08:00 Fri 17 Aug 2018
Victoria Oil & Gas - Q2 2018 Operations Update
("VOG" or "the Company")
Q2 2018 Operations Update
Highlights:
·
· CNG agreement to partner with Naturelgaz Sanayi ve Ticaret A.S ("Naturelgaz") announced on
· GDC added two new customers during Q2 2018
· Positive reserves update following the completion of the drilling campaign
GDC remains engaged with ENEO following the non-renewal of the grid power gas sale agreement at the end of
Logbaba - Quarterly production update
The Q2 18 gross and net gas and condensate sales for Logbaba and GDC, are as follows; amounts in bold are gas and condensate sales attributable to GDC (57%):
|
Q2 2018 |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
|||||||
Gas sales (mmscf) |
|
|
|
|
|
|||||||
Thermal |
174 |
305 |
179 |
313 |
177 |
312 |
157 |
276 |
191 |
322 |
||
Retail power |
9 |
15 |
10 |
17 |
10 |
18 |
12 |
20 |
9 |
15 |
||
Grid power |
0 |
0 |
0 |
0 |
226 |
396 |
180 |
317 |
508 |
855 |
||
Total (mmscf) |
183 |
320 |
189 |
330 |
413 |
726 |
349 |
613 |
708 |
1,192 |
||
Average gas production (mmscf/d) |
3.30 |
3.50 |
7.94 |
6.96 |
14.59 |
|||||||
Condensate sold (bbl.) |
1,657 |
2,907 |
1,654 |
2,900 |
3,951 |
6,931 |
2,538 |
4,452 |
5,437 |
9,147 |
||
ENEO update
The Government of
GDC remains confident that a solution will be found, and all parties are actively engaged in the process. The shortfalls in power supply in
Customer developments
During the quarter, GDC commissioned one new thermal customer and one new retail power customer. In addition, an existing thermal customer, Camlait, commissioned a retail power solution. Production levels have increased from 3.3mmscf/d during Q2 2018 to 4.4mmscf/d during
Because of the current power shortages in
GDC is expediting its support to manufacturers and producers in
On
Reserves update
On
Basis |
Field Position at |
Field Position at |
|||||
|
Initial Reserves |
Cum Prod'n |
Remaining reserves |
Initial Reserves |
Cum Prod'n |
Remaining Reserves |
VOG Net Reserves |
Proved (1P) |
49 |
9 |
40 |
82 |
13 |
69 |
40 |
Proved+ Probable (2P) |
212 |
9 |
203 |
322 |
13 |
309 |
176 |
Proved+ Probable+ Possible (3P) |
350 |
9 |
341 |
548 |
13 |
535 |
305 |
|
|
|
|
|
|
|
|
All volumes are bcf and do not include condensate volumes Position at Position at |
The new proven + probable (2P) reserves level will support a production rate of 90mmscfd for 10 years; thereby enabling significant expansion of the business in support of the growing domestic gas market in
This evaluation supersedes the Blackwatch Report of
Competent Person Review
This announcement contains inside information.
For further information, please visit www.victoriaoilandgas.com or contact:
Rory Murphy / Stuart Faulkner / Ritchie Balmer Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408 4090
Jerry Keen (corporate broking)
Jonathan Wright / David van Erp Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
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