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Victoria Oil & Gas achieves record monthly production in January

Fri, 03rd Feb 2017 10:35

(ShareCast News) - Cameroonian energy utility Victoria Oil & Gas reported that it had achieved record monthly production in January and that a new pipeline to Bonaberi came onstream during the final quarter of 2016.After the extension of the Bonaberi pipeline, which provides gas to Doula, the largest city in Cameroon and the capital of the Littoral region, the company gained three new thermal customers for its gas during December.The company's subsidiary, Gaz du Cameroun which operates and owns a 60% stake in the onshore Logbaba gas project in Cameroon saw an increase in average gas production to 7.64m melium standard cubic feet per day (mscf/d) in the final quarter of 2016, compared to last year.Gas sales from Logbaba rose 4.5% to 654m mscf for the quarter, while there was a 24% increase in gas sales of 3.56m mscf for the year.Chief executive Ahmet Dik said: "The Bonaberi pipeline extension provides gas to the western industrial area of Douala, which is fast becoming a new hub for future developments looking to access Douala's port, power and road networks. We have established ourselves as a vital part of the energy infrastructure for the city and the region."I am particularly pleased that year-on-year gas sales for 2016 has increased by 24% and a monthly production record has been set this January. Our drilling programme has progressed well and we are reaching an exciting phase as the wells descend into the Logbaba Formation."The Logbaba drilling programme progressed during the year with a rig spudded at both twin and step out wells, including at wells La-107 at 1.61 m and well La-108 at 1.17m.Revenue for the quarter fell slightly to $4.6m from $4.7m, and the company had $15.8m cash balance at the end of last year, up from $14.1m. It had $1.3m net cash.The company has undrawn credit lines of about $16m.Shares in Victoria Oil & Gas were down 5.37% to 38.09p at 1041 GMT.
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21 Jan 2019 13:39

Victoria Oil & Gas Reports Improvement In Average Production Rate

LONDON (Alliance News) - Victoria Oil & Gas PLC on Monday said production levels at its Logbaba project in Cameroon have increased in January.The stock was trading 5.0% higher on Monday

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21 Jan 2019 12:49

Victoria Oil & Gas reports increasing production at Logbaba

(Sharecast News) - Cameroon-based gas and condensate producer Victoria Oil & Gas updated the market on the increasing production levels at its Logbaba Project on Monday, reporting an average production rate month-to-date of 8.5mmscfd as at 19 January.

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2 Jan 2019 12:12

Victoria Oil Approved To Buy 75% Stake In Cameroon Licence From Glencore

LONDON (Alliance News) - Victoria Oil & Gas PLC said Wednesday it has received approval from Cameroon President Paul Biya for its acquisition of a 75% interest in the Matanda production from a

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22 Oct 2018 13:23

Victoria Oil & Gas Third Quarter Production Up On New Customers

LONDON (Alliance News) - Victoria Oil & Gas PLC on Monday said gas sales and production grew in its third quarter with a further four customers consuming gas during the period.In its of

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28 Sep 2018 15:14

Victoria Oil & Gas Interim Loss Narrows Despite Sales Agreement Ending

LONDON (Alliance News) - Victoria Oil & Gas PLC on Friday reported a narrowed pretax loss on reduced expenses.In the six months ended June, the African energy supplier narrowed its loss

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17 Aug 2018 11:23

Victoria Oil & Gas Production And Sales Decrease In Second-Quarter

LONDON (Alliance News) - Cameroon-focused Victoria Oil & Gas PLC on Friday said gas production and sales declined in the second quarter of its current financial year due to termination of gas

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17 Aug 2018 10:15

Victoria Oil & Gas confident of power supply resolution with ENEO

(Sharecast News) - Cameroon-based gas and condensate producer and distributor Victoria Oil & Gas updated the market on its operations for the three months ended 30 June on Friday, reporting that its subsidiary Gaz du Cameroun remained confident of a resolution with ENEO Cameroon over the grid power supply issue.

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21 Jun 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Friday 22 JuneCambian Groupboohoo.comNext Fifteen Communications GroupBraemar 25 Oil

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14 Jun 2018 13:50

Victoria Oil & Gas Restructures Debt With Cameroonian Bank

LONDON (Alliance News) - Victoria Oil & Gas PLC said Thursday that lenders have shown support for the firm after it restructured debt outstanding to BGFIBank Cameroon SA.The company a a

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24 May 2018 13:25

Victoria Oil & Gas Quarterly Revenue Slumps On Lack Of Power Supply

LONDON (Alliance News) - Victoria Oil & Gas PLC on Thursday reported a drop in production following a power station suspension which also knocked revenue in the first quarter.For the in

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24 Apr 2018 14:00

Victoria Oil & Gas Non-Exec Director Iain Patrick Leaves Immediately

LONDON (Alliance News) - Victoria Oil & Gas PLC on Tuesday said that its Non-Executive Director Iain Patrick resigned with immediate effect."We thank Iain sincerely for his to the

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3 Feb 2017 07:47

Victoria Oil & Gas Posts 24% Year-On-Year Rise In Logbaba Gas Sales

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28 Nov 2016 11:07

Victoria Oil & Gas Continues Batch Drilling At Logbaba Gas Project

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29 Jun 2016 09:23

Victoria Oil & Gas Says Logbaba Plant Drilling Rig Arrives In Cameroon

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