Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide a further update on the increasing production levels at the Logbaba Project.
- 9.6mmscfd average gas consumed January 2019 to date.
- 12mmscfd average production for week 19-25 January.
- Current gas and condensate production levels provide estimated monthly net revenue of approximately $2.0m at 12mmscfd.
Grid power customer ENEO resumed gas consumption on 22 December 2018 after nearly a year offline and this has led to 9.6mmscfd average consumption for January 2019 to date. If condensate production is added, this equates to 10mmscfd. At the 12mmscfd level, approximately 56% of gas is consumed by ENEO and the balance is to thermal and Industrial Gas consumers. This is the product balance that the Company wishes to maintain and focus on non-grid solutions is ongoing. At the 12mmscfd gas production level net Gaz du Cameroun (VOG subsidiary) monthly revenue from gas and condensate is approximately $2.0m.
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