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Victoria Oil & Gas Extends Gas Supply Agreement with ENEO

Source: 6/26/2017, Location: Africa

Victoria Oil & Gas Plc has extended the current gas supply agreement with ENEO Cameroon S.A. (ENEO), the Cameroon energy joint venture between UK Group Actis and the Cameroon Government, until 31 December 2017.

The extension will enable ENEO and the Company's 100% owned subsidiary, Gaz du Cameroun S.A. (GDC) to optimise all technical and financial elements of a long-term gas supply arrangement aimed at increasing the current contractual power supply of 50MW to beyond 100MW. The take-or-pay components will remain in place and, until year end, an interim gas price of US$7.50/mmbtu has been agreed.

The Group continues to prove its commitment to Cameroon and have been proud to help provide the Douala region with additional power to meet fast growing demands.

The drilling of the two new wells at Logbaba continues. The Company will provide the market with an update on drilling progress shortly.

Commenting today Ahmet Dik, CEO, said; "VOG and ENEO have agreed that gas supply will continue until the end of the year. We are working with ENEO to create long term solutions, using natural gas for power generation beyond 100MW. We believe there is demand for more than 150mmscf/d in Douala and we are in discussions with third party IPP licensees to supply gas."

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