VOG2 Feb 2022 07:20
Q4 2021 Operational Update
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide shareholders with a brief operations update for the fourth quarter of 2021.
SUMMARY
· Sales: Average daily gross gas sales rate for the quarter of 5.3 MMscf/d (up 6.0% on Q3 21: 5.0 MMscf/d) of natural gas, plus gross 5,584 bbls (Q3 21: 3,800 bbls) condensate was shipped to customers.
· Logbaba Performance: The field has been meeting the demand using two of the three wells at any one time, with Well La-108 alternating with Well La-107.
· Matanda: Following the selection of a suitable wellsite to drill a vertical well into the Marula prospect on Government-owned, late-life plantation lands, stakeholder engagement continued, and the preparation of site access roads commenced.
· Litigation: Certain of the non-monetary claims in the ICC arbitration with RSM Production Corporation ("RSM") have been settled consistent with the UNCITRAL arbitration settlement agreement, previously announced on 29 September 2021. The settled non-monetary claims resolve several prospective accounting issues.