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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." 

Quick facts: Victoria Oil & Gas PLC

Price: 3.822 GBX

AIM:VOG
Market: AIM
Market Cap: £9.82 m
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