(Alliance News) - Victoria Oil & Gas PLC shares were lifted on Wednesday after it reported its wholly-owned subsidiary Gaz du Camerou SA's fourth-quarter sales were up 6% over the last quarter.
The London-based oil and gas company said GDC's average daily gross gas sales rate for the fourth quarter was 5.3 million standard cubic feet per day. This was up 6% from 5.0 million standard cubic feet per day in the previous quarter in 2021. Condensate sales were also up 47% to 5,584 barrels, from 3,800 barrels in the third quarter.
Victoria's share price was up 7.0% to 4.44 pence each in London on Wednesday morning.
"We are very pleased with the robust quarter that GDC achieved, despite a greater than expected number of maintenance shutdowns for its customers. Following the end of the quarter, 2022 has started very well with strong demand shown in the market," said Chief Executive Roy Kelly.
GCD's Logbaba field had been meeting demand using two of its three wells at any one time. It has started to prepare site access roads for its Marula prospect at Matanda.
The company also said it had resolved non-monetary in the International Chamber of Commerce arbitration with RSM Production Corp, in line with the previously announced Uncitral arbitration settlement agreement.
"I am pleased we could settle those non-monetary claims with a prospective impact in the ICC arbitration, and I am again grateful to RSM for their continued and constructive engagement on this," Kelly added.
Looking ahead to 2022, GDC predicts growth in demand of 10% to 20% over the previous year. January and February sales are likely to increase as Cameroon hosts a major sporting event.
Demand in January was high, with a mid-week peak gas sales of 6.8 million standard cubic feet per day, which was a three-year record.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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