Victoria Oil & Gas PLC Production Update (3762O)
29 Gennaio 2019 - 8:00AM
UK Regulatory
TIDMVOG
RNS Number : 3762O
Victoria Oil & Gas PLC
29 January 2019
29 January 2019
Victoria Oil & Gas Plc
("VOG" or "the Company")
Production Update
Victoria Oil & Gas Plc, the Cameroon based gas and
condensate producer and distributor, is pleased to provide a
further update on the increasing production levels at the Logbaba
Project.
-- 9.6mmscfd average gas consumed January 2019 to date
-- 12mmscfd average production for week 19-25 January
-- Current gas and condensate production levels provide
estimated monthly net revenue of approximately $2.0m at 12
mmscfd.
Grid power customer ENEO resumed gas consumption on 22 December
2018 after nearly a year offline and this has led to 9.6mmscfd
average consumption for January 2019 to date. If condensate
production is added, this equates to 10mmscfd.
At the 12mmscfd level, approximately 56% of gas is consumed by
ENEO and the balance is to thermal and Industrial Gas consumers.
This is the product balance that the Company wishes to maintain and
focus on non-grid solutions is ongoing.
At the 12mmscfd gas production level net Gaz du Cameroun (VOG
subsidiary) monthly revenue from gas and condensate is
approximately $2.0m.
Press Speculation
The Company notes the recent speculation in the press with
regards to a potential fundraising by VOG. As with many other AIM
companies, VOG continually assesses its cash requirements and
funding, both debt and equity and currently is assessing various
potential funding options. In adherence with market regulations any
announcement in relation to any fundraising decisions would be made
in consideration of due process via the formal channels and VOG has
nothing further to announce at this time. However, the Company is
encouraged by the strong cash flows projected from its Cameroon
operations, which reflect the January figures above.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kate Baldwin Tel: +44 (0) 20 7921 8820
Strand Hanson Limited (Nominated and Financial Adviser)
Rory Murphy / Stuart Faulkner / Ritchie Balmer Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408
4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright / David van Erp Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
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.
END
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