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Settlement with Eneo Cameroon S.A. ( Eneo )
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 an update on a settlement agreement with Eneo.
On 16 April 2021, GDC signed a settlement agreement with Eneo which will result in the payment of the gross amount to GDC, within 30 days of the signing, of approximately 2.74 billion FCFA (Central African CFA franc) (circa US$5 million). This settlement relates to the Take-or-Pay invoices for October, November and December 2019 plus associated interest. During this period for which Take-or-Pay invoices were issued, gas was not being supplied to Eneo because there was no demand. ....

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