Victoria Oil & Gas PLC Annual Report and Accounts & Trading Update (7263Q)
June 30 2022 - 2:00AM
UK Regulatory
TIDMVOG
RNS Number : 7263Q
Victoria Oil & Gas PLC
30 June 2022
30 June 2022
Victoria Oil & Gas Plc
("VOG" or the "Company")
Annual Report and Accounts & Trading Update
Victoria Oil & Gas Plc provides the following update in
relation to its Annual Report and Accounts and trading
position.
Annual Report and Accounts
VOG announces that its Annual Report and Accounts to 31 December
2021 will not be published in advance of the Annual General Meeting
("AGM") being held today at 11.00 a.m. given the financial
uncertainty that the Company is in as a result of the Partial Final
Award to RSM Production Corporation ("RSM") by the ICC, as
announced on 4 April 2022. This resulted in the temporary
suspension of the Company's shares. The Company continues its
discussions with RSM with a view to agreeing a post award
settlement that would enable resolution of the financial
uncertainty facing the Company, the audit to be finalised, the
Annual Report posted to shareholders and the suspension of shares
to be lifted. Included in these ongoing discussions is the proposed
procedure for resolution of costs and attorney's fees.
Trading Update
Revenue
Gaz du Cameroun S.A.'s ("GDC") operation in Douala, Cameroon has
continued to deliver natural gas to over 30 industrial customers,
supplying gas safely and continuously throughout 2021 and the year
to date.
Unaudited attributable revenue for calendar year 2021 was
US$14.5 million (2020: U$13.2 million) representing an increase of
10% year on year. Unaudited revenue to 31 May 2022 was
US$6.3million (2021 for the same period: US$6.2 million).
Cash and Cash Equivalents
Unaudited cash and cash equivalents at 31 December 2021 was
US$2.1 million (31 December 2020: U$1.8 million). Cash as at 1 June
2022 was US$0.98 million (1 June 2021: US$2.5 million). Unaudited
net debt as at 31 December 2021 was US$15.9 million (31 December
2020: US$12.8 million).
Q2 2022 Operational Update will be released to the market in due
course.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
For more information, please visit: www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Roy Kelly / Rob Collins Tel: +44 (0) 20
7921 8820
Strand Hanson Limited (Nominated and Financial
Adviser)
Rory Murphy / James Dance Tel: +44 (0) 20
7409 3494
Shore Capital Stockbrokers Limited (Broker)
Mark Percy / Toby Gibbs Tel: +44 (0) 207
408 4090
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END
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