Victoria Oil & Gas PLC Annual Report and Accounts & Trading update (0020R)
25 Giugno 2020 - 8:00AM
UK Regulatory
TIDMVOG
RNS Number : 0020R
Victoria Oil & Gas PLC
25 June 2020
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
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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