focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVOG.L Share News (VOG)

  • There is currently no data for VOG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Victoria Oil & Gas Subsidiary Achieves Positive Cash Flow In Cameroon

Fri, 21st Feb 2014 09:06

LONDON (Alliance News) - Victoria Oil & Gas PLC Friday said its subsidiary Gaz du Cameroun has become cash flow positive following a major deal to provide Socaver with gas earlier in February.

The African energy utility company said Gaz du Cameroun has averaged 3.2 million square cubic feet per day of gas production during February, compared with 2.6 million square feet per day figure in October 2013, allowing it to break-even for cash flow.

The company said the production rate has been achieved following increased usage by existing customers in connection with a deal it made with Socaver, a subsidiary of South African Brewing Company Pty Ltd, earlier in February.

Under the deal, Gaz du Cameroun supplies thermal gas for up to six burners to Socaver, following Socaver's recent conversion to gas from heavy fuel oil, a process which Gaz du Cameroun took part in.

The Socaver plant is expected to consume an average of 400,000 square cubic feet per day, running 24 hours per day, with peak demand estimated at 764,000 square cubic feet per day.

The company said it is now looking to build on this momentum, securing new customers and installing gas-fired generators at existing customers' sites.

Victoria Oil & Gas shares were up 5.8% to 1.38 pence in early trading Friday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright © 2014 Alliance News Limited. All Rights Reserved.

More News
10 Nov 2015 09:56

Victoria Oil & Gas Shifts Financial Year To Align With Gaz du Cameroun

Read more
5 Nov 2015 11:29

Victoria Oil Production Falls As Expected As Expansion Plans Progress

Read more
28 Oct 2015 09:34

Victoria Oil And Gas Reports Huge Pretax Loss On Idle Russian Asset

Read more
23 Jul 2015 11:23

LONDON MARKET MIDDAY: US Stocks Seen Up Ahead Of Amazon, GM, AT&T

Read more
23 Jul 2015 09:29

WINNERS AND LOSERS SUMMARY: Unilever, Kingfisher Up As Aberdeen, SSE Drop

Read more
8 Jun 2015 08:31

Victoria Oil & Gas jumps on Cameroon update

Shares in Victoria Oil & Gas jumped almost 6% early on Monday, as the energy utility developer said its Cameroon-based subsidiary had begun gas distributions. In a statement released on Monday, the London-listed group said Gaz du Cameroun S.A had completed connections and was supplying natural gas t

Read more
8 Jun 2015 08:01

Victoria Oil Subsidiary Gaz Du Cameroun Secures Three New Customers

Read more
27 May 2015 06:46

Victoria Oil Subsidiary Completes Purchase Of Logbaba Gas Plant

Read more
23 Apr 2015 07:22

Victoria Oil & Gas Delivery Obligations Met As Logbaba Comes Online

Read more
17 Apr 2015 17:18

Victoria Oil & Gas Says Gas Production Doubles Since Start Of Year

Read more
24 Mar 2015 09:35

BROKER RATINGS SUMMARY: Deutsche Bank Cuts Centrica To Sell From Hold

Read more
24 Mar 2015 08:14

LONDON MORNING BRIEFING: Wolseley, Centrica, Kingfisher Lead Declines

Read more
23 Mar 2015 09:34

Victoria Oil & Gas Says First Bassa Power Now Online In Cameroon

Read more
9 Mar 2015 10:05

Victoria Oil & Gas Completes Installations At Cameroon Plants

Read more
27 Feb 2015 15:22

Victoria Oil Swings To Pretax Loss After Write Down Of Russian Asset

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.