{"id":10390,"date":"2021-06-07T08:48:13","date_gmt":"2021-06-07T08:48:13","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10390"},"modified":"2021-06-07T12:50:09","modified_gmt":"2021-06-07T12:50:09","slug":"victoria-oil-gas-plc-provides-corporate-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/victoria-oil-gas-plc-provides-corporate-update\/","title":{"rendered":"Victoria Oil &#038; Gas Plc Provides Corporate Update"},"content":{"rendered":"<p class=\"da\"><strong><span class=\"cw\">Highlights<\/span><\/strong><\/p>\n<p class=\"db\"><span class=\"cr\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"cu\">GDC has received\u00a0US$5.1 million\u00a0gross funds from Eneo in line with the final settlement agreement of\u00a016 April 2021;<\/span><span class=\"cu\">\u00a0<\/span><\/p>\n<p class=\"dd\"><span class=\"cp\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"cu\">Having reached the end of the exclusivity period with a potential buyer of\u00a0<\/span><span class=\"co\">ZAO SeverGas-Invest (SGI), the Company&#8217;s fully owned subsidiary which owns the West Medvezhye (&#8220;West Med&#8221;) asset, discussions continue on the next steps;<\/span><span class=\"cu\">\u00a0<\/span><\/p>\n<p class=\"de\"><span class=\"cr\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"cu\">GDC is pleased to report that the Environmental and Social Impact Assessment (ESIA) Report on its planned activities on the Matanda Block has been approved; and<\/span><\/p>\n<p class=\"a\"><span class=\"cu\">\u00a0<\/span><\/p>\n<p class=\"df\"><span class=\"cp\">\u00b7\u00a0\u00a0\u00a0\u00a0<\/span><span class=\"cu\">Further to the Company&#8217;s\u00a0April 1\u00a0update, the Parties in the Kemerkol dispute continue the exchange of information and settlement discussions.<\/span><span class=\"cu\">\u00a0<\/span><\/p>\n<p class=\"dh\"><strong><span class=\"cu\">Eneo Settlement Funds Received<\/span><\/strong><\/p>\n<p class=\"dg\"><span class=\"cu\">On\u00a016 April 2021, GDC signed a settlement agreement with Eneo relating to the Take-or-Pay invoices for\u00a0<\/span><span class=\"co\">October, November and\u00a0December 2019\u00a0plus associated interest. 2.7\u00a0<span class=\"cj\">billion FCFA (Central African CFA franc) (circa\u00a0US$5.1 million) gross funds have now been received by GDC.\u00a0<\/span>This p<span class=\"cj\">ayment to GDC represents full and final settlement for all amounts invoiced to Eneo.<\/span><\/span><span class=\"cu\">\u00a0<\/span><\/p>\n<p class=\"di\"><strong><span class=\"ci\">West Med<\/span><\/strong><\/p>\n<p class=\"dj\"><span class=\"cg\">As announced on\u00a01 April 2021, the Company signed a non-binding term sheet with a potential buyer of SGI. This buyer was granted a period of exclusivity to\u00a031 May 2021.\u00a0 Further discussions with the counterparty about the next steps are taking place.<\/span><span class=\"cg\">\u00a0<\/span><\/p>\n<p class=\"di\"><strong><span class=\"ci\">Matanda<\/span><\/strong><\/p>\n<p class=\"a\"><span class=\"cu\">GDC is pleased to report that the ESIA Report on its planned activities on the Matanda Block has been approved.\u00a0 The certificate of environmental conformity, as issued by an inter-ministerial committee between The\u00a0Ministry of Environment, Protection of Nature and\u00a0Sustainable Development (MINEPDED) and The Ministry of Mines, Industry and\u00a0Technological Development\u00a0(MINIMIDT) permits the progress of drilling activities subject to the implementation of an approved Environment and Social Management Plan (ESMP).<\/span><span class=\"cu\">\u00a0<\/span><\/p>\n<p class=\"cy\"><span class=\"cw\">Roy Kelly, Chief Executive<\/span><span class=\"ce\">\u00a0<\/span><span class=\"cu\">of the Company, commented:<\/span><\/p>\n<p class=\"dk\"><span class=\"co\">&#8220;We are very pleased to bring the Eneo episode to a close, and the funds significantly strengthen GDC&#8217;s working capital position. In addition to the funds received, GDC gains valuable tax credits which will be used to enhance cashflow.<\/span><span class=\"co\">\u00a0<\/span><\/p>\n<p class=\"dk\"><span class=\"co\">The potential buyer of SGI remains keen but we are carefully considering the next steps to avoid simply entering an open-ended phase.<\/span><span class=\"co\">\u00a0<\/span><\/p>\n<p class=\"dk\"><span class=\"co\">We are particularly grateful to the relevant Ministries and SNH for their expeditious approval of our ESIA. Despite this being a lightly populated area, we thank the communities and their leaders for coming out to review the ESIA and for engaging 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.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights \u00b7\u00a0\u00a0\u00a0\u00a0GDC has received\u00a0US$5.1 million\u00a0gross funds from Eneo in line with the final settlement agreement of\u00a016 April 2021;\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Having reached the end of the exclusivity period with a potential buyer &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/victoria-oil-gas-plc-provides-corporate-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[7979,4581,9331,8693,7975,9330],"class_list":["post-10390","post","type-post","status-publish","format-standard","hentry","category-countries","category-top-news","category-west-africa","tag-eneo","tag-esia","tag-kemerkol","tag-matanda-block","tag-victoria-oil-gas","tag-west-med","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2HA","jetpack-related-posts":[{"id":8674,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q2-2020-operational-update\/","url_meta":{"origin":10390,"position":0},"title":"CAMEROON: Victoria Oil &#038; Gas Provides Q2 2020 Operational Update","author":"","date":"July 27, 2020","format":false,"excerpt":"\u00a0\u00b7\u00a0\u00a0\u00a0\u00a0The Company remains vigilant in relation to the Covid-19 pandemic and adherent to the authorities' guidelines in the jurisdictions in which it works: the lockdown in Cameroon was eased in May 2020, but a restrictive lockdown persists in the YaNAO region of the FSU where our West Medvezhye asset is\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Victoria-Oil-Gas-Plc.png?fit=235%2C215&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9471,"url":"https:\/\/www.oilnewskenya.com\/index.php\/victoria-oil-gas-awarded-matanda-licence-extension\/","url_meta":{"origin":10390,"position":1},"title":"CAMEROON: Victoria Oil &#038; Gas Awarded Matanda Licence Extension","author":"","date":"November 24, 2020","format":false,"excerpt":"Victoria Oil & Gas Plc, has announced that its wholly owned subsidiary Gaz du Cameroun S.A. (\"GDC\") has received, as operator, approval from the Minister of Mines, Industry and Technological Development for the extension of the Matanda Block licence.\u00a0 The exploration phase of the licence has been extended by one\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10153,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-matanda-logbaba-update\/","url_meta":{"origin":10390,"position":2},"title":"CAMEROON: Victoria Oil &#038; Gas Provides Matanda, Logbaba Update","author":"","date":"April 1, 2021","format":false,"excerpt":"\u00b7\u00a0\u00a0\u00a0\u00a0Matanda.\u00a0\u00a0Well planning, procurement of long lead items and rig selection are underway, and the farmout process has been started with several parties registering interest. The Environmental and Social Impact Assessment (ESIA) has been delivered for the Ministry's consideration.\u00a0 Follow up meetings have been held with the Ministry of Environment\u00a0to plan\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11462,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-receives-one-year-extension-of-the-matanda-block-licence\/","url_meta":{"origin":10390,"position":3},"title":"CAMEROON: Victoria Oil &#038; Gas Receives One Year Extension of the Matanda Block licence","author":"","date":"December 24, 2021","format":false,"excerpt":"Victoria Oil & Gas has announced that its wholly owned subsidiary Gaz du Cameroun S.A. has received, as operator, approval from the Minister of Mines, Industry and Technological Development for the extension of the Matanda Block licence. The exploration phase of the licence has been extended by one year from\u00a017\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11750,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q4-2021-operational-update\/","url_meta":{"origin":10390,"position":4},"title":"CAMEROON: Victoria Oil &#038; Gas Provides Q4 2021 Operational Update","author":"","date":"February 2, 2022","format":false,"excerpt":"SUMMARY\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Sales: Average daily gross gas sales rate for the quarter of 5.3 MMscf\/d (up 6.0% on Q3 21: 5.0 MMscf\/d) of natural gas, plus gross 5,584 bbls (Q3 21: 3,800 bbls) condensate was shipped to customers.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Logbaba Performance: The field has been meeting the demand using two of the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10670,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-and-gas-provides-q2-2021-operational-update\/","url_meta":{"origin":10390,"position":5},"title":"CAMEROON: Victoria Oil and Gas Provides Q2 2021 operational update","author":"","date":"August 4, 2021","format":false,"excerpt":"\u00b7\u00a0Sales\u00a0: Average daily gross gas sales rate for the quarter of 5.4 MMscf\/d (Q1 21: 5.2 MMscf\/d) of natural gas, plus gross 4,468 bbls (Q1 21: 5,357 bbls) condensate was shipped to customers. \u00a0\u00b7\u00a0La-108 Performance: The well produced a cumulative 0.467 Bcf before it was shut-in to allow us to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10390"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10390\/revisions"}],"predecessor-version":[{"id":10391,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10390\/revisions\/10391"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}