TIDMVOG
RNS Number : 3739T
Victoria Oil & Gas PLC
22 July 2022
22 July 2022
Victoria Oil & Gas Plc
("VOG" or the "Company")
Q2 2022 Operational & Corporate Update
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, provides shareholders with a brief operations update for
the second quarter of 2022 and an update on corporate matters.
OPERATIONS SUMMARY
-- Sales : Average daily gross gas sales rate for the quarter
was 5.6 MMscf/d (up 2% on Q1 22: 5.5 MMscf/d), and a gross volume
of 4,243 bbls (Q1 22: 4,691 bbls) condensate was shipped to
customers.
-- Matanda : Rig contract negotiations continue and the
mobilisation of a rig to Douala is expected to be complete by end
July, this being at the owner's own cost and risk. Site and access
preparations will be somewhat hindered by the rainy season at this
time of the year.
CORPORATE SUMMARY
ICC Award: As announced on 4 April 2022, along with a Partial
Final Award, the Tribunal directed the parties (GDC and RSM) to
confer regarding the proposed procedure for resolution of costs and
attorney's fees ("Costs") with a target date for resolution by 30
June 2022.
The Arbitration Panel and the International Chamber of Commerce
("ICC") are still evaluating a number of issues connected to the
proceeding, including Costs, and consequently the ICC has extended
the time limit for rendering the final award until 31 December
2022. We continue settlement discussions with RSM with a view
towards achieving resolution of these matters and a commercially
realistic settlement in a more timely manner and in lieu of the
Arbitration Panel and ICC resolving these issues on behalf of the
parties.
LOGBABA UPDATE
Quarterly Production
GDC continues to safely produce and sell natural gas to a
variety of customers in the Douala area. Quarterly gross and net
gas sales and condensate shipments at Logbaba are as follows
(amounts shown in bold represent net gas and condensate sales
attributable to GDC (57%)):
Q2 2022 Q1 2022
Gas sales (MMscf)
--------------------- ------ ------ ------ ------
Thermal 278 488 266 466
------ ------ ------ ------
Industrial power 12 22 17 31
------ ------ ------ ------
Total (MMscf) 290 510 283 497
------ ------ ------ ------
Daily average gross
gas sales rate
(MMscf/d) 5.6 5.5
-------------- ----------------
Condensate shipped
(bbls) 2,419 4,243 2,674 4,691
------ ------ ------ ------
Logbaba Field Performance
There were some very high daily sales in the quarter, with
intra-day, instantaneous peaks occasionally reaching approximately
8.0 MMscf/d. The Logbaba field has now produced a cumulative of
approximately 21.8 Bcf of natural gas, and GDC continues to use two
of the three wells at any time.
Customers
GDC's online customer count remained around 30 for the
period.
MATANDA UPDATE
The Company continues to market the Matanda Farm-Out opportunity
and absent success with that process, the Company is progressing
negotiations in relation to alternative sources of funding.
The Company has selected a 1,700 HP rig, which is moving to
contract negotiation stage and, as previously disclosed, the rig
owner has chosen to relocate the rig to Doula at his own risk and
cost. In the event, that a contract is executed, there would likely
be a mobilisation charge to move the truck-mounted rig from Douala
to the Marula wellsite.
May heralded the start of the rainy season which of course makes
groundworks more challenging.
WEST MED UPDATE
The process to find a buyer for SGI continues. International
sanctions continue to hinder funds transfers to Russia and limit
the counterparties with which the Company can have discussions.
Roy Kelly, Chief Executive of Victoria Oil & Gas, commented
:
"Demonstrating that it really is business as usual in Cameroon,
we are very pleased to report that GDC achieved a third consecutive
quarter of gas sales growth, with this growth being largely
organic.
Following the Arbitral award against GDC at the start of the
quarter, we continue to work with RSM to seek a post-award
commercial settlement."
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 Tel: +44 (0) 207 408 4090
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END
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July 22, 2022 02:00 ET (06:00 GMT)
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