- Victoria Oil & Gas said it posted another annual loss that failed to meet its expectations after it encountered contracting problems in Cameroon.

Pre-tax losses narrowed to $10.7m, compared to $30m of red ink in 2016.

Revenue slumped to $23.5m, down from $32.8m a year earlier.

'The financial performance for 2017 was below expectations and with the loss of revenue from [customer] ENEO, the 2018 results are expected to be significantly impacted,' the company said.

'Management is working hard to increase revenue, particularly in more profitable business lines, whilst at the same time driving hard to contract with the large off-take Independent Power Producer's in Cameroon whose scale of business will enable the Company to become profitable.'

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