VOG Updates on Cameroon Operations
AIM-listed Victoria Oil and Gas (VOG) January 29 said resumption of gas offtake by Cameroonian power generator Eneo, its biggest customer, December 22 after nearly a year led to 9.6mn ft3/day average consumption for January 2019 to date.
Production during the week to January 25 was 12mn ft3/d. “At the 12mn ft3/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 focus on non-grid solutions is ongoing,” it said.
At the 12mn ft3/d gas production level, VOG subsidiary Gaz du Cameroun’s monthly revenue from gas and condensate is approximately $2mn. Through Gaz du Cameroun, VOC owns 57% in Logbaba gas and condensate project in Cameroon.
Meanwhile, reacting to speculation in the press with regards to a potential fundraising it 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.”