LONDON (Alliance News) - Victoria Oil & Gas PLC on Friday reported a narrowed pretax loss on reduced expenses.
In the six months ended June, the African energy supplier narrowed its pretax loss to USD3.8 million from USD4.6 million.
The company's revenue decreased significantly to USD5.0 million from USD15.4 million, as the company's cost of sales decreased to USD6.0 million from USD12.4 million.
Victoria Oil & Gas' administrative expenses halved to USD3.2 million from USD6.8 million.
The company said the non-renewal of the grid power sales agreement in December 2017 at its Logbaba and Bassa power stations in Cameroon had a "significant" impact on the revenue generated.
Victoria remains confident a resolution between the government of Cameroon and the gas providers at its project will be agreed in the near term.
Until then, the company is focused on expanding its thermal, industrial power and compressed natural gas divisions.
Victoria's net debt position at the end of the half increased to USD18.6 million from USD13.0 million the year before.
Shares in Victoria Oil & Gas were down 3.4% Friday at 34.81 pence each.
