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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2018

28 Sep 2018

 

Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2018.

Operational Highlights

  • Average daily Logbaba field gross production rate fell to 3.40mmscf/d (six months to 30 June 2017: 14.6mmscf/d). 650mmscf of gross gas sold from Logbaba (six months to 30 June 2017: 2,345mmscf), reflecting the non-renewal of the grid power gas sales agreement
  • Gaz du Cameroun S.A. (“GDC”) added three new thermal and industrial power generation customers to the pipeline network in the six months to 30 June 2018
  • CNG agreement to partner with Naturelgaz Sanayi ve Ticaret A.S. announced on 26 June 2018 provides GDC with opportunities to reach customers beyond the current pipeline infrastructure
  • GDC remains confident that a resolution with ENEO Cameroon SA (“ENEO”) with regards to the grid power supply issue will be agreed in the near term

Logbaba Subsurface Highlights

  • Subsurface reinterpretation complete and new subsurface model developed integrating re-processed seismic and new well data with historic field mapping
  • Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba increased 73% to 69bcf (internal estimates)
  • Field remaining 2P reserves revised to 309bcf, an increase of 106bcf (52%) (internal estimates)
  • Reserves / production ratio (2P) increased to 10yrs at 90mmscfd which supports growth in the Douala market and is expected to underpin new long-term gas contracts

Financial Highlights

  • $5.0 million Revenue (six months to 30 June 2017: $15.4 million)
  • $0.03 million EBITDA (six months to 30 June 2017: $4.4 million)
  • $18.6 million Net Debt position (at 31 December 2017: $13.1 million)
  • BGFI Bank debt successfully restructured with 12 months interest only payments

For the full report please see pdf below