Orca Energy gives investors a reason to stick around
Sep 30, 2025
Ben Graham, Cash Position, Oil and Gas
The cash position of the TSX Venture listed Orca Energy (ORC.B.V) has been one of the main reasons why I haven’t sold my shares over the last several years of owning it. If we use Peter Lynch’s definition of a cash position (Total Cash & Equivalents – Long Term Debt / Shares Outstanding) Orca’s cash position stands at $6.78/share. At the time of this writing the share price is $4.49.
Ben Graham might call this a margin of safety
The future of the company is a little difficult to see. It’s in a prolonged battle with the government of Tanzania over its gas operations. The government has terminated its relationship with the company prematurely. How it plans to operate the gas without the company is anyone’s guess. This is the danger of doing business in Africa.
Special dividend as a reward
The company has decided to reward patient shareholders with a special dividend of $1.00/share. That’s on top of the $0.40/share they already get. I wish all managers were this accommodating to shareholders. It makes a difficult situation worth it.