Victoria Oil & Gas Updates Cameroon Ops

Thursday, February 3, 2022

Release

Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. (“GDC”), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide shareholders with a brief operations update for the fourth quarter of 2021.

SUMMARY

• Sales: Average daily gross gas sales rate for the quarter of 5.3 MMscf/d (up 6.0% on Q3 21: 5.0 MMscf/d) of natural gas, plus gross 5,584 bbls (Q3 21: 3,800 bbls) condensate was shipped to customers.
• Logbaba Performance: The field has been meeting the demand using two of the three wells at any one time, with Well La-108 alternating with Well La-107.
• Matanda: Following the selection of a suitable wellsite to drill a vertical well into the Marula prospect on Government-owned, late-life plantation lands, stakeholder engagement continued, and the preparation of site access roads commenced.
• Litigation: Certain of the non-monetary claims in the ICC arbitration with RSM Production Corporation (“RSM”) have been settled consistent with the UNCITRAL arbitration settlement agreement, previously announced on 29 September 2021. The settled non-monetary claims resolve several prospective accounting issues.

Roy Kelly, Chief Executive of Victoria Oil & Gas, commented: “We are very pleased with the robust quarter that GDC achieved, despite a greater than expected number of maintenance shutdowns for its customers. Following the end of the quarter, 2022 has started very well with strong demand shown in the market.

“I am pleased we could settle those non-monetary claims with a prospective impact in the ICC arbitration, and I am again grateful to RSM for their continued and constructive engagement on this.”

To view the full Victoria Oil & Gas, click here.

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