Victoria Oil and Gas secures customers and loan

Victoria Oil and Gas rose after it secured both more gas customers and a new lending facility.

Victoria Oil and Gas rose after it secured both more gas customers and a new lending facility.

The company, which has assets in Cameroon and Russia, said a further four customers had been commissioned and have begun taking its gas.

It now has 15 contracted customers using gas, with a further 10 contracted customers awaiting conversion of their facilities.

This marked an increase from six customers taking gas in November 2012, the firm said.

All 25 contracts have been executed at an energy price of $16 per million British thermal units fixed for five years for thermal use.

Victoria also announced that Societe Generale had offered it an initial $15m under a reserve based lending facility for a term of three years.

Kevin Foo, Chairman of VOG commented, "The commitment by Societe Generale is a very important endorsement of our company and the initial funding will help considerably in meeting our future capital needs"

The company said the facility would become effective upon finalisation of legal documentation and further details would be announced following the completion of the documentation.

Victoria's shares were up 2.9% at 14:15.

MM

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021