Proactive Investors - Run By Investors For Investors

Victoria Oil & Gas boasts 127% rise in output as ENEO restart kicks in

“VOG is in a much improved financial and operational position," said new chairman Roger Kennedy.
oil and gas operations
Gas supply to the nearby power plant resumed in December

Victoria Oil & Gas PLC (LON:VOG) highlighted a 127% rise in output for the first quarter of 2019, thanks to the restart of supply into a gas-fired power plant.

Following the resumption of supply to Cameroon state utility ENEO, VOG’s Gaz du Cameroun (DGC) business produced at an average rate of 10.1mln cubic feet of gas per day over the three months ended 31 March.

READ: Victoria Oil & Gas on recovery trail after funding boost

ENEO consumed more than 5.5mln cubic feet per day consistently during the quarter, following the 22 December restart.

Gross sales amounted to 903.2mln cubic feet for the period.

Outside of the ENEO supply agreement, the company noted that two other customer gas sales deals were signed.

On a corporate level notable changes came after the end of the quarter, with the company raising £13.57mln of new capital to facilitate a new growth strategy and longstanding director and executive chairman Kevin Foo stepped down.

New executive chair Roger Kennedy, in today’s statement, said: “The past month has marked a positive new beginning for VOG, as the business restored a stable platform for future growth through the delivery of a strong set of Q1 19 production figures, in addition to the post period end completion of the fundraising and the reshaping of the board.

“VOG is in a much improved financial and operational position.

“As the only onshore gas supplier and operator of a gas pipeline network, we are well placed to take advantage of the increasing gas demand in Douala, Cameroon.”

He added: “As a management team, we are confident about the future of this business, and are firmly focused on the development, diversification and expansion of our operations and customer base in Cameroon." 

View full VOG profile View Profile

Victoria Oil & Gas PLC Timeline

Related Articles

Uranium
March 26 2019
The large scale uranium project has the potential to support a long life mining operation, with near surface, high-grade deposits for very low operating costs
Gas plant
May 09 2019
“Lixus allows lows us to ally elephant hunting with low-risk product and exploration targets.
coal mine
April 01 2019
Lesedi is one of two projects Tlou has in Botswana and comprises five CBM prospecting licences

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use