TANESCO has almost doubled its outstanding natural gas payment to PanAfrican Energy in the first nine months of this year.
The payment has enabled PanAfrican,
owned by Orca Exploration, net cash flow from operating activities to
increase by 121 per cent in quarter three. A statement released by Orca
Exploration, showed that a TANESCO paid 34.4 million US dollars in this
year’s first nine months compared to 18.8 million US dollars in similar
period last year.
On quarterly basis, Q3, the payment
climbed to 10.8 million US dollars against 8.6 million US dollars. The
payment, Orca said, increased net cash flows from operating activities
for the quarter by 121 per cent to 14.4 million US dollars in Q3
compared to 6.5 million US dollars in Q3 2016.
Also in the first nine months was an
increase of 203 per cent to 35.3 million US dollars from 11.6 million US
dollars for the comparable prior year. “The increase for the quarter
and the nine months ended September from the comparable prior year
periods being primarily the consequence of improved cash receipts from
TANESCO since the end of Q3 2016,” Orca said in release.
The company said as at end of September
“the current receivable from TANESCO was US$ nil” compared to last
December of 5.7 million US dollars.
During Q3 the amounts received from
TANESCO were in excess of the revenue recognised for gas sales to
TANESCO resulting in a deferred revenue balance of 7.5 million US
dollars against nil balance, which was recorded in trade and other
payables.
“As at the date of this report the
TANESCO current receivable balance is US$ nil and the deferred revenue
balance is 12.6 million US dollars with no change in the long-term
receivable or provision,” the report said.
PanAfrican Energy operates Songosongo
gas filed on behalf of Songas and also sale gas to a number of business
including supplying addition gas to Tanzania Petroleum Development
Corporation (TPDC) and a special agreement.
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