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Victoria Oil & Gas looks ahead to increased cash flow and market recognition after ENEO renewal

Victoria Oil & Gas plc (LON:VOG) chairman Kevin Foo tells Proactive London's Andrew Scott its power generation customer ENEO has now doubled its consumption levels, following December’s gas sales deal, and, its power station is operating at full capacity at 30 megawatts.

Foo says the average gas production rate measured 8.5mln cubic feet per day for the month to date (as of 19 January) ... and in the seven days ended January 19, the average rate was marked at 9.9mln cubic feet.

He adds that ENEO has expressed interest in increasing power generation levels – 20 megawatts from its Bassa Power Station – creating additional gas demand of around 4mln cubic feet per day.

Foo says talks are continuing with other independent power producers who are evaluating additional power supply options to meet the electricity shortfalls in the City of Duala.

Quick facts: Victoria Oil & Gas PLC

Price: 4.72 GBX

AIM:VOG
Market: AIM
Market Cap: £12.12 m
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