Orca appeal against African Geophysical allowed in part

Executive Summary

• Orca Energy Group Inc. received a judgment from the Court of Appeal of Tanzania regarding a contractual dispute with African Geophysical Services LLP (AGS).
• The court partially allowed the appeal, reducing the total damages awarded to AGS from the original High Court judgment.
• The company is currently reviewing the judgment's legal and financial implications and will evaluate further legal options.

Key Details

• Original Judgment (Feb 2025): The High Court of Tanzania awarded AGS specific and general damages totaling $23,100,451 USD, plus legal costs and interest at 7% per annum.
• Security Posted: Orca posted security for costs in the full amount of the original judgment and recognized the resulting liability in its 2024 financials.
• Appeal Outcome (Feb 3, 2026): The Court of Appeal partially allowed the appeal.
• Revised Damages: The appeal judgment awards AGS damages in the aggregate of $17,912,445 USD.
• Dismissed Amounts: The court dismissed several grounds for damages against PAET in the aggregate of $5,125,006 USD.
• Next Steps: Orca is reviewing the court's reasoning and financial implications; no further disclosure is intended unless deemed necessary by the board.

Notable Quotes

• "The company is in the process of reviewing the appeal judgment to assess the court's reasoning and the financial and legal implications of the decision. Following completion of this review, the company will evaluate all available legal options."