African energy utility firm Victoria Oil and Gas’ revenues rocketed by $4.3million (£2.6million) to $6.0million (£3.6million) in the six month period ending November 30, following an increase in gas output and operating profits.
Production levels from the company’s Logbaba field in Cameroon rose from 2.0million standard cubic feet per day in July 2013 to 3.2million in February 2014, following the inauguration of a gas plant and pipeline by the country’s president in November, according to the firm’s interim report.
Gas sales totaled $5.4 million for the six month period to November, compared to just $1.5 million for the same period in 2012; while condensate sales totaled $0.6million – a $0.4million increase on the 2012 figure.
It also recorded a $3.7million operating profits from its assets in Cameroon, Russia and Kazakhstan – a stark contrast to the $3.7million loss in 2012.
The company is now looking to expand its Cameroon presence by accessing the Bonaberi province – having received permits to drill under the Wouri River – and is developing a collaboration agreement with electricity supplier AES Sonel over a 45MW gas power generation project.
“2013 was a very challenging one where hard decisions were needed and a strong refocus of the company on its core business which was to deliver a reliable gas energy source to customers,” said Victoria Oil and Gas’ chairman Kevin Foo, who took over the post of an interim chief executive following the departure of John Scott in September.
“We now have the financial resources and the management team to achieve this.”
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