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Victoria Oil & Gas revenue $23.6 million

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Staff Writer | September 26, 2016
Victoria Oil & Gas
Victoria Oil & Gas   Adjusted EBITDA was $14.2 million

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.

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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