Victoria Oil & Gas PLC Corporate Update (8523A)
04 Giugno 2021 - 8:00AM
UK Regulatory
TIDMVOG
RNS Number : 8523A
Victoria Oil & Gas PLC
04 June 2021
4 June 2021
Victoria Oil & Gas Plc
("VOG" or the "Company")
Corporate Update
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz
du Cameroun S.A. ("GDC"), is the onshore gas producer and
distributor with operations located in the port city of Douala,
Cameroon, is pleased to provide shareholders with a Corporate
Update:
Highlights
-- GDC has received US$5.1 million gross funds from Eneo in line
with the final settlement agreement of 16 April 2021;
-- Having reached the end of the exclusivity period with a
potential buyer of ZAO SeverGas-Invest ("SGI"), the Company's fully
owned subsidiary which owns the West Medvezhye ("West Med") asset,
discussions continue on the next steps;
-- GDC is pleased to report that the Environmental and Social
Impact Assessment (ESIA) Report on its planned activities on the
Matanda Block has been approved; and
-- Further to the Company's April 1 update, the Parties in the
Kemerkol dispute continue the exchange of information and
settlement discussions.
Eneo Settlement Funds Received
On 16 April 2021, GDC signed a settlement agreement with Eneo
relating to the Take-or-Pay invoices for October, November and
December 2019 plus associated interest. 2.7 billion FCFA (Central
African CFA franc) (circa US$5.1 million) gross funds have now been
received by GDC. This payment to GDC represents full and final
settlement for all amounts invoiced to Eneo.
West Med
As announced on 1 April 2021, the Company signed a non-binding
term sheet with a potential buyer of SGI. This buyer was granted a
period of exclusivity to 31 May 2021. Further discussions with the
counterparty about the next steps are taking place.
Matanda
GDC is pleased to report that the ESIA Report on its planned
activities on the Matanda Block has been approved. The certificate
of environmental conformity, as issued by an inter-ministerial
committee between The Ministry of Environment, Protection of Nature
and Sustainable Development (MINEPDED) and The Ministry of Mines,
Industry and Technological Development (MINIMIDT) permits the
progress of drilling activities subject to the implementation of an
approved Environment and Social Management Plan (ESMP).
Roy Kelly, Chief Executive of the Company, commented:
"We are very pleased to bring the Eneo episode to a close, and
the funds significantly strengthen GDC's working capital position.
In addition to the funds received, GDC gains valuable tax credits
which will be used to enhance cashflow.
The potential buyer of SGI remains keen but we are carefully
considering the next steps to avoid simply entering an open-ended
phase.
We are particularly grateful to the relevant Ministries and SNH
for their expeditious approval of our ESIA. Despite this being a
lightly populated area, we thank the communities and their leaders
for coming out to review the ESIA and for engaging constructively
with GDC and State representatives. I am happy to add that we have
added equal weight to ESG-related criteria as we do technical and
commercial ones in our prospect ranking exercise and in the
selection of a surface location as we seek to minimise our
footprint in the area. Nonetheless, we remain very excited about
the exploration prospects in a play that has been significantly
derisked by adjacent, tested discoveries."
The information contained within this announcement is deemed to
constitute inside information pursuant to the EU (Withdrawal) Act
and amended pursuant to Market Abuse (Amended) (EU Exit)
Regulations 2019. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
For further 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 (NOMAD)
Rory Murphy/James Dance Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Broker)
Mark Percy / Toby Gibbs (corporate advisory) Tel: +44 (0) 207 408 4090
Jerry Keen (corporate broking)
Camarco (Financial PR)
Billy Clegg / Nick Hennis Tel: +44 (0) 20 3772 2499
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