{"id":12272,"date":"2022-05-20T09:01:47","date_gmt":"2022-05-20T09:01:47","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12272"},"modified":"2022-05-20T09:01:47","modified_gmt":"2022-05-20T09:01:47","slug":"cameroon-victoria-oil-gas-provides-q1-2022-operational-corporate-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q1-2022-operational-corporate-update\/","title":{"rendered":"CAMEROON: Victoria Oil &#038; Gas Provides Q1 2022 Operational &#038; Corporate Update"},"content":{"rendered":"<p class=\"dy\"><strong><span class=\"dt\"><span class=\"dw\">OPERATIONS SUMMARY<\/span><\/span><span class=\"dw\">\u00a0<\/span><\/strong><\/p>\n<p class=\"eb\"><span class=\"dr\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"dq\">Sales<\/span><span class=\"dq\">: Average daily gross gas sales rate for the quarter was 5.5 MMscf\/d (up 4% on Q4 2021: 5.3 MMscf\/d), and a gross volume of 4,691 bbls (Q4 2021: 5,584 bbls) condensate was shipped to customers.<\/span><span class=\"dw\">\u00a0<\/span><\/p>\n<p class=\"eb\"><span class=\"dr\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"dq\">Logbaba Performance<\/span><span class=\"dn\">: The field has been meeting the demand using two of the three wells at any one time, with Well La-108 alternating with Well La-107.<\/span><span class=\"dw\">\u00a0<\/span><\/p>\n<p class=\"ed\"><span class=\"dm\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"dw\">Matanda<\/span><span class=\"dw\">: Following the rig tendering exercise, a suitable rig has been identified in nearby\u00a0Chad, and this rig would be capable of drilling deeper Cretaceous targets as well as the shallower Tertiary targets. As the rig is currently idle, the rig owner will mobilise the rig to\u00a0Cameroon\u00a0whilst contract negotiations continue.<\/span><span class=\"dw\">\u00a0<\/span><\/p>\n<p class=\"dy\"><strong><span class=\"dt\"><span class=\"dw\">CORPORATE SUMMARY<\/span><\/span><span class=\"dw\">\u00a0<\/span><\/strong><\/p>\n<p class=\"ee\"><span class=\"dk\">Post-Period: RSM Litigation &amp; Suspension of Trading<\/span><span class=\"dk\">. As announced on 4 April 2022, the Arbitral Tribunal made its Partial Final Award under ICC Rules on 1 April 2022. The net award to RSM was US$12.1 million, with interest and costs to be agreed by the parties separately.<\/span><span class=\"di\">\u00a0<\/span><\/p>\n<p class=\"ee\"><span class=\"dk\">Neither GDC, nor the\u00a0VOG Group, has the ability to pay the Award and accordingly the trading of VOG shares on the\u00a0London Stock Exchange\u00a0was temporarily suspended as of\u00a07.30am\u00a0on\u00a04 April 2022\u00a0pending resolution of this fundamental uncertainty to continue as a going concern.<\/span><span class=\"di\">\u00a0<\/span><\/p>\n<p class=\"ee\"><span class=\"dk\">As stated in the\u00a04 April 2022\u00a0RNS, the parties continue to work towards a post-award settlement, albeit such settlement cannot be assured. However, the settlements reached in\u00a0September 2021\u00a0and\u00a0January 2022\u00a0show that these sorts of agreements are possible.<\/span><span class=\"dk\">\u00a0<\/span><\/p>\n<p class=\"a\"><span class=\"dh\">Hadron Loan Notes:<\/span>\u00a0<span class=\"dh\">Referring to the \u00a31.25 million unsecured Loan Note entered into in 2021, which was due to be repaid by 21 April 2022, Hadron has agreed to not declare an event of default and stay any enforcement action on the non-repayment of this Note. Hadron has reserved its position to take any action in the event that at any time it reasonably believes that the financial position of the Company is unlikely to be stabilised. This stay also applies to the \u00a31.15 million unsecured Loan Notes entered into with Hadron on 1 March 2022.\u00a0<\/span><span class=\"dw\">\u00a0<\/span><\/p>\n<p class=\"ef\"><span class=\"dw\">Roy Kelly, Chief Executive<\/span>\u00a0<span class=\"dw\">of\u00a0Victoria Oil &amp; Gas, commented<\/span><span class=\"dw\">:<\/span><\/p>\n<p class=\"dy\"><span class=\"dw\">&#8220;GDC turned in another robust quarter of gas sales, partially buoyed by the AFCON football competition hosted by\u00a0Cameroon, and that performance has continued into the start of the second quarter.<\/span><span class=\"dw\">\u00a0<\/span><\/p>\n<p class=\"dy\"><span class=\"dw\">Despite the post-period Arbitral award, and the suspension of trading in VOG shares whilst the Company is in a position of financial uncertainty, it remains very much business as usual at the operational level whilst we continue to earnestly seek a post-award settlement.<\/span><span class=\"dw\"> &#8220;<\/span><\/p>\n<p class=\"dy\"><strong><span class=\"dt\"><span class=\"dw\">LOGBABA UPDATE<\/span><\/span><\/strong><\/p>\n<p class=\"a\"><strong><span class=\"dw\">Quarterly Production<\/span><\/strong><span class=\"dw\">\u00a0<\/span><\/p>\n<p class=\"dy\"><span class=\"dh\">GDC continues to safely produce and sell natural gas to a variety of customers in the\u00a0Douala\u00a0area. Quarterly gross and net gas sales and condensate shipments at Logbaba are as follows (amounts shown in\u00a0bold\u00a0represent net gas and condensate sales attributable to GDC (57%)):<\/span><\/p>\n<p class=\"dy\"><span class=\"df\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPERATIONS SUMMARY\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Sales: Average daily gross gas sales rate for the quarter was 5.5 MMscf\/d (up 4% on Q4 2021: 5.3 MMscf\/d), and a gross volume of 4,691 bbls (Q4 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q1-2022-operational-corporate-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9408,"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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[387,434,7976,7977],"class_list":["post-12272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cameroon","tag-chad","tag-logbaba","tag-matanda","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3bW","jetpack-related-posts":[{"id":11750,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q4-2021-operational-update\/","url_meta":{"origin":12272,"position":0},"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":9783,"url":"https:\/\/www.oilnewskenya.com\/index.php\/victoria-oil-gas-provides-q4-2020-operational-update\/","url_meta":{"origin":12272,"position":1},"title":"CAMEROON: Victoria Oil &#038; Gas Provides Q4 2020 Operational Update","author":"","date":"January 29, 2021","format":false,"excerpt":"SUMMARY\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\u00a0Cameroon\u00a0was eased in\u00a0May 2020 and we can conduct operations and projects pretty much as normal, but a restrictive lockdown persists in the YaNAO region\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"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":8674,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q2-2020-operational-update\/","url_meta":{"origin":12272,"position":2},"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":10153,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-matanda-logbaba-update\/","url_meta":{"origin":12272,"position":3},"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":12715,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-operational-corporate-updates\/","url_meta":{"origin":12272,"position":4},"title":"CAMEROON: Victoria Oil &#038; Gas Provides Operational &#038; Corporate Updates","author":"","date":"October 6, 2022","format":false,"excerpt":"Logbaba Gas production continued in July & August at strong levels of above 5.5 MMscf\/d, including the usually slower month of August, which was 10% up on last year.\u00a0 Matanda Well site and access road civil works preparations continue with the primary focus on community engagement along the access road\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":9407,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-settles-litigation-with-chl-termination-of-the-chl-royalty-agreement\/","url_meta":{"origin":12272,"position":5},"title":"CAMEROON: Victoria Oil &#038; Gas Settles Litigation with CHL Termination of the CHL Royalty Agreement","author":"","date":"November 13, 2020","format":false,"excerpt":"Victoria Oil and Gas has announced that its wholly owned subsidiary Gaz du Cameroun S.A. (GDC), a BVI company, and VOG have entered into a confidential Settlement Agreement with Cameroon Holdings Limited CHL, terminating the litigation with CHL and terminating the CHL Royalty Agreement. Victoria had ceased making payments under\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\/12272","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=12272"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12272\/revisions"}],"predecessor-version":[{"id":12273,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12272\/revisions\/12273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9408"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}