22nd Oct 2018 13:23
LONDON (Alliance News) - Victoria Oil & Gas PLC on Monday said gas sales and production grew in its third quarter with a further four customers consuming gas during the period.
In its quarter ended September 30, the Cameroon-based gas and condensate producer saw gross gas sales of 356 million standard cubic feet, up 11% over 320 million in the second quarter.
Average gas production also grew, up 12% to 3.7 million standard cubic feet per day from 3.3 million.
Peak consumption in the third quarter was 5.0 million standard cubic feet per day.
Victoria's utility business, Gaz du Cameroun SA, commissioned two new thermal customers, with another two customers resuming consumption.
An existing customer was also connected for industrial power and, post period end, has commissioned a generator.
Moving forward, Victoria is concentrating its efforts on non-grid business development. This includes marketing the benefits of natural gas and advancing its gas-to-power programme.
Victoria intends to leverage its relationship with Naturelgaz of Turkey, aimed at bringing first condensed natural gas customers online in 2019. It will also examine the potential of using condensed natural gas as a power solution for rural areas with no grid power access.
Shares in Victoria Oil & Gas were down 3.2% at 27.14 pence per share on Monday.
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