(Alliance News) - Victoria Oil & Gas PLC said Thursday it has performed "well" in the second quarter, though production has dipped.
Victoria Oil, through subsidiary Gaz du Cameroun SA, is an onshore gas producer and distributor located in Douala, Cameroon. Gaz du Cameroun supplies natural gas to ENEO Cameroun SA, Cameroon's electricity supplier.
In the period from April 1 to June 25, Victoria Oil's average gas production rate was 9.7 million square cubic feet of gas per day, down 3.9% from the 10.1 million recorded in the first quarter.
Gross gas sales in the quarter were 838 million square cubic feet of gas, down 7.2% from 903 million in the first quarter.
"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. We have been pleased to receive the January payment from ENEO," said Chief Executive Ahmet Dik.
He added: "We continue to diversify our client base as we pursue material opportunities with other independent power producers in the region that are recognizing 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."
Shares in Victoria Oil & Gas were 5.4% higher in London on Thursday at 12.25 pence each.