TIDMVOG
RNS Number : 4744H
Victoria Oil & Gas PLC
04 August 2021
4 August 2021
Victoria Oil & Gas Plc
("VOG" or the "Company")
Q2 2021 Operational 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 brief
operations update for the second quarter of 2021.
SUMMARY
-- Sales : Average daily gross gas sales rate for the quarter of
5.4 MMscf/d (Q1 21: 5.2 MMscf/d) of natural gas, plus gross 4,468
bbls (Q1 21: 5,357 bbls) condensate was shipped to customers.
-- La-108 Performance : The well produced a cumulative 0.467 Bcf
before it was shut-in to allow us to perform a pressure build up
("PBU"). The other wells are able to satisfy current demand.
-- Matanda : Well planning continues and tendering for long lead
items and key equipment and services has commenced.
Roy Kelly, Chief Executive of Victoria Oil & Gas, commented :
"We are very pleased that the team has delivered another solid
quarter during which some customers increased organic demand,
although we are conscious that we are now heading into August which
is usually a slower month. Operationally, I am delighted to report
that in June GDC passed one million man-hours without a single Lost
Time Incident, a credit to all the staff and contractors.
We are considering adding perforations to well La-108, more than
doubling the net pay, and this is being discussed with partners.
Such is the depth and pressure difference between the top and
bottom of the reservoir that perforating must be done in two
stages. Adding perforations could increase the well's productivity,
reduce the overall water cut and of course allow us to access all
of the well's connected gas volumes.
We look forward to updating shareholders in due course on our
various workstreams."
LOGBABA UPDATE
Quarterly Production
GDC continues to safely produce and sell natural gas to a
variety of customers in the Douala area, who would otherwise be
burning liquid fuels. Quarterly gross and net gas sales and
condensate shipments at Logbaba are as follows (amounts in bold are
net gas and condensate sales attributable to GDC (57%)):
Q2 2021 Q1 2021
Gas sales (MMscf)
--------------- ------ ------ ------
Thermal 261 458 252 442
--------------- ------ ------ ------
Industrial power 17 29 13 23
--------------- ------ ------ ------
Total (MMscf) 278 487 265 465
--------------- ------ ------ ------
Daily average gross
gas sales rate (MMscf/d) 5.4 5.2
----------------------- --------------
Condensate shipped
(bbls) 2,547 4,468 3,054 5,357
--------------- ------ ------ ------
La-108 Performance
Together with the volumes produced during testing last year, the
well has produced a cumulative 0.467 Bcf to date (over 111 days),
and it had been supplying the majority of the gas produced whilst
it was on production. La-108 was shut in on 6 June, the other wells
meeting the needs of the customers, enabling us to carry out a
long-term PBU, which will allow us to learn more about the
reservoir system that it has been producing from.
MATANDA UPDATE
In addition to progressing the well planning of our first well
in the Matanda licence, we have presented the farmout opportunity
to a number of parties who continue their evaluations.
WEST MED UPDATE
A period of exclusivity with a potential buyer expired at the
end of May 2021, and we continue discussions with that counterparty
though we have not renewed the exclusivity at this time as we are
engaged with other parties who have expressed an interest.
LITIGATION UPDATE
The arbitration in Texas, USA under ICC rules (initiated in
October 2018) was heard at the end of April, and we await the
Panel's findings, likely to be announced in August or
September.
The arbitration in London under UNCITRAL rules (initiated in
February 2020) will be heard at the end of September.
As we have said before, arbitrations under ICC and UNCITRAL
rules are con dential processes and VOG is not permitted to provide
detailed comments on them, beyond saying that it continues to
vigorously defend the claims raised by RSM. T he amounts under
dispute in this arbitration, including GDC's counterclaims, are
significant and an adverse finding could have a material impact
upon the results and position of the Group.
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
Notes
Sam Metcalfe, the Company's Subsurface Manager has reviewed and
approved the technical information contained in this announcement
in his capacity as a qualified person under the AIM Rules. Sam has
over 3 5 years of industry experience, and has an MSc in Petroleum
Engineering from The University of Texas at Austin.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDXLFBFVLZBBQ
(END) Dow Jones Newswires
August 04, 2021 02:00 ET (06:00 GMT)
Grafico Azioni Victoria Oil & Gas (LSE:VOG)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Victoria Oil & Gas (LSE:VOG)
Storico
Da Apr 2023 a Apr 2024
