VOG Announces Interim Financial Report for 6M Ended 30 June 2021

Source: www.gulfoilandgas.com 11/1/2021, Location: Africa

Victoria Oil & Gas Plc , the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2021 and provides an operations update for Q3 2021.

Operational Highlights
Average daily Logbaba field gross gas sales rate increased by 10% to 5.3 MMscf/d (six months to 30 June 2020 : 4.8 MMscf/d)
952 MMscf of gross gas sold from Logbaba (six months to 30 June 2020 : 881 MMscf)
Two existing industrial customers increased demand during the period
Well La-108 tied in and put on production on 15 February 2021 . The well produced a cumulative 0.467 Bcf before it was shut-in on 6 June 2021 to perform a pressure build up ("PBU"), and (post-period) additional perforations will be added to the well after which it will be returned to production

Financial Highlights
US$7.1 million Revenue (six months to 30 June 2020 : US$12.6 million )
Adjusted EBITDA loss of US$0.4 million (six months to 30 June 2020 : EBITDA loss of US$0.8 million )
US$0.6 million cash generated from operating activities (six months to 30 June 2020 : US$0.3 million utilised)
US$12.1 million Net Debt position (at 31 December 2020 : US$12.8 million )

Corporate Highlights
Gaz du Cameroun S.A. ("GDC") signed a settlement agreement with ENEO Cameroon S.A. ("ENEO") on 16 April 2021 for approximately US$5 million gross. GDC received payment of US$5.1 million gross from ENEO in full and final settlement in early June 2021
Unsecured loan note of GBP1.25 million entered into with Hadron Master Fund ("Hadron") on 8 April 2021
Unsecured loan note instrument of US$7.5 million entered into with Meridian Capital (HK) Limited ("Meridian") on 18 June 2021

Subsequent and Q3 21 Highlights
Daily average gross gas sales rate for Q3 2021 of 5.0 MMscf/d (Q2 2021: 5.4 MMscf/d) of natural gas plus gross 3,800 bbls (Q2 21: 4,468 bbls) condensate was produced safely and offloaded to industrial customers
Q3 sales, traditionally lower than Q2 because of the holiday season, were reduced temporarily by several factors: a number of customers experienced interruptions to their operations, there were a number of maintenance shutdowns, and GDC turned off supply to some long-aged debtors. Constructive discussions continue with these debtors to recover these debts. Q3 2021 gas sales were however 6.5% higher than Q3 2020 following an increase in demand from existing customers
Cumulative production from the field passed 20 Bcf during the quarter, a significant achievement for GDC, which still remains the only operator onshore Cameroon , providing a vital fuel supply to Douala , the industrial engine of the country
It is a major achievement to have dismissed the UNCITRAL arbitration hearing - before it commenced - through amicable settlement talks with RSM
The Company has made material progress on the selection and preparation of a drilling site for the Matanda exploration well, and civil engineering works on the site and site access will commence in Q4 2021
Well La-108, brought into production in February from just the lower sands in the well, remains shut in (and has been since June 2021 ) and we continue to observe the pressure build-up. We have unanimous partner approval to add perforations to the upper sands and this work is now in progress
In furtherance of its support to the local community, GDC is pleased to report that it has provided funding for the construction of a new Emergency Department in the local Logbaba District Hospital

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