5th Jul 2019 14:29
(Alliance News) - Victoria Oil & Gas PLC said on Friday that production dipped slightly in the second quarter but remains confident about its long-term future.
For the three months ended June 25, onshore gas producer Victoria Oil, with its subsidiary Gaz du Cameroun SA, had an average production rate of 9.7 million square cubic feet per day of gas production, down 3.9% from the figure of 10.1 million in the first quarter. It is still, however, more than double the average gas production of 4.5 million square cubic feet per day achieved at the end of 2018.
As production from the Logbaba field in Douala, Cameroon dipped, gross sales also fell 7.2% to 838 million square cubic feet of gas in the second quarter from 903 million square cubic feet of gas in the first quarter. The 6,055 barrels of condensate sold in the second quarter is also a 9.8% decline from the first where 6,710 barrels were sold.
Victoria Oil resumed a contract with electricity suppliers ENEO in January which has so far more than doubled average gas production for the financial year 2019, compared to 2018, in addition to boosting sales too.
The firm remains optimistic however and in a June 27 statement, Chief Executive Ahmet Dik said: "The company has continued to perform well over the past quarter, delivering consistent production figures following the resumption of the ENEO contract whilst reducing operating costs. We have been pleased to receive the January payment from ENEO."
Shares in Victoria Oil & Gas rose 1.8% at 12.65 pence in London on Friday afternoon.
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