Victoria Oil & Gas plc (VOG)’s said it had received US$5.1 million from outstanding invoices, which will strengthen its working capital for its projects in port city of Doula, Cameroon.
The company’s subsidiary, Gaz du Cameroun (GDC) agreement is with Eneo and related to take-or-pay invoices for October, November and December 2019 plus associated interest.
VOG today said it had received 2.7 billion FCFA (Central African CFA franc) (US$5.1 million) which represented full and final settlement for all amounts invoiced to Eneo.
In addition, GDC also gained valuable tax credits which will be used to enhance cashflow.
VOG also announced progress on its other projects in the Matanda Block and West Med in Siberia.
MATANDA BLOCK
VOG said that its environmental and social impact assessment (ESIA) report for the Matanda Block had been approved.
Drilling is planned subject to approval of an environment and social management plan.
VOG chief executive Roy Kelly said that local communities had reviewed the ESIA and engaged constructively with GDC and state representatives.
“I am happy to add that we have added equal weight to ESG-related criteria as we do technical and commercial ones in our prospect ranking exercise and in the selection of a surface location as we seek to minimise our footprint in the area.
“Nonetheless, we remain very excited about the exploration prospects in a play that has been significantly derisked by adjacent, tested discoveries.”
The company owns 75% of the 1,235 km2 Matanda licence in the Douala Basin, with Afex Global Ltd owning the remaining 25%.
WEST MED
VOG also announced that the exclusivity period ended on 31 May with a potential buyer of its subsidiary ZAO SeverGas-Invest (SGI) which owns the West Medvezhye (West Med) asset in Siberia.
Discussions with the counter party about the next steps are now taking place.
KEMERKOL
VOG said that parties continued to exchange information and discuss a settlement for the dispute over the Kemerkol field, Kazakhstan.