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Victoria Oil & Gas receives US$800,000 payment from ENEO, updates on second quarter production

The Africa-focused oiler said its average gas production rate for second quarter had been 9.66mln standard cubic feet per day

Gas rig
Gross gas sales in the period amounted to 882mln standard cubic feet (mmscf) compared to 903 mmscf in Q1

Victoria Oil & Gas PLC (LON:VOG) has received US$800,000 as part of a payment to settle an outstanding invoice from Cameroon state utility firm ENEO.

In a second quarter update following its AGM, the Africa-focused oiler said around US$2.6mln remained outstanding on the invoice, adding that it was “confident” the payments would be forthcoming in accordance with an existing binding term sheet.

READ: Victoria Oil & Gas posts stronger output after ENEO restart

The group also released a second quarter production update, which said its average gas production rate for the period from 1 April to 30 June had been 9.66mln standard cubic feet per day (mmscfd), down from 10.1 mmscfd in the first quarter (Q1).

Gross gas sales in the period amounted to 882mln standard cubic feet (mmscf) compared to 903 mmscf in Q1.

The firm also said that Cameroon Holdings Limited, a drilling and local advisory services provider, had commenced proceedings against Victoria and its subsidiary, Gaz du Cameroun, regarding payments it believes it is entitled to under a royalty agreement.

Victoria said it would “vigorously defend” against the claim.

In early afternoon trading on Friday, Victoria’s shares were 0.1% higher at 12.4p.

Quick facts: Victoria Oil & Gas PLC

Price: 8.3 GBX

AIM:VOG
Market: AIM
Market Cap: £21.32 m
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