Victoria Oil revenues double as Logbaba taps open

Victoria Oil and Gas (LON:VOG) slashed its annual losses as production from its Logbaba gas field in Cameroon fired up.

Output increased during the period to a weekly average of 3.2mmscf/d from 2.0mmscf/d, while the group also rolled out its first gas-fired electricity generation sets to industrial customers.

Victoria’s strategy is to target businesses through small-scale Genset installations.

In July, Victoria said production had risen to 3.9mmscf/d per week with 4.5mmscf/d the average over a five-day working week at peak demand.

Revenues in the year to May jumped 113% to US$14.7mln, while pre-tax losses dropped to US$4.7mln from US$15.9mln.

Victoria closed the year with net cash of about US$6.4mln having received US$20.4mln from RSM in settlement of its dispute over post –exploration costs at Logbaba.

The company added it will also restructure its share capital through a share consolidation on a 40 into one basis.