Victoria Oil & Gas PLC Bassa Power Station Online (1140I)
March 23 2015 - 03:01AM
UK Regulatory
TIDMVOG
RNS Number : 1140I
Victoria Oil & Gas PLC
23 March 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")
First Power Online at Bassa Power Station, Cameroon
Highlights
-- 20MW of gas generated power now being supplied to grid from Bassa Power Station
-- Total GDC gas production now approximately 8.5 mmscf/d
-- 30MW Logbaba Power Station now expected online in April
Victoria Oil & Gas Plc announces that its 100% owned
subsidiary, Gaz du Cameroun S.A. ("GDC"), is now supplying
approximately 4.5 mmscf/d of gas to the sixteen Altaaqa Gensets
installed at Bassa Power Station. Following the pipeline connection
to Bassa by GDC and the successful installation of the Gensets by
Altaaqa, 20MW of power generated is now being fed into the grid.
Total GDC gas production has risen from 4.5mmsc/d to approximately
8.5 mmscf/d.
With the Bassa power supply online, Altaaqa will now focus on
completion of Genset installation at the 30MW Logbaba Power
Station. The original schedule of having all 50MW online by the end
of March 2015 is now expected in April 2015 due to shipping
delays.
Kevin Foo, Executive Chairman, said: "4.5mmscf/d of gas from
Logbaba to supply 20MW of power from Bassa to the National Grid is
a proud achievement for GDC and an important step forward for
Cameroon. Our partners Altaaqa and ENEO deserve hearty
congratulations. All companies are now focussed on delivering the
30MW from the Logbaba Station."
Joel Nana Kontchou, CEO ENEO Cameroon, said: "The project
addresses a shortage in the country's electricity supply due to a
strong increase of demand combined with a lack of a reserve for the
electric system; it will help to cover the demand of electricity
and that's our way of feeling the pain of Cameroonians. We are
pleased to work with GDC and Altaaqa, companies that share our deep
commitment to responding to Cameroon's critical infrastructure
needs."
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kevin Foo / Laurence Read Tel: +44 (0) 20 7921 8820
Numis Securities
John Prior / Ben Stoop Tel: +44 (0) 207 260 1000
Strand Hanson Limited
Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494
Tavistock Communications
Jos Simson / Edward Portman/ Nuala Gallagher Tel: +44 (0) 20
7920 3150
Notes to Editors
About Victoria Oil & Gas Plc
Victoria Oil & Gas (VOG.L) is a gas utility company with
operations in the industrial port city of Douala in Cameroon, which
is the business hub to Central Africa.
The Company's subsidiary, Gaz du Cameroun S.A. ("GDC"), supplies
cost effective, clean and reliable gas to industries in the Douala
region from its onshore Logbaba Gas Project. Industrial customers
are primarily supplied with gas through a 31.3km pipeline network
built by GDC in Douala. GDC products currently include thermal gas,
gas condensate and gas for electricity generation. GDC gas is
attractive to customers due to its reliability, price
competitiveness, low hydrocarbon emissions (compared to Heavy Fuel
Oil) and adaptability to meet varied power requirement needs.
The Company generates cash flow from the Logbaba Project which
is 60% owned and managed by GDC, with RSM Production Corporation,
an affiliate of Grynberg Petroleum Company of Denver, Colorado
holding a 40% participating interest.
VOG also holds 100% of the West Medvezhye oil and gas
exploration project near Nadym, Russia. The field has C1 plus C2
reserves of 14.4mmboe (under the Russian resource classification
system, analogous to proven and probable reserves under Western
conventions) in addition to best estimate prospective resources of
1.4bboe.
Cameroon Energy Market
Cameroon is a stable African country that is host to a
developing economy serving most of Central Africa with goods and
services. A power deficit remains a major hindrance to Cameroon's
economic expansion. The power grid is reliant on hydroelectric dams
to supply 75% of power and the shortfall is made up from heavy fuel
oil and gas. Hydroelectric dams are highly seasonal, with stream
rates significantly varying from 6,000m(3) per second in the wet
season to 50m(3) per second in the dry season. As with many hydro
electrical systems transmission loss is also a constant issue when
balancing power loads across distances to different consuming
regions. The port-city of Douala is the major industrial zone
within Cameroon and it requires high levels of consistently
delivered grid power all year round. Currently Cameroon's energy
demand is growing at 7% annually and gas is seen as a key element
to Cameroons national energy strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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