Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to announce the publication of the financial information for the year ended 31 December 2019.
2019 Key Events
- Equity raise of US$16.8 million net of expenses
- 93% increase in net revenue over 2018 of US$20.8 million (2018: US$10.8 million)
- 110% increase in daily average daily gas sales to 8.1 mmscf/d versus 2018
- Adjusted EBITDA reflected a profit of US$4.0 million (2018: loss of US$0.5 million)
- Loss after tax of US$110.3 million (2018: loss of 8.5 million), principal reasons for which are set out below
- New strategy being implemented for growth of high value customer base
Post Year End
- Appointment of Roy Kelly as Chief Executive Officer and Rob Collins as Chief Financial Officer
- Termination of ENEO contract and vigorous pursuit of receivables
- Proven 1P reserves written down to 19 Bcf at 1/1/2020, estimates of substantial in-place resources unchanged
Roger Kennedy, Chairman of VOG said:
"I assumed the role of Executive Chairman in April 2019 to install a new senior management leadership team and to resolve the legacy issues facing Victoria Oil & Gas Plc. Whilst this journey continues to be one of transition, I believe we are making strong progress and have made key strategic and corporate decisions that will benefit the future of this Company. I am confident that under Roy's leadership, and with the addition of our new CFO, Rob Collins, the Company will be set in a new direction to ensure enhanced shareholder value. They themselves will communicate their plans in due course and will have my continued input and backing."
