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Q1 2021 Operational Update 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 operations update for the first quarter of 2021.
· Sales. Average daily gross gas sales rate for the quarter of 5.2 MMscf/d (Q4 20: 5.1 MMscf/d) of natural gas plus gross 5,473 bbls (Q4 20: 3,109 bbls) condensate was produced safely and sold to industrial customers in the Douala area.
· La-108 Performance. The well continues to supply the base demand, topped up by well La-105. The water production from the well continues to fall, albeit slowly. ....
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. ....