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Victoria Oil & Gas revenue $23.6 million

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Staff Writer | September 26, 2016
Victoria Oil & Gas announced its unaudited interim results for the six months ended June 30, 2016. Cost recovery milestone was reached on Logbaba Gas and Condensate Project.
Victoria Oil & Gas
Victoria Oil & Gas   Adjusted EBITDA was $14.2 million
In the prior year the company changed its accounting reference date to 31, December. These interim results report on the six-month period to June 30, 2016, with the comparative period covering the six-month period ended 30, November 2015.

Owing to the seasonal nature of our business, where production statistics are reported they will be compared to the equivalent six-month period to June 30, 2015, to provide a more accurate comparison.

Financial highlights

- $23.6 million revenue (six months to 30 November 2015 was $18.9 million) $14.2 million Adjusted EBITDA (six months to 30 November 2015 was $7.9 million)
- $1.9 million net cash position (at December 31, 2015 was $6 million)
- $9.0 million net cash position at September 23, 2016
- Cost recovery milestone reached on Logbaba Gas and Condensate Project on 31, May 2016 after which revenues will be shared in accordance with the participating interests

Operational highlights

- 93% average daily production rate increase to 13.1mmscf/d (six months to 30 June 2015 was 6.8mmscf/d)
- 2,282mmscf of gas sold (six months to 30 June 2015 was 1,525mmscf)
- Phase II Bonaberi pipeline expansion well underway to connect new thermal customers
- Major drilling preparation work completed, drill rig arrived and is being commissioned

Corporate highlights

- 75% interest in the Matanda Production Sharing Contract assigned to the Group
- $26 million debt facility secured to support Logbaba expansion.


 

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