿。该案将于 2024 年第三季度在坦桑尼亚商业法院开庭。截至 2024 年

6 月 30 日的三个月和六个月的完整合并中期财务报表和附注以及管理层讨论与分析可在公司网站 www.orcaenergygroup.com 或 SEDAR+ 上的公司简介 www.sedarplus.ca 上找到。

Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) announces that it has filed its condensed consolidated interim financial statements and management's discussion and analysis for the three and six month periods ended June 30, 2024 ("Q2 2024") with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

Highlights

Revenue decreased for Q2 2024 by 11% and by 14% for the six months ended June 30, 2024 compared to the same prior year periods primarily as a result of lower sales to the power sector and lower current income tax adjustments. This was partially offset by a lower share of revenue allocated to the Tanzania Petroleum Development Corporation (“TPDC”) under the Production Sharing Agreement (“PSA”) with TPDC and the Government of Tanzania in the United Republic of Tanzania.

Total gross conventional natural gas production averaged 94.4 MMcfd for Q2 2024, of which 62.8 MMcfd was Additional Gas (as defined in the PSA), and 102.8 MMcfd for the quarter ended June 30, 2024, of which 68.5 MMcfd was Additional Gas. Gas deliveries decreased by 25% for Q2 2024 and by 23% for the six months ended June 30, 2024, compared to the same prior year periods. During the first half of 2024, Tanzania’s Julius Nyere Hydropower Project (“JNHPP”) commenced commercial operations, initially from one turbine but subsequently from a second and third turbine allowing peak output of 705 MW.

Combined with the early onset of the wet season and rainfall well above seasonal averages for the period, hydro power generation has been a primary factor in reduced gas liftings for the power sector in the first half of 2024. Natural gas deliverability from currently producing wells and reservoir compartments in the Songo Songo field is declining after 20 years of continuous production.

We currently forecast average Additional Gas sales for 2024 to be in the range of 70-80 MMcfd for the full year, based on current contracted volumes continuing and the end of the Protected Gas (as defined in the PSA) regime on July 31, 2024.

On April 14, 2023, PanAfrican Energy Tanzania Limited (“PAET”) formally requested TPDC to apply for an extension of the Songo Songo Development License (the “License”), which as of the date of this report TPDC has not done. TPDC is expected to make this application reasonably promptly upon a request by the Company but no later than 12 months before the day on which the License expires. There are currently no certainties on the timing, nature and extent of any such extensions of the License. Until such 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.

Following extensive discussions with the Tanzania Electricity Supply Company Limited (“TANESCO”) to extend the Portfolio Gas Supply Agreement (“PGSA”) between PAET, TPDC and TANESCO, a second amendment to the PGSA was entered into by TANESCO, PAET, and TPDC on July 30, 2024 (the “Amendment”). The Amendment extends the terms of the PGSA to October 10, 2026.

On April 15, 2024, contrary to the terms of the Gas Agreement and PSA and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of the Ministry of Energy of Tanzania (“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 has taken the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceases on July 31, 2024.

It is our belief that PAET will be entitled to compensation at a commercial rate for all volumes of gas lifted by Songas and Tanzania Portland Cement PLC (“TPCPLC”) starting on August 1, 2024. Uncontracted gas has continued to flow post August 1, 2024, and there is a risk that PAET will not receive payment or payment may form part of a contract dispute.

PAET and TPCPLC have agreed (but not executed) the terms of a new gas sales contract (the “New GSA”) from August 1, 2024 to sell volumes as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. On July 23, 2024 TPDC rejected the entering into of the New GSA. The sole basis for TPDC’s rejections was its assertion that Protected Gas continued after July 31, 2024. On July 25, 2024, PAET escalated the matter to the MoE under article 4.3(b) of the PSA. On August 5, 2024, the MoE, by way of a letter received by PAET, rejected the terms of the New GSA, and the MoE demanded that PAET propose suitable wording for an “interim arrangement” to extend the provision of Protected Gas. The letter further states that if PAET fails to do so, the other parties will seek “alternative means” to operate the Songo Songo gas field.

On August 7, 2024 PAET and PAEM, issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim under the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (the “BIT”) against the Government of Tanzania (“GoT”) for breach of the BIT, alongside a contractual dispute against the GoT and TPDC for breaches of: (i) the PSA, and (ii) the Gas Agreement, for damages in excess of $1.2 billion. Under the Notice of Dispute PAET and PAEM seek further negotiations with the GoT and TPDC, provided that if a resolution is not reached: (i) within six months from the date of the Notice of Dispute in respect of the BIT; and (ii) within 45 days of the Notice of Dispute in respect of the PSA and Gas Agreement, PAEM and PAET, respectively, will commence arbitral proceedings in accordance with the BIT, PSA and Gas Agreement.

Net income attributable to shareholders decreased by 56% for Q2 2024 and by 65% for the six months ended June 30, 2024 compared to the same prior year periods, primarily as a result of the decreased revenue and higher net foreign exchange loss due to the devaluation of the Tanzanian shilling and exchange conversions.

Net cash flows from operating activities increased by 4% for Q2 2024 and decreased by 55% for the six months ended June 30, 2024 compared to the same prior year periods. The decrease for the six months ended June 30, 2024 was primarily a result of the annual 2023 current liability associated with the additional profits tax paid in Q1 2024.

Capital expenditures increased by 36% for Q2 2024 and by 9% for the six months ended June 30, 2024 compared to the same prior year periods. The capital expenditures in Q1 and Q2 2024 primarily related to the costs of the planned SS-7 well workover program. The capital expenditures in Q1 and Q2 2023 primarily related to the 3D seismic acquisition program.

Mobilisation of assets has commenced for the intervention in the offshore well SS-7, with equipment and services arriving in Mombasa, Kenya for preparation and configuration on a jack up platform and support barge from which the well intervention will be mounted following their onward mobilisation from Mombasa to Songo Songo Island, Tanzania. Well site operations are expected to commence in September 2024 for approximately three weeks, with the well expected to return to production in early Q4 2024. The work program is designed to shut off water production which caused the well to die and be shut in from 2019. The cause of the water production is interpreted to be a failed cement bond outside the production liner which created a flow path for water into the well. If successful, the SS-7 well is expected to increase field deliverability by 20-25 MMcfd from the currently non-producing southern compartment. The total expected project cost has increased to $16.6 million from $13.9 million. Notwithstanding the Notice of Dispute in respect of an investment treaty claim under the BIT and the contractual dispute against the GoT and TPDC for breaches of the PSA and the Gas Agreement, we are proceeding with SS-7 to meet our contractual obligations.

Front-end engineering on a proposed new common inlet manifold has paused as a result of failing to gain approval from TPDC and the Petroleum Upstream Regulatory Authority (“PURA”), in favour of TPDC’s desire to progress a Multi Facility Compression (“MFC”) project, which they report will be commissioned in late 2025 / early 2026. Recognising the requirement to mitigate declining reservoir pressure through optimised gas flow from the Songo Songo gas field to the two gas processing plants on the island before MFC is likely to be available, the Company is currently assessing existing flowline reconfiguration between the plants to increase the sustainability of the plateau production rate.

Saturation and production logging on three wells, SS-3, SS-10 and SS-5, has concluded, with positive early results providing important reservoir information that will identify future production enhancement opportunities and improve the accuracy of reservoir performance forecasts. The final cost of the programme was $1.3 million.

The Company exited the period with $68.6 million in working capital1 (December 31, 2023: $67.3 million), cash and cash equivalents of $97.2 million (December 31, 2023: $101.6 million) and long-term debt of $25.1 million (December 31, 2023: $30.0 million). The decrease in long-term debt is related to a repayment of $5.0 million in April 2024, representing the fourth semi-annual repayment of the Company’s long-term debt. Cash held in hard currencies (USD, Euro, GBP, CDN) is $86.1m (December 31, 2023: $60.4m).

As at June 30, 2024, the current receivable from TANESCO was $6.3 million (December 31, 2022: $5.9 million). The TANESCO long-term receivable as at June 30, 2024 and as at December 31, 2023 was $22.0 million with a provision of $22.0 million. Subsequent to June 30, 2024, the Company has invoiced TANESCO $3.7 million for July 2024 gas deliveries and TANESCO has paid the Company $6.7 million to date.

In Q4 2023, the Company terminated the contract with the contractor responsible for the 3D seismic acquisition program on the basis that the contractor had failed to meet its obligations under the contract by not fully mobilising to progress the project more than a year after it was scheduled to do so; and that, as a result of mission critical assets being recalled by suppliers, and with no prospect of securing replacement assets, the contractor had suspended its operations without the right to do so and with no realistic plan offered to complete the project. On March 20, 2024 PAET received a summons from the Tanzanian High Court (Commercial Division) to file a written statement of defense against a claim made by the contractor for losses arising from PAET’s termination of the contract on October 25, 2023. The contractor seeks to claim $30.0 million for losses incurred plus legal costs, interest and general damages. The Company in consultation with its legal advisors believes that there are limited merits to the claim and the Company in Q2 2024 lodged its own counterclaim for specific damages in the amount of $5.5 million and general damages in the amount of $25.8 million. The case is due to commence in the Tanzanian Commercial Court in Q3 2024.

The complete Condensed Consolidated Interim Financial Statements and Notes and Management's Discussion & Analysis for the three and six months ended June 30, 2024 may be found on the Company’s website at www.orcaenergygroup.com or on the Company's profile on SEDAR+ at www.sedarplus.ca.