Victoria Oil & Gas Plc provides Operational update

Victoria Oil & Gas Plc provides Operational update

Victoria Oil & Gas Plc provided an update on the Group’s operations for the three-month period ended 30 September 2016 (the “quarter” or “Q3”).

Highlights

7.14mmscf/d Q3 2016 average gas production (Q3 2015: 8.19 mmscf/d)

12% decrease in gross Logbaba gas sales of 630mmscf (Q3 2015: 718mmscf)

Q3 unaudited financial highlights:

$4.7 million revenue (Q2 2016: $10.8 million)

$14.1 million cash position at quarter end (Q2 2016: $14.1 million)

$2.3 million net cash position at quarter end (Q2 2016: $1.9 million) *

Logbaba drilling programme:

Rig in final stages of commissioning and testing getting ready for spudding

7.13km pipeline commissioned during the quarter as part of the Bonaberi expansion

Resolution of dispute over reserve bonus and extinguishing 1.2% royalty

*Net cash is defined as cash equivalents less borrowings, where cash equivalents exceed borrowings

VOG CEO Ahmet Dik said:

“In this quarter we continued to deliver consistent gas sales to our customers while progressing the Bonaberi thermal expansion programme. We will be soon approaching 50km of pipeline laid by GDC, which is a major milestone for our company.

On the drill rig, all key assembly, testing and safety inspections have been completed and final independent inspections will be concluded next 10 days. Although the lightning strikes delayed us about 6 weeks, we are now on schedule to commence spudding in November 2016. We shall provide regular drilling updates over the next months.”

More: Operational update

Source: Victoria Oil & Gas Plc

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