30 Jun 2021 07:20
30 June 2021
Victoria Oil & Gas Plc
("VOG" or the "Company")
Annual Report and Accounts & Trading update
Victoria Oil & Gas Plc provides the following update in relation to its Annual Report and Accounts and trading position.
Annual Report and Accounts
Due to the impact of the COVID-19 outbreak on staff availability and interaction time with our auditors, the Company will be unable to post its annual audited accounts to shareholders for the year to 31 December 2020 ("Annual Report") by the 30 June 2021 deadline pursuant to AIM Rule 19.
Further to the guidance provided by AIM Regulation in "Inside AIM" on 27 January 2021, the Company requested an additional period of up to three months to publish its Annual Report. AIM Regulation has granted the extension, and therefore the Company will publish its Annual Report by 30 September 2021. However, VOG expects to publish the Annual Report well ahead of that date.
The Company has also applied for and been granted an extension to delay the filing of its audited annual accounts by Companies House until 30 September 2021.
Trading Update
Revenue
Gaz du Cameroun S.A.'s ("GDC") operation in Douala, Cameroon has continued to deliver natural gas to 30 or so industrial customers, supplying safely and continuously throughout 2020 and the year to date.
Unaudited attributable revenue for calendar year 2020 was US$13.2 million (2019: $20.8 million). The overall reduction in revenue year-on-year is due to the reversal of any revenue invoiced to ENEO in 2020. The attributable revenue in 2019 included US$8.0 million related to grid power provided to ENEO. Thermal and industrial power revenue was US$13.0 million in 2020 compared to US$12.0 million in 2019, a 8% increase year-on-year and a healthy increase considering the backdrop of Covid-19 and its effects on business. Unaudited revenue to 31 May 2021 was US$6.2 million (2020 for the same period: US$5.4 million).
Cash and Cash Equivalents
Unaudited cash and cash equivalents at 31 December 2020 was US$1.8 million (31 December 2019: $7.2 million). Cash as at 1 June 2021 was US$2.5 million (1 June 2020: US$5.0 million). Unaudited net debt as at 31 December 2020 was US$12.8 million (31 December 2019: US$10.7 million. The Company continues to manage its creditors and cash flow as appropriate. As announced on 18 June 2021, VOG has arranged additional finance through a loan note instrument with Meridian Capital (HK) Limited, part of which is conditional on a Rule 9 waiver being granted by The Takeover Panel and approval by independent shareholders on a poll in due course.
The Company will publish a comprehensive quarterly update to 30 June 2021 in July.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Roy Kelly Tel: +44 (0) 20 7921 8820
Kate Baldwin
Strand Hanson Limited (Nominated and Financial Adviser)
Rory Murphy / James Dance Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Broker)
Mark Percy / Toby Gibbs (corporate advisory) Tel: +44 (0) 20 7408 4090
Jerry Keen (corporate broking)
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 20 3757 4983
Nick Hennis Tel: +44 (0) 20 3781 8330