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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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17 Apr 2020 12:10

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Victoria Oil & Gas Hires Hurricane Energy Director Roy Kelly As CEO

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21 Feb 2020 12:45

RSM Files Another Arbitration Claim Against Victoria Oil & Gas

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21 Feb 2020 10:24

Victoria Oil 'vigorously' defending claims raised by partner RSM

(Sharecast News) - Victoria Oil & Gas updated the market on the arbitration between its wholly-owned subsidiary Gaz du Cameroun (GDC) and RSM Production Corporation - GDC's partner in the Logbaba concession with an 38% non-operated interest - on Friday.

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10 Feb 2020 15:15

EXECUTIVE CHANGE SUMMARY: Katoro Gold Hires Former Harmony CEO For JV

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5 Feb 2020 15:26

Victoria Oil & Gas subsidiary working through 'legacy' issues

(Sharecast News) - Victoria Oil & Gas updated the market on its wholly-owned subsidiary Gaz du Cameroun (GDC) - the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon - on Wednesday.

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5 Feb 2020 11:06

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Victoria Oil & Gas Director Knight Resigns On Other Commitments

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