Victoria Oil looks further afield after first profit in Cameroon
(MENAFN- ProactiveInvestors - UK) Cameroon-based gas utility Victoria Oil & Gas (LON:VOG) has posted its first profit as revenues from its Logbaba field rose strongly.
Profits for the seven months to December were US$1.63mln, while revenues for the period rose to US$21.4mln. That compares with revenues of US$27.9mln for the 12 months to May. Victoria Oil has changed its year end to December. Victoria Oil is targeting industrial customers in the city of Douala and on a comparable basis sold 1.736mmscf (millions cubic feet) of gas (846mmscf) for the seven months. Daily production was 8.57mmscf/d (3.95mmscf/d comparable) at contract prices of between US$9 to US$16/mmbtu for its gas. Operating cash flows were strong, which the group has used to reduce debt, it said. Kevin Foo, chairman, added that Victoria Oil is starting to look at other opportunities within Africa that can be leveraged by our experience in Cameroon. 'Our plan is to focus on the development phase of projects and enter at a point post discovery of gas and prior to development of the field.'
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