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Victoria Oil & Gas posts stronger output after ENEO restart

“We remain confident about the long-term future of this business and are focused firmly on the development and expansion of our operations," said chief executive Ahmet Dik

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The company says it has continued to perform well over the past quarter

Victoria Oil & Gas PLC (LON:VOG) delivered a sharp rise in average gas production in the second quarter compared to a year ago, supported by the restart of supply into a gas-fired power plant.

Following the resumption of supply to Cameroon state utility ENEO in December, VOG’s Gaz du Cameroun (GDC) business produced average gas of 9.72mln cubic feet of gas per day (mmscfd ) in the second quarter, compared to 3.3 mmscfd a year ago.

ENEO consumed more than 5.1 mmscfd during the quarter while gross sales amounted to 838 mmscfd.

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

The company also announced ENEO has settled a US$800,000 invoice for January, although it still owes US$3.5mln excluding the bill for June.

GDC and ENEO are working to finalise a fully termed agreement and payment guarantee to supplement the existing binding term sheet, VOG said.

"The company has continued to perform well over the past quarter, delivering consistent production figures following the resumption of the ENEO contract whilst reducing operating costs,” VOG chief executive Ahmet Dik said.

He added:  "We continue to diversify our client base as we pursue material opportunities with other independent power producers in the region that are recognising the increasing demand for power in Douala.

“We remain confident about the long-term future of this business and are focused firmly on the development and expansion of our operations."

Quick facts: Victoria Oil & Gas PLC

Price: 7.32 GBX

AIM:VOG
Market: AIM
Market Cap: £18.8 m
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Aksa Energy deal to put Victoria Oil & Gas 'on the path to profitability'

Victoria Oil & Gas PLC's (LON:VOG) Ahmet Dik tells Proactive London's Andrew Scott they've signed a non-binding term sheet for an energy supply deal in Cameroon. The agreement is with Aksa Energy to supply up to 25mln standard cubic feet a day of gas to Aksa Energy's planned...

on 29/7/19

2 min read