Victoria Oil & Gas PLC Gas in Pipeline Pressurised to ENEO Power Stations (6858D)
February 02 2015 - 2:01AM
UK Regulatory
TIDMVOG
RNS Number : 6858D
Victoria Oil & Gas PLC
02 February 2015
Victoria Oil & Gas PLC (AIM:VOG)
2 February 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")
Gas in Pipeline Pressurised to ENEO Power Stations, Cameroon
Victoria Oil & Gas Plc announces that Gaz du Cameroun S.A.
("GDC"), its wholly owned subsidiary, has successfully completed
pipeline pressure testing up to the boundaries of the Bassa and
Logbaba power stations located in the port-city of Douala,
Cameroon. GDC will now commence installing pressure reduction and
metering units at both stations.
The next significant phase of the project involves the delivery
and installation of gas fired power generation sets ("Gensets") to
the power stations. The Gensets are being shipped to Cameroon by
Altaaqa Alternative Solutions Projects DWC-LLC ("Altaaqa"). Upon
arrival in Douala, ENEO Cameroon S.A. ("ENEO"), Cameroon's power
utility company, will take responsibility for expediting the
Gensets through the port to both power plants. Once the Gensets are
on site, Altaaqa will install and commission the Gensets at Bassa
and Logbaba.
ENEO requires both power stations to be on line and delivering
50MW by the end of Q1 2015, and GDC is on target to complete all of
its deliverables before that deadline. Following commissioning of
the Gensets, GDC's obligation will be to supply gas to the 20MW and
30MW power stations in Douala. All operations and maintenance
responsibilities for the Gensets remain with Altaaqa and ENEO.
GDC signed binding term sheets with ENEO on 24 December 2014 to
supply gas with guaranteed minimum take or pay levels of 9mmscf/d
in the January-June dry season and 3mmscf/d in the July-December
wet season. The agreement with ENEO is a major gas supply contract
for GDC in terms of scale and profitability at a fixed $9/mmbtu
over the two year contract term. The contract can be extended by
mutual agreement.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc Strand Hanson Limited
Kevin Foo / Laurence Read Angela Hallett / Stuart Faulkner
Tel: +44 (0) 20 7921 8820 Tel: +44 (0) 20 7409 3494
Numis Securities Tavistock
John Prior / Ben Stoop Ed Portman / Jos Simson
Tel: +44 (0) 207 260 1000 Tel: +44 (0) 20 7920 3150
Notes to Editors
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 26km 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
("RSM"), 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCWGUPWGUPAGMU
Victoria Oil & Gas (LSE:VOG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Victoria Oil & Gas (LSE:VOG)
Historical Stock Chart
From Apr 2023 to Apr 2024
