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 at 16.95 pence a share.
The gas and condensate producer said average production rate so far in January is 8.5 million standard cubic feet per day, up 91% from average production rate reported for the final quarter of 2018.
For the week to last Saturday, average production totalled 9.9 million standard cubic feet daily, with peak level of 12.96 million standard cubic feet reached on Friday last week.
Victoria said, since the resumption of the contract with ENEO Cameroon SA in late December, ENEO consumption levels have doubled to 30 megawatts from 15 megawatts at Logbaba power station in Cameroon, as the equipment has been recommissioned.
The power supply contract is for three years and has a peak quantity delivery of 6.1 million cubic feet per day of gas. The initial sale price of USD6.75 per million British thermal units will rise over the contract term by USD0.10 on each anniversary of the start of the contract.
