Victoria Oil & Gas confident of power supply resolution with ENEO

Cameroon-based gas and condensate producer and distributor Victoria Oil & Gas updated the market on its operations for the three months ended 30 June on Friday, reporting that its subsidiary Gaz du Cameroun remained confident of a resolution with ENEO Cameroon over the grid power supply issue.

The AIM-traded firm said the CNG agreement to partner with Naturelgaz Sanayi ve Ticaret, announced on 26 June, provided Gaz du Cameroun with the opportunity to reach larger customers beyond the current pipeline infrastructure.

Gaz du Cameroun also added two new customers during the second quarter, the board reported, with a positive reserves update following the completion of the drilling campaign.

“GDC remains engaged with ENEO following the non-renewal of the grid power gas sale agreement at the end of December 2017, as announced on 5 January,” the board said in its statement.

“As a result of sales to ENEO not recommencing during Q2 18, the gas consumption levels from GDC's 57% participating interest in the Logbaba Project in Douala, Cameroon, are at similar levels to those reported in Q1 18.”