StockMarketWire.com - Victoria Oil & Gas, a Cameroon based gas producer and distributor, has seen five Gaz Du Cameroun (GDC) customers start consumption of gas in the last few months.

Maya Oil and SAE are new customer connections for GDC, with both operations taking gas for thermal usage. These customers are both situated on the Magzi industrial estates located on the Western Bonaberi shore, where GDC laid an extensive pipeline network during 2016.

The PROMETAL 3 connection is the latest installation at the industrial smelting complex where GDC already supplies gas to the existing operations (PROMETAL 1 & 2).

UCB and Laminoir are returning customers who have opted to restart consumption of GDC gas following the rise in the heavy fuel oil price.

The impact of the new customer connections and an early uplift in ENEO consumption this year is already being reflected in current production figures, with an average of 10.04 mmscf/d gas sales achieved to date in December (1-19 December), peaking at 14.94mmscf/d.

ENEO continued to consume high levels of gas at the Logbaba and Bassa power stations during the Q4 period to date and GDC will continue to provide gas to ENEO under existing contract extensions whilst negotiations on a longer-term contract continue.

Q3 2017 gross gas sales from Logbaba of 612.50 mmscf are in line with the company's expectations for the period given the early wet season from June. GDC's attributable gas sales volumes are lower than Q3 2016 primarily due to the change in attributable revenues following the SNH participation.


At 8:24am: [LON:VOG] Victoria Oil Gas PLC share price was +0.75p at 49.75p



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