30 Jun 2022 07:00
30 June 2022
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
VOG announces that its Annual Report and Accounts to 31 December 2021 will not be published in advance of the Annual General Meeting ("AGM") being held today at 11.00 a.m. given the financial uncertainty that the Company is in as a result of the Partial Final Award to RSM Production Corporation ("RSM") by the ICC, as announced on 4 April 2022. This resulted in the temporary suspension of the Company's shares. The Company continues its discussions with RSM with a view to agreeing a post award settlement that would enable resolution of the financial uncertainty facing the Company, the audit to be finalised, the Annual Report posted to shareholders and the suspension of shares to be lifted. Included in these ongoing discussions is the proposed procedure for resolution of costs and attorney's fees.
Trading Update
Revenue
Gaz du Cameroun S.A.'s ("GDC") operation in Douala, Cameroon has continued to deliver natural gas to over 30 industrial customers, supplying gas safely and continuously throughout 2021 and the year to date.
Unaudited attributable revenue for calendar year 2021 was US$14.5 million (2020: U$13.2 million) representing an increase of 10% year on year. Unaudited revenue to 31 May 2022 was US$6.3million (2021 for the same period: US$6.2 million).
Cash and Cash Equivalents
Unaudited cash and cash equivalents at 31 December 2021 was US$2.1 million (31 December 2020: U$1.8 million). Cash as at 1 June 2022 was US$0.98 million (1 June 2021: US$2.5 million). Unaudited net debt as at 31 December 2021 was US$15.9 million (31 December 2020: US$12.8 million).
Q2 2022 Operational Update will be released to the market in due course.
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 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
For more information, please visit: www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc | |
Roy Kelly / Rob Collins | Tel: +44 (0) 20 7921 8820 |
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 | Tel: +44 (0) 207 408 4090 |