25 Jun 2020 07:00
25 June 2020
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 2019 ("Annual Report") by the 30 June 2020 deadline pursuant to AIM Rule 19.
Further to the guidance provided by AIM Regulation in "Inside AIM" on 26 March 2020, 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 2020, however we expect to publish the Annual Report in advance 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 2020.
Trading Update
Revenue
Gaz du Cameroun S.A. ("GDC") continues to safely produce and sell natural gas to over 30 customers in the Douala area. The Cameroon Government's easing of lockdown conditions and the usual seasonal swing have resulted in a recent increase in gas demand.
Unaudited revenue for calendar year 2019 was $20.6 million (2018: $10.8 million). Unaudited revenue to 31 May 2020 was $8.6 million (2019 for the same period: $8.7 million).
Cash and Cash Equivalents
Cash and cash equivalents at 31 May 2020 was $5.0 million (31 May 2019: $15.7 million).
Grid Power Update (ENEO)
The suspension of generation and thus gas supply at ENEO's Logbaba site continues, and the Company, along with the supplier of the generators, continues to proactively engage with ENEO to resolve the non-payment and other contractual issues.
The gross receivables outstanding from ENEO to 31 May 2020 was $15.5 million ($8.8 million net to GDC).
The Company will continue to publish more comprehensive quarterly updates, the next of which will be published in July. 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 / Jack Botros 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