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Wednesday, January 30, 2019
Victoria Oil & Gas (VOG) issued an update on its ever increasing natural gas production levels at its Logbaba project onshore Cameroon. According to the company, grid power customer ENEO resumed gas consumption on December 22 after nearly a year offline and this has led to 9.6 Mmscf/d average consumption for January 2019 to date. If condensate production is added, this equates to 10 Mmscf/d.
At the 12 Mmscf/d 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 its focus on non-grid solutions is ongoing.
At the 12 Mmscf/d gas production level net Gaz du Cameroun (VOG subsidiary) monthly revenue from gas and condensate is approximately $2.0 million.
The company also commented on the recent speculation in the press with regards to a potential fundraising by VOG. In a statement the company said, “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.”
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