Victoria Oil and Gas shares rise on positive operations update in Cameroon

Victoria Oil and Gas shares rose Thursday after the company said it expects to complete the Phase-2 pipeline from the Logbaba gas field in Cameroon in the third quarter of this year.

Victoria Oil and Gas shares rose Thursday after the company said it expects to complete the Phase-2 pipeline from the Logbaba gas field in Cameroon in the third quarter of this year.

The company also anticipates it will have 25 thermal gas customers connected by the year-end.

Funding of £23.4m was recently raised for the pipeline and to acquire the first 40 megawatts of power generation units.

The funds will also be used to provide rental, second-hand and new generation equipment in order to meet the 40 megawatts per 25 customer target.

First power installations are expected early in the third quarter of 2013.

Victoria identified a further 20 potential customers for thermal and power applications to increase the list of possible industrial customers to 80.

The production target from Logbaba by December is 12m standard cubic feet per day (mmscf/d), comprising 6.5 mmscf/d thermal and 5.5 mmscf/d power.

The announcement came as Victoria widened its losses to $5.3m in the six months to November, from $2.3m.

New Chief Executive, John Scott, was appointed during the period to drive uplift of production levels and cash flow.

Shares climbed 2.01% to 1.52p at 14:39 Thursday.

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
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: the new agricultural revolution
Soft commodities

Lab-grown meat: the new agricultural revolution

Vegan alternatives are taking off, but the future of food technology lies in lab-grown meat – cultivating steaks and burgers from animal cells, says A…
16 Apr 2021