Victoria Oil & Gas plc (LON:VOG) has started to abound sales afresh alike admitting food to Cameroon ability accumulation ENEO accept yet to resume.
The arrangement was abeyant aftermost December and controlling administrator Kevin Foo said it was a shock back it was not renewed.
Victoria seems to accept been accessory accident in what is a abundant beyond affair of ability accumulation in Cameroon.
Through its Gaz Du Cameroun subsidiary, Victoria was bearing and bartering about 15mmscf (million cubic feet) gross per day from the Logbaba acreage back the ENEO arrangement was at its height.
Second division 2018 sales about totalled 320mmscf (3.3mln per day), compared to 726mln apparent in the fourth division of 2017.
Third division sales rose 11% at 356million cubic metres of gas or an boilerplate 3.72mln per day.
In the anniversary to 19 October, however, sales were 4.6mln scf per day and by the end of the banking year are accepted to be 5mlnscf daily.
GDC has a 57% pale in the acreage but alike with ascent sales banking after-effects will be afflicted abnormally anchored costs are high.
Losses in 2017 were US$10.7mln afterwards revenues alone to US$23.5mln from US$32.8mln but back again assembly to ENEO has chock-full completely.
Foo hopes assembly will be aing antecedent levels bound already the ENEO bearings is resolved.
The arrangement was to accomplish 50Mw of electricity and Foo hopes to be back’ battlefront up 30Mw’ back accumulation resumes with the added 20Mw to chase anon thereafter.
ENEO had been demography some 53% of the gas from VOG’s Logbaba acreage and its Gaz Du Cameroun has apparent sales added than bisect due to the hiatus.
Decentralised ability for Africa
Foo says alike back food resume it will body a non-grid operation to abate its assurance on ample filigree barter such as ENEO.
A contempo accord with Turkey’s NaturelGaz will be acclimated to authorize a aeroemism accustomed gas operation (CNG) that can accumulation businesses and barter after the charge for an big-ticket filigree connection.
The two companies will set up a collective adventure that will administer CNG and accommodate ability in a decentralised address throughout Cameroon.
Gensets (generators) at the abject at adaptable buzz building can be micro grids or activity wells for villages- the ‘Energy Well’.
If that works, it ability become a arrangement for utilising abandoned gas assets throughout Africa believes Foo.
“This archetypal is activity to assignment in Africa. Filigree ability is not activity to.”
NaturelGaz will body the baby compression plants, which can action 1-2mmcf (million cubic feet) per day, with the amount of CNG accepted to be abundant lower than agent that admiral generators acclimated broadly at present in Cameroon.
Foo said the aboriginal CNG bulb ability be in operation as aboriginal as the additional division of aing year.
To accession gas consumption, Victoria Oil has additionally agreed on a accounts amalgamation with bounded banks to install generators at the sites of automated barter in acknowledgment for a ten-year charge with minimum agreed volumes.
Most of these ability barter are already affiliated to GDC’s gas pipeline, so abacus a gas accursed architect would absorb basal after costs.
GDC is alive with Altaaqa and added accessories suppliers to fast clue six generators for barter that appetite to accept ability online this year.
Victoria believes these will initially absorb over 1mmscf/d of gas at a amount of $13 per MMBtu.
The ambition is to accept over 18 gas to ability barter online by end of 2019, arresting over 4.5mmscf/d of gas with no seasonality, in accession to the thermal demand.
Shore Capital said the third division was a acceptable assembly achievement with sales agreements active with four new automated ability barter during the quarter.
“VOG has additionally alien its new ‘Energy Well’ abstraction which aims to accommodate ability to bodies in Cameroon after admission to filigree power, and which we accept is addition accomplished action from the company.”
Shore Capital kept with its appear Risked NAV appraisal of 70p/share, a ambition that reflects the affluence abject and the cogent bazaar befalling in the Douala arena in Cameroon, area the aggregation has a ascendant bazaar position.
Victoria Oil & Gas is admired at £42mln at 28.05p.
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