LONDON (Alliance News) - Victoria Oil and Gas PLC Thursday said it is attempting to bounce back from negative events this year, as it brings back key development targets.
The oil and gas exploration and production company with operations in Cameroon said its gas pipeline through Cameroon, which was scheduled to pass under the Wouri River in the fourth quarter this year, has been held back as the company has experienced delays in the approval of its Environmental Impact Assessment.
The company also said a developing cement plant which will use 10MW of power is being held back due to the pipeline delay and is now expected to be operational in the second quarter 2014.
Victoria Oil & Gas said that a cost saving initiative in which a 20MW temporary power station would be used to help convert underutilised diesel to gas could be online by late 2013 to offset some of the losses related to missed targets depending on how government talks turn out.
"I acknowledge and take responsibility for missing a number of deadlines and targets. This was due to numerous factors, many of which were beyond our control," the company's Chief Executive Kevin Foo said in a statement.
Victoria Oil & Gas shares were down 7.9% to 0.995 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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