Victoria Oil & Gas PLC Post-AGM Q2 2019 Operations Update (6695E)
05 Luglio 2019 - 1:30PM
UK Regulatory
TIDMVOG
RNS Number : 6695E
Victoria Oil & Gas PLC
05 July 2019
5 July 2019
Victoria Oil & Gas Plc
("VOG" or the "Company")
Post-AGM Q2 2019 Operations Update
Victoria Oil & Gas Plc, whose wholly-owned subsidiary, Gaz
du Cameroun S.A. ("GDC"), the fully integrated onshore gas producer
and distributor with operations located in the port city of Douala,
Cameroon, is pleased to provide an update on the 27 June 2019
announcement (that included gas production and sales figures from 1
April to 25 June inclusive) to include the full production and
sales figures for the period from 1 April to 30 June 2019 inclusive
("Q2 19" or "the Quarter").
Highlights:
-- Overall Q2 19 average gas production rate during the period
of 9.66 mmscfd (Q1 19: 10.10 mmscfd)
-- Q2 19 gross gas sales of 882mmscf (Q1 19: 903mmscf)
-- ENEO Cameroun S.A ("ENEO") payments received for January and
February 2019, with management confident that regular payments will
be in line with the existing binding term sheet
Logbaba - Quarterly Production Update
Q2 19 (1 April 2019 to 30 June 2019) gross and net gas and
condensate sales at Logbaba are as follows:
Amounts in bold are gas and condensate sales attributable to GDC
(57%):
Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Gas sales (mmscf)
-------------- -------------- -------------- -------------- --------------
Thermal 206 361 211 370 200 352 194 341 174 305
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Industrial power 14 25 14 25 15 27 9 15 9 15
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Grid power 283 496 290 508 15 25 0 0 0 0
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total (mmscf) 503 882 515 903 230 404 203 356 183 320
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Average gas production
(mmscfd) 9.66 10.10 4.45 3.72 3.30
-------------- -------------- -------------- -------------- --------------
Condensate sold
(bbl.) 3,451 6,055 3,825 6,710 2,701 4,738 2,298 4,032 1,657 2,907
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Grid Power Update
The Company is pleased to announce that further to the 27 June
2019 announcement, in which VOG detailed that it had received the
ENEO invoice for January 2019, the Company has received further
payment from ENEO to settle the February 2019 invoice totaling $0.8
million (net). An amount of approximately $2.6 million (net)
remains outstanding, not including amounts to be invoiced for
June.
Now that all the necessary financial processes have resumed, the
GDC management team is confident that all future ENEO payments will
be forthcoming in accordance with the existing binding term sheet.
As noted in the announcement of 27 June 2019, this term sheet will
soon be supplemented by a fully termed agreement and payment
guarantee.
Cameroon Holdings Limited ("CHL") Royalty Agreement
CHL has commenced proceedings against both Gaz du Cameroun S.A
and Victoria Oil and Gas Plc with regard to payments CHL believes
it is entitled to under the Royalty Agreement. The Company proposes
to vigorously defend such claim and is currently preparing its
defense. Further updates as required will be made in due
course.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Ahmet Dik Tel: +44 (0) 20 7921 8820
Kate Baldwin
Strand Hanson Limited (Nominated and Financial Adviser)
Rory Murphy / James Dance / Jack Botros Tel: +44 (0) 20 7409
3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 20 7408 4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright / Hugh Sanderson Tel: +44 (0) 20 7448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 20 3757 4983
Nick Hennis Tel: +44 (0) 20 3781 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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