Victoria reports solid Q4 progress at Gaz du Cameroun

Cameroon-focussed onshore gas producer and distributor Victoria Oil & Gas updated the market on fourth quarter operations at its Gaz du Cameroun (GDC) subsidiary on Wednesday, reporting an average daily gross gas sales of 5.3 million standard cubic feet of natural gas per day, up 6% on the third quarter.

The AIM-traded firm also reported a gross 5,584 barrels of condensate shipped to customers in the period, rising from 3,800 barrels in the third quarter.

At the Logbaba field, Victoria said it had been meeting demand using two of the three wells at any one time, with well La-108 alternating with well La-107.

Meanwhile at Matanda, the company said that following the selection of a suitable wellsite to drill a vertical well into the Marula prospect on government-owned, late-life plantation lands, stakeholder engagement had continued, and preparation of site access roads began.

On the litigation front, Victoria said some of the non-monetary claims in the ICC arbitration with RSM Production Corporation had been settled, consistent with the UNCITRAL arbitration settlement agreement, as announced on 29 September.

The company said the settled non-monetary claims resolved several prospective accounting issues.

“We are very pleased with the robust quarter that GDC achieved, despite a greater than expected number of maintenance shutdowns for its customers,” said chief executive officer Roy Kelly.

“Following the end of the quarter, 2022 has started very well with strong demand shown in the market.

“I am pleased we could settle those non-monetary claims with a prospective impact in the ICC arbitration, and I am again grateful to RSM for their continued and constructive engagement on this.”

At 1240 GMT, shares in Victoria Oil & Gas were up 3.71% at 4.3p.