Victoria Oil & Gas PLC – Q1 Operations Update
Victoria Oil & Gas Plc, owner of Gaz du Cameroun S.A., the Cameroon based gas and condensate producer and distributor, provides an update on the Group’s operations for the three months ended 31 March 2019.
Highlights:
- Overall Q1 19 average gas production rate increased by 127% during the period to 10.10mmscfd (Q4 18: 4.45mmscfd), driven by the resumption of the contract with ENEO
- ENEO gas consumption consistently over 5.5mmscfd during the Quarter having recommenced on 22 December 2018
- Peak rate of 12.85mmscfd reached in Q1 19
- Q1 19 gross gas sales of 903.2mmscf (Q4 18: 403.8mmscf)
- 2 new customer gas sales agreements signed
- International Organization for Standardization compliance (“ISO”) 9001, 14001 & 45001 audits successfully completed, emphasising the Company’s commitment to international standards in its management systems
Post Period End:
- Completion of £13.57 million (gross) fundraise to strengthen the Company’s financial position and provide a stable growth platform for the business
- Completion of Board Changes:
- Kevin Foo stepped down as Director and Executive Chairman
- Roger Kennedy assumed the role of Executive Chairman.
- Appointment of John Daniel and John Knight as Independent Non-Executive Directors
Roger Kennedy, Executive Chairman of VOG commented:
“The past month has marked a positive new beginning for VOG, as the business restored a stable platform for future growth through the delivery of a strong set of Q1 19 production figures, in addition to the post period end completion of the fundraising and the reshaping of the Board.
VOG is in a much improved financial and operational position. As the only onshore gas supplier and operator of a gas pipeline network, we are well placed to take advantage of the increasing gas demand in Douala, Cameroon.
As a management team, we are confident about the future of this business, and are firmly focused on the development, diversification and expansion of our operations and customer base in Cameroon.”