Victoria Oil & Gas PLC Settlement with Eneo Cameroon S.A. ("Eneo") (9210V)
19 Aprile 2021 - 2:44PM
UK Regulatory
TIDMVOG
RNS Number : 9210V
Victoria Oil & Gas PLC
19 April 2021
19 April 2021
Victoria Oil & Gas Plc
("VOG" or the "Company")
Settlement with Eneo Cameroon S.A. ("Eneo")
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 an update on a
settlement agreement with Eneo.
On 16 April 2021, GDC signed a settlement agreement with Eneo
which will result in the payment of the gross amount to GDC, within
30 days of the signing, of approximately 2.74 billion FCFA (Central
African CFA franc) (circa US$5 million). This settlement relates to
the Take-or-Pay invoices for October, November and December 2019
plus associated interest. During this period for which Take-or-Pay
invoices were issued, gas was not being supplied to Eneo because
there was no demand.
At the time of the termination of the contract with Eneo in July
2020, VOG had ten Take-or-Pay invoices outstanding. With this
settlement, the Company has now recovered four out of ten of these
outstanding invoices plus interest to February 2021.
All of the amounts invoiced to Eneo were fully provided for in
the Annual Accounts for the year ended 31 December 2019 and the
Interim Statement for the period to 30 June 2020. The payment to
GDC will represent full and final settlement for all amounts
invoiced to Eneo.
Roy Kelly, Chief Executive of the Company, commented:
"We are very pleased to have settled another legacy issue
without recourse to time-consuming and expensive litigation or
arbitration, as such legal costs have been crippling the company in
recent years. Arbitration would be under Cameroonian law and could
take several years.
We believe the avoidance of further legal costs in pursuit of
the Eneo receivables is in the best interests of shareholders and
partners, and allows management to focus on the business and
strategy."
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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END
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April 19, 2021 08:44 ET (12:44 GMT)
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