3rd Feb 2017 07:47
LONDON (Alliance News) - Cameroon-focused Victoria Oil & Gas PLC on Friday said gas sales from its Logbaba project were up 24% year-on-year in 2016.
The London-listed oil and gas producer said in the three months ended December 31, its average gas production came in at 7.64 million standard cubic feet per day, up from 7.14 million standard cubic feet per day the same period the prior year.
Gross gas sales from the Logbaba project, located in Cameroon, for the three-month period were 4.5% ahead of the prior year at 654 million standard cubic feet, compared to 626 million standard cubic feet the prior year.
For the year as a whole, though, Victoria Oil & Gas said its gross Logbaba gas sales were up 24% on the prior year, at 3,566 million standard cubic feet, having been 2,868 million standard cubic feet in 2015.
The group said it generated USD4.6 million revenue in the fourth quarter, slightly down from the USD4.7 million posted for the third quarter, but saw its cash balance increase to USD15.8 million from USD14.1 million over the three month period.
Its net cash position, though, declined to USD1.3 million at the end of December from USD2.3 million at the end of September. Victoria Oil & Gas said it currently has undrawn credit lines of around USD16.0 million.
"Our drilling programme has progressed well and we are reaching an exciting phase as the wells descend into the Logbaba formation," said Victoria Oil & Gas Chief Executive Ahmet Dik.
By Hannah Boland; [email protected]; @Hannaheboland
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