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Victoria Oil and Gas shares rise on positive operations update in Cameroon

Thu, 28th Feb 2013 14:06

Victoria Oil and Gas shares rose Thursday after the company said it expects to complete the Phase-2 pipeline from the Logbaba gas field in Cameroon in the third quarter of this year.The company also anticipates it will have 25 thermal gas customers connected by the year-end.Funding of £23.4m was recently raised for the pipeline and to acquire the first 40 megawatts of power generation units. The funds will also be used to provide rental, second-hand and new generation equipment in order to meet the 40 megawatts per 25 customer target.First power installations are expected early in the third quarter of 2013.Victoria identified a further 20 potential customers for thermal and power applications to increase the list of possible industrial customers to 80. The production target from Logbaba by December is 12m standard cubic feet per day (mmscf/d), comprising 6.5 mmscf/d thermal and 5.5 mmscf/d power.The announcement came as Victoria widened its losses to $5.3m in the six months to November, from $2.3m. New Chief Executive, John Scott, was appointed during the period to drive uplift of production levels and cash flow.Shares climbed 2.01% to 1.52p at 14:39 Thursday.
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23 Dec 2021 11:59

Victoria Oil gets extension to Matanda Block licence

(Sharecast News) - Cameroon-focussed Victoria Oil & Gas announced on Thursday that its wholly-owned subsidiary Gaz du Cameroun (GDC) has received, as operator, approval from the Minister of Mines, Industry and Technological Development for the extension of the Matanda Block licence.

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23 Dec 2021 11:06

Victoria Oil & Gas subsidiary receives extended Matanda Block licence

Victoria Oil & Gas subsidiary receives extended Matanda Block licence

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IN BRIEF: Victoria Oil & Gas draws down Meridian loan notes in full

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IN BRIEF: Victoria Oil & Gas reaches settlement with RSM Production

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5 Aug 2021 16:17

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4 Aug 2021 17:35

IN BRIEF: Victoria Oil & Gas average gas sales rise over quarter

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13 Jul 2021 13:58

IN BRIEF: Victoria Oil & Gas shares plummet amid future trade warning

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