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INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2015

29 Feb 2016

Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 November 2015.

The Company has changed its accounting reference date to 31 December and will release audited results for the seven-month period ended 31 December 2015 by the end of May 2016.

Financial Highlights

  • $18.9 million Revenue for the period (six months to 30 November 2014 was $11.6 million)

  • $9.0 million Adjusted EBITDA (six months to 30 November 2014 was $1.7 million)

  • $6.3 million Net cash position (at 31 May 2015 was $5.1 million)

Operational Highlights

  • 126% average production rate increase to 8.85mmscf/d (six months to 30 November 2014 was 3.91mmscf/d)

  • Sales from the Logbaba gas and condensate field in Cameroon:

    • 1,530mmscf of gas sold (six months to 30 November 2014 was 719mmscf)

    • 23,110bbls condensate offloaded (six months to 30 November 2014 was 11,334bbls)

  • Secured a 75% participating interest in the Matanda Block in Cameroon, subject to regulatory approvals

Corporate

  • Ahmet Dik appointed as a Director of the Company, and Chief Executive Officer of Gaz du Cameroun S.A.

  • Iain Patrick appointed as an independent Non-Executive Director of the Company

  • Accounting reference date changed from 31 May to 31 December

  • Improved shareholder communications through introduction of quarterly operations updates

Kevin Foo, Executive Chairman said, “Our Company continues to deliver increased production and strong financial results. This confirms that our fully integrated gas utility business in Cameroon works well and has helped insulate us from low oil prices and extremely challenging markets. We intend to build on this foundation to increase production and cash flow in Cameroon and elsewhere in Africa.”