Victoria Oil & Gas PLC Deloitte Report & $10.1m Cash Call (4780Z)
December 11 2014 - 2:45AM
UK Regulatory
TIDMVOG
RNS Number : 4780Z
Victoria Oil & Gas PLC
11 December 2014
11 December 2014
Victoria Oil & Gas Plc
("VOG" or "the Company")
Deloitte Development Cost Report & $10.1m Cash Call
Issued
Victoria Oil & Gas Plc, the Cameroon utility company, today
announces that Akintola Williams Deloitte, Nigeria ("Deloitte"), a
member firm of Deloitte Touche Tohmatsu Limited, has submitted its
final report to both the Company and RSM Production Corporation
("RSM"), an affiliate of Grynberg Petroleum Company of Denver,
Colorado pertaining to development costs at the Logbaba gas
project, Cameroon.
Deloitte were appointed by RSM and VOG jointly under a
settlement agreement announced in January 2014 to review the cash
calls issued to RSM for:
-- RSM's participating interest share of incurred expenses from
inception of the Logbaba gas project to 31 December 2013; and
-- An advance for RSM's participating interest share of anticipated expenses for January 2014.
Following receipt of the Deloitte report the Company has today
issued to RSM a billing statement in the amount of $9.4m covering
underpayments outstanding for the 2013 Logbaba development costs
together with a billing statement in the amount of $726,817 for
development work detailed in the January 2014 cash call. The
January cash call and $3 million of the payments due up to December
2013, has been transferred by RSM and the remaining $6,433,306
balance will be paid on January 5, 2015.
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
Ed Portman / Simon Hudson Tel: +44 (0) 20 7920 3150
RSM Production Corporation
Gene Webb Tel: +1 303 8507490
This information is provided by RNS
The company news service from the London Stock Exchange
END
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