Victoria Oil & Gas PLC Annual Report and Accounts & Trading update (6174D)
30 Giugno 2021 - 8:20AM
UK Regulatory
TIDMVOG
RNS Number : 6174D
Victoria Oil & Gas PLC
30 June 2021
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
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END
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