Victoria Oil & Gas Announces Annual Report and Accounts & Trading Update

Source: www.gulfoilandgas.com 6/30/2022, Location: Africa

Victoria Oil & Gas Plc provides the following update in relation to its Annual Report and Accounts and trading position.

Annual Report and Accounts
VOG announces that its Annual Report and Accounts to 31 December 2021 will not be published in advance of the Annual General Meeting ("AGM") being held today at 11.00 a.m. given the financial uncertainty that the Company is in as a result of the Partial Final Award to RSM Production Corporation ("RSM") by the ICC, as announced on 4 April 2022. This resulted in the temporary suspension of the Company's shares. The Company continues its discussions with RSM with a view to agreeing a post award settlement that would enable resolution of the financial uncertainty facing the Company, the audit to be finalised, the Annual Report posted to shareholders and the suspension of shares to be lifted. Included in these ongoing discussions is the proposed procedure for resolution of costs and attorney's fees.

Trading Update

Revenue
Gaz du Cameroun S.A.'s ("GDC") operation in Douala, Cameroon has continued to deliver natural gas to over 30 industrial customers, supplying gas safely and continuously throughout 2021 and the year to date.

Unaudited attributable revenue for calendar year 2021 was US$14.5 million (2020: U$13.2 million) representing an increase of 10% year on year. Unaudited revenue to 31 May 2022 was US$6.3million (2021 for the same period: US$6.2 million).

Cash and Cash Equivalents
Unaudited cash and cash equivalents at 31 December 2021 was US$2.1 million (31 December 2020: U$1.8 million). Cash as at 1 June 2022 was US$0.98 million (1 June 2021: US$2.5 million). Unaudited net debt as at 31 December 2021 was US$15.9 million (31 December 2020: US$12.8 million).

Q2 2022 Operational Update will be released to the market in due course.


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