Victoria Oil & Gas output increases at Logbaba project in Cameroon

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 13:29

Victoria Oil & Gas said it had continued to increase production at its Logbaba project in Cameroon after grid power customer Eneo resumed gas consumption in December.

For the week commencing 19 January, production averaged 12m standard cubic feet per day, the company said.

That level of production provided estimated monthly net revenue of around $2.0m, it added.

Victoria Oil & Gas also addressed media speculation that it was planning a fundraising by stating that it was continually assessing its requirements of both debt and equity.

'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 Victoria has nothing further to announce at this time,' it said.

'However, the company is encouraged by the strong cash flows projected from its Cameroon operations, which reflect the January figures above.'

At 1:29pm: (LON:VOG) Victoria Oil Gas PLC share price was +0.79p at 14.54p

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