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Victoria Oil & Gas - Business Update and Chairman Interview

RNS Number : 5360H
Victoria Oil & Gas PLC
25 March 2020
 

25 March 2020

Victoria Oil & Gas

("VOG" or the "Company")

Business Update and Chairman Interview

Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, provides an update on its current business, in light of the outbreak of the Covid-19 virus.

Covid-19

There has currently been no significant impact on the Company's operations in Cameroon following the outbreak of the coronavirus. The Company's senior managers remain in country and are operating normally.  In light of the fluid nature of the ongoing situation, the management team continues to liaise closely with the relevant Cameroonian authorities to maintain the safety of all employees and ensure all necessary protocols are being followed, including emergency evacuation procedures for in-country staff.

Our staff in London have been asked to work out of home until further notice.  VOG continues to maintain a prudent approach to the way it runs the business, with a focus on cost control and cash discipline.

 

Roger Kennedy, Executive Chairman of Victoria Oil & Gas, commented:

"I would like to thank all of our employees for their flexibility during this challenging period. In uncertain times, the safety of our people is of paramount importance, and the Board and management team will be working tirelessly to ensure their continued welfare.

Whilst there is no current impact on the Company's operations, this is an ever-moving situation, and we will continue to pursue a strategy of strong and responsible fiscal discipline.

We have taken positive steps as a business in the last months.  The appointment of Roy Kelly as CEO starts a new chapter for the company and our shareholders.  Our objectives remain to optimize operations, execute our business plan and provide shareholders with material upside going forwards."

Chairman interview

Roger Kennedy, Executive Chairman, has conducted an interview with BRR Media on the appointment of Roy Kelly as CEO as well as holding a wider discussion on the business.

The interview can be found on the following link:

https://www.brrmedia.co.uk/broadcasts-embed/5e6a2fd79672d83b987791cf/?VOG&popup=true

 

For further information, please visit www.victoriaoilandgas.com or contact: 

 

Victoria Oil & Gas Plc

Roger Kennedy                                                             Tel: +44 (0) 20 7921 8820

Kate Baldwin                                                                

 

Strand Hanson Limited (Nominated and Financial Adviser)

Rory Murphy / James Dance / Jack Botros                     Tel: +44 (0) 20 7409 3494

 

Shore Capital Stockbrokers Limited (Broker)

Mark Percy / Toby Gibbs (corporate advisory)                Tel: +44 (0) 20 7408 4090

Jerry Keen (corporate broking)

 

Camarco (Financial PR)

Billy Clegg                                                                    Tel: +44 (0) 20 3757 4983

Nick Hennis                                                                   Tel: +44 (0) 20 3781 8330

 

Notes to Editors:

About Victoria Oil & Gas

Victoria Oil & Gas is a fully-integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon. Through the Company's wholly-owned subsidiary, Gaz du Cameroun S.A. ("GDC"), VOG delivers gas via a 50km gas distribution pipeline network to a range of major industrial customers.

Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned and operated Logbaba Gas Project. GDC is partnered on this project with RSM Production Company ("RSM"), and Société Nationale des Hydrocarbures ("SNH"), which have holdings of 38% and 5% respectively.

VOG also owns 75% of the Matanda license area, which is 1,235 square kilometres and adjacent to Logbaba gas project in the highly prospective Douala Basin, with Afex Global Limited ("AFEX") owning 25%.

Victoria Oil & Gas is listed on the AIM market of the London Stock Exchange under the ticker VOG.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Victoria Oil & Gas PLC

Price: 3.75

Market: AIM
Market Cap: £9.63 m
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