LONDON (Alliance News) - Victoria Oil & Gas PLC on Tuesday announced a series of changes to its board as it moved to profit in the seven months to the end of December 2015.
Victoria said Deputy Chairman Grant Manheim has retired from the board of the company with immediate effect.
Elsewhere, Robert Palmer has decided to step down as part-time finance director of the company as the group has decided it will need to make the position full-time. Palmer will not be able to take on the role full time due to other commitments outside of Victoria Oil & Gas.
As a result, Andrew Diamond, currently Victoria's financial controller, will become finance director from the end of June.
The reshuffle came as Victoria posted results for the seven months to the end of December 2015. The group changed its financial year to the calendar year from a May year-end previously, so the results do not provide direct comparatives.
In the seven-month period, the company made a pretax profit of USD1.6 million on revenue of USD21.4 million. For the year to the end of May 2015, Victoria made a pretax loss of USD50.7 million, hit by impairment charges, on revenue of USD27.9 million.
Victoria, focused on the Logbaba gas project in Cameroon, said gas production in the seven-month period was 8.57 million cubic feet of gas, compared to 3.95 million in the comparative period a year earlier.
The group added it is considering adding to its African asset portfolio and is on the look out for further acquisitions.
Victoria shares were up 2.1% to 35.75 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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