Victoria Oil & Gas Plc (Victoria) has become a significant domestic energy supplier in Africa through its wholly owned subsidiary: Gaz du Cameroun S. A. (GDC).
With operations located in the industrial port-city of Douala, Cameroon, customers are converting their operations to take natural gas supplied by our production wells and pipeline infrastructure.
GDC is the sole gas supplier in the area, providing a cheaper, more efficient, reliable, and cleaner energy alternative to Heavy Fuel Oil use.
Our teams of engineering advisors are on hand to help customer’s cost and implement the change to GDC’s energy products.

Victoria Oil & Gas is traded in the NEX Exchange HERE

Link-HISTORICAL NEWS,VIDEO/AUDIO & EVENTS

Link-Dedicated Posts for:
Gaz du Cameroun S.A. (“GDC”)
Gaz Du Cameroun Matanda S.A. ("GDC Matanda")

Link-Cameroon-Industrialisation Master Plan (PDI) & Africa Energy

NEWS

21st Jan 2019 Production Update
17th Jan 2019 Q4 2018 Operations Update
02nd Jan 2019 Presidential Decree on Matanda Received
24th Dec 2018 Renewal of Long-Term Gas Supply Contract with ENEO
28th Sep 2018 INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2018
17th Aug 2018 Q2 2018 Operations Update
22nd Jun 2018 Report and Accounts to 31 December 2017
14th Jun 2018 Restructure of the BGFI Debt Facility
04th Jun 2018 Notice of Annual General Meeting
04th June 2018 Logbaba Field Reserves Update
24th May 2018 Q1 2018 Operations and Outlook
16th Feb 2018 Q4 17 Operations Update & 2018 Outlook Replacement
05th Jan 2018 Gas Supply Contract with ENEO Not Extended



VIDEO/AUDIO

21st Jan 2019 Victoria Oil & Gas looks ahead to increased cash flow
24th Aug 2018 Victoria Oil & Gas confident of resolving ENEO contract 'within weeks'
22nd Apr 2018 Video from 21/04/2018 UK Investor Show
16th Feb 2018 Victoria Oil & Gas confident of positive outcome to ENEO issue
08th Nov 2017 Victoria Oil & Gas reports very pleasing initial results from La-108
31st Oct 2017 21 Oil and Gas - African Power Panel
30th Oct 2017 121 Oil & Gas Investment
26th Oct 2017 Victoria Oil & Gas raises US$23.5mln to accelerate new growth programme
26th Sep 2017 Victoria Oil & Gas to finalise long term supply contracts after first gas at LA-107
17th Aug 2017 Victoria Oil & Gas expecting La-107 to be a 'substantial' producer
16th Apr 2017 Video from 01/04/2017 UK Investor Show
13th Apr 2017 'It's been a terrific year and a great quarter', says Victoria Oil & Gas' Kevin Foo
06th Mar 2017 Farm-out deal 'a really good strategic move' for Victoria Oil & Gas, says chairman Kevin Foo
06th Feb 2017 Chairman runs Proactive through the good start to 2017

EVENTS

28th Jun 2018 Annual General Meeting ("AGM")
10th May 2018 Africa Oil & Power Investor Forum-London
21st Apr 2018 UK Investor Show
11th-12th Apr 2018 Africa Investment Exchange: Gas (AIX: Gas 2018)-London
09th-10th Nov 2017 The Cameroon Investment Forum(CIF)-Cameroon
30th-31st Oct 2017 121 Oil & Gas Investment-London
23rd-27th Oct 2017 Africa Oil Week 2017-Cape Town South Africa
07th Sep 2017 One2One Investor Forum - London
05th Sep 2017 Oil Capital Conference-London
28th Jun 2017 Annual General Meeting
01st Apr 2017 UK Investor Show
9th Feb 2017 Presentation slide show for One2One
9th Feb 2017 One2One Investor Forum - London

Social Media
    

VOG/GDC drilling campaign gets a mention is this months Business in Cameroon ending "and is used in the distribution of this increasingly popular fuel in the economic capital of the country."

28 November 2016 
Victoria Oil & Gas Plc

Batch Drilling of Two Wells Underway, Cameroon
 
Gaz du Cameroun S.A. (GDC), the Company's Cameroon gas producing and distributing subsidiary, announces that following spudding of well La-107 on November 1 2016, it has successfully drilled, cased and cemented the uppermost, 18⅝" section of the well to a depth of 400 metres. Operations on La-107 were then suspended as planned and the rig was skidded a distance of 10 metres along the rail system to the La-108 well location. The 1500 HP Komako 1 drilling rig, owned and operated by Savannah Oil Services Cameroon S.A., is a rail-mounted drilling rig and can skid between the two wells in a matter of hours.
 
Well La-108 was spudded on the 12th November 2016 and has been drilled and cased to a depth of 400 metres. Currently, Savannah is drilling the 17½" hole section on La-108, after which the rig will be skidded back to the La-107 well to drill its 17½" hole section.
 
The gas bearing target horizons, from which it is anticipated both new wells will produce, are in the Upper Cretaceous (Campanian and Santonian) Logbaba Formation, which is a thick sequence of interbedded sands and shales found at depths between 1,700m and 3,200m below the surface.  
 
Rig Skidding and Batch Drilling
 
The 2016/17 drilling campaign at Logbaba is designed as a 'batch drilling' operation. As a well is drilled, the equipment, drilling fluids, drilling services and specialist personnel required vary for each hole section. In a batch drilling operation, the rig is moved back and forth between the wells, progressing through all the hole sections until the wells have reached target depth. The Komako 1 rail mounted drilling rig is designed for this type of operation.
 
Significant cost saving and efficiencies are realised from a batch drilling programme, as materials and services are mobilised to the site, employed on both wells for each hole section and then demobilised when no longer required. In a conventional back-to-back two well drilling campaign the equipment and materials are all mobilised as required for the first well and then all equipment remains on standby rental until it is required again on the second well, three or four months later. With batch drilling the Company avoids having significant amounts of equipment and services on standby for 3 or 4 months between wells.

http://www.moneyam.com/action/news/showArticle?id=5455435

20 December2016
Victoria Oil & Gas Plc
 
Director/PDMR dealing
 
 
Victoria Oil & Gas announces that yesterday Mr Ahmet Dik elected to receive part of his compensation as Chief Executive by subscribing for 697,836 new ordinary shares of 0.5p in the Company ("Ordinary Shares").
 
The new Ordinary Shares have been issued at 28.66p per share, being the volume weighted average share price for the 5 trading days preceding 29 January 2016, the commencement date of his service agreement. Following this share allotment, Mr Dik will have an interest in a total of 925,787 Ordinary Shares, representing a 0.84% interest in the enlarged issued share capital of the Company.
 
Application has been made to the London Stock Exchange for the admission of the new Ordinary Shares to trading on AIM ("Admission").  Admission is expected to become effective and dealings in the new Ordinary Shares are expected to commence at 8.00 a.m. on 23 December 2016. Following Admission, the Company will have 110,193,098 Ordinary Shares in issue.

http://www.moneyam.com/action/news/showArticle?id=5468775

Some interesting articles within the December 2016/January 2017 edition of Business in Cameroon:               




Page 21
BC: Power deficit has always been presented as one of the major barriers to the development of businesses in Cameroon. However, this year, the Lom Pangar dam was filled and in June 2017, that of Memvé’élé, which has a capacity of 200 MW, should start producing.
There is also the 400 MW Natchigal dam for whose construction will begin in 2017. Could we, in sight of all these, say that Cameroon is getting out of the dark?

B: Cameroon’s power deficit is significant and it grows year after year. It is true that, considering the hydropower projects you mentioned, Cameroon is on the right path to reducing its deficit, but it is still far from erasing it. The government must massively invest to expand power production capacities. That should be its priority. In order to accelerate its industrialization, Cameroon immediately needs to achieve a minimal capacity of 4000 to 5000 MW, by 2020.

and the 'Energy' section starts from page 41

@ 17:23

Forest Nominees Limited (GC1) is nominee holder for GB Trustees Limited,  on behalf of  The Framar Trust, G.P. (Jersey) Limited have increased holding from:

4,283,595 to 4,383,595 (4.003%)

http://www.moneyam.com/action/news/showArticle?id=5470917

23rd December 2016
 Victoria Oil & Gas Plc

Thermal Customer Connections and Drilling Update, Cameroon
 
The Company is pleased to provide an update on both the gas pipeline expansion and ongoing drilling programme in Douala, Cameroon.
 
Pipeline Extension
 
Gaz du Cameroun S.A. ("GDC"), the Company's Cameroon gas producing and distribution subsidiary, has successfully completed both the Phase II & Phase III of the Bonaberi pipeline extension programme. GDC has laid a total of 15km of gas pipeline, including spur lines and metering points to seven new customers. Three of the new customers are now consuming gas for thermal applications. The remaining four thermal customers are scheduled to commission their burners during Q1 2017. The estimated consumption from the seven new customers will be 600,000 scf/d.
 
The Bonaberi extension of the central pipeline is part of the Company strategy to provide gas to the Western industrial area which is becoming a new hub for industrial developments utilising Douala's port, power and road networks. GDC has established itself as an important supplier of energy to industry either through thermal gas supply or via gas to power and had anticipated the Bonaberi growth and will be able to meet the growing gas demand in this area.
 
Customers currently online or scheduled to be online in January, all using gas for thermal use, include:

· Maya & C             Palm oil refinery
· OK Foods             Biscuit and sweet manufacturer
· Agrocam              Specialists in poultry hatchery, egg and corrugated carton packaging.
· NAYA                    Food processing
· BATOULA             Plastic processing
· BOCOM                Car battery recycling and steel products
· Camaco                Cocoa processing

Drilling Update

Drilling of wells La-107 and La-108 is continuing and GDC is working with its contractors to make up for the delayed start to drilling primarily due to lightning strikes during rig up.
 
The Company is pleased to announce that GDC has successfully drilled and cased the 17½" section of La-107 to 1004 m and we are preparing to drill the 12¼" section to 1600m where we will set the 9⅝" production casing prior to drilling the reservoir section in 8½" hole.
 
The 17½" section of La-108 has also been drilled and cased to 1173m and its 12¼" section will be drilled after the 12¼" section of La-107 is completed.
 
The 2016/17 drilling campaign at Logbaba is designed around a 'batch drilling' approach. As a well is drilled the equipment, drilling fluids, drilling services and specialist personnel required vary for each hole section. In a batch drilling programme the rig is moved back and forth between the wells, progressing through all the hole sections until the well is completed, which allows for a more efficient and cost effective utilisation of the various services and personnel for each hole section. The Komako 1 rail mounted drilling rig is designed for this type of operation.
 
The gas bearing target horizons from which it is anticipated both new wells will produce are in the Upper Cretaceous (Campanian and Santonian) Logbaba Formation, which is a thick sequence of interbedded sands and shales found at depths between 1,700m and 3,200m below the surface.

http://www.moneyam.com/action/news/showArticle?id=5470984

Victoria Oil & Gas

VOG has announced that it has successfully completed phases 11 and 111 of the Banaberi pipeline extension. This is 15km of pipe and spur lines giving meters to seven new customers who will take at least 600/- scf/d. The pipeline extends VOG’s reach into the western industrial area and new industrial links. Meanwhile the batch drilling of La-107 and 108 is making up for lost time and has completed the 17 1/2″ sections and is moving to the 12 1/4″. All this is very positive news and when the story gets told early next year may show quite how cheap VOG is…

Proactive Investors One2One Investor Forum - London

Victoria Oil & Gas plc | SDX Energy Inc


Feb 9th 2017, 6.00 pm - Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair


The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception. Details on the presenting companies can be found below.
 
This event is suitable for the following:
Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.
 
The event is not suitable for people pursuing commercial opportunities.

From LSE:

oldpuppy
Posts: 13
Today 12:17

"VOG has a 2-year contract with ENEO. One can assume that the contract started with the commissioning of both plants. My recollection is that those plants started generating power in March or April. Based on that, the contract, if not renewed, would end in March. Unfortunately VOG has remained quite on this issue. I understand from alternate sources that GDC and Altaaqa were formally notified a couple of months ago that THE CONTRACT WOULD NOT BE EXTENDED BEYOND THE CURRENT TERMINATION DATE. Shareholders deserve a formal statement from VOG as this information is material."


oldpuppy
Posts: 13
Today 12:31

"naks - I can understand the denial of some people that are heavily invested in this stock. You should know that I can obtain specifics from those sources but I would rather see you get that information from VOG. It is not to me to explain to you that management concealing such price sensitive information to shareholders is a serious offense punishable under AIM rules."

http://www.lse.co.uk/member-info.asp?nick=oldpuppy

'oldpuppy' has now toned down or back-tracked his/her original post by adding the following:

oldpuppy
Posts: 14
Today 13:31

"bigsmoke, madvoger - You believe that i'm a deramper... I believe that VOG owe you the truth. It is your right to know. The contract might "eventually" be renewed depending on the dynamic of negotiations (vog concessions, price,...). Not guaranteed though. But you should know that as of TODAY VOG has been already notified in writing that there will be no extension of the contract."


oldpuppy
Posts: 15
Today 13:46

"vog knows it and under the AIM rules should issue an rns to inform shareholders. And If you disagree that shareholders are entitled to that information it probably means that you are involved in the effort to conceal that information."

http://www.lse.co.uk/member-info.asp?nick=oldpuppy

what a time to end the contract just as the dry season gets hold and all the power cuts start.

makes you wonder if the next step would be to generate the electricity from our gas and supply that to company's as well. we are a utility company after all.
Gaz du Cameroun S.A.
Electric de Cameroun S.A.

delta1, until the company updates via an RNS I'd take 'oldpuppy' posts with a large pinch of salt!

banjo
I do, but just think of it.
Foo, said he wanted to expand into other projects. So why not electricity.

delta1, VOG look to be focused on being a gas utility company:

"Look at new areas in Cameroon and across Africa where the GDC model can be replicated"
http://www.victoriaoilandgas.com/sites/default/files/160926%20VOG%20Interim%20Results%20to%2030%20June%202016.pdf

"Expand business development efforts into other parts of Africa, leveraging the successful Cameroon model"
http://www.victoriaoilandgas.com/investors/news/2016-outlook

General interest-highlighting how unstable Nigeria's (neighbouring country) electricity supply is:

Power Supply: Nigeria loses 1,899MW as seven power plants collapse
Monday, 16 January 2017

(Ecofin Agency) - The latest industry data on sector reforms and activities have revealed that the collapse of seven power plants across Nigeria has resulted in a total electricity load loss of 1, 899.7 Megawatts.

This report indicated that four out of this plants owned by the National Integrated Power Projects were shutdown, while the remaining have been functional for days.

“Partial collapse occurred on January 12, 2017. At 8:41hours, system frequency dropped from 51Hz to 43Hz. Lagos, Osogbo, Jebba, Kainji and Shiroro lost supply, while other areas survived. The total load loss was 1,899.7MW. As of 6am on January 13, the following plants were still shut down: Geregu NIPP and Sapele NIPP, in addition to the plants previously reported as shut down. Plants previously reported as shut down include Alaoji NIPP, Ihovbor NIPP and Gbarain,” it stated.

It added that gas constraint accounted for 2,680MW, while grid and water management constraints were both zero megawatt. Due to this constraints, the power sector lost an estimated N1.358bn, Punch news reports.

Nigeria has been witnessing poor power supply which have crippled industry sectors and affected households in the country. This situations have been blamed on lack of adequate investment by electricity firms.
Anita Fatunji


http://www.ecofinagency.com/electricity/1601-36285-power-supply-nigeria-loses-1-899mw-as-seven-power-plants-collapse

A few translation issues but:

Cameroon plans to become “the factory of the new Industrial Africa by 2050”
Wednesday, 25 January 2017

(Business in Cameroon) - According to the Cameroonian Minister of Mining, Industry and Technological Development (Minmidt), Ernerst Gbwaboubou, the Industrialisation Master Plan (PDI) which Cameroon just got is meant to turn this Central African country in to “the factory of the new Industrial Africa by 2050”. To achieve this, the government member highlighted in an interview with the pro-government daily, the PDI rests upon three pillars: the food, energy and digital industries.

“I must stress that this plan is in line with the five main priorities of the African Development Bank group which are: to light up Africa and provide electricity, feed Africa, integrate Africa, industrialise Africa and improve the quality of life of Africans”, pointed out Ernest Gbwaboubou.

In practical terms, at the operational level, in the energy sector, the PDI provides for the construction of the maximum number of energy infrastructure on the Sanaga, to pack this river on which is located 75% of the hydroelectric potential of Cameroon. This is also about “speeding up the development of other forms of renewable energy (biomass, natural gas, solar power) to provide affordable and ecological energy to our local industries, and finally concern ourselves with the vast market our big neighbour, Nigeria, represents with energy needs estimated at 88,800 Megawatts in 2020”.

On the food industry side, we learned, the PDI will put the priority on “developing agro-industrial technopôles (technical centres)”, to turn Cameroon into the bread basket of the 10 CEEAC countries and 150 million Nigerian citizens, a country with which Cameroon shares a 1,500-km long border. “You are well aware that Cameroon imported 1.388 million tons of food products in 2015 worth over FCfa 800 billion, thereby exceeding for the 1st time hydrocarbons (1.294 million tons) and clinker (1.323 million tons). Primarily, this concerns rice (730,000 tons), fish (217,000 tons), cooking salt (139,000 tons) and other various food products (301,000 tons). This situation remains without explanation considering the agro-ecological possibilities of the country”, repeats Mr Gbwaboubou.

General interest:


Economic Analysis - Fiscally Expansive Policies Spurring Economic Resilience - MAR 2017
West Africa January 2017 / Cameroon / Economy

BMI View: Cameroon's programme of public investment will keep growth elevated in the coming quarters, with a number of key project s underway. Furthermore, production of natural gas from 2018 will offer tailwinds to the trade balance.

Growth in Cameroon will be robust in the next two years on the back of public investment and new production opportunities. Fixed capital formation will be a significant driver of growth due to the government's investment programme and the packed infrastructure project pipeline. Furthermore, with gas production coming online by Q118, the new source of export revenue will be a boon to the trade balance. We also expect that improving economic conditions will see consumer confidence rise, causing a rebound in private consumption. Overall, Cameroon's economy will grow by 5.6% and 6.5% in 2017 and 2018, up from an estimated 5.3% in 2016.

http://www.africamonitor-newsletter.com/node/30748

The 2017 bucket list and 2016 results.
Posted on 1 February 2017

"Victoria Oil & Gas is arguably one of the most undervalued assets I have looked at, the management are determined to create a utility scenario from the gas to the customer. Gas found by them at Logbaba and through their own pipes to clients in Douala is a very exciting prospect and the demand is almost limitless."

3rd February 2017 
Victoria Oil & Gas Plc
 
Q4 2016 Operations Update 
 
Victoria Oil & Gas Plc, a Cameroon energy utility, provides an update on the Group's operations for the fourth quarter 2016; ended 31 December 2016.
 
Highlights
 
·     Increase in average gas production to 7.64mmscf/d in Q4 2016 (Q4 2015: 7.14mmscf/d)
·     4.5% increase in gross Logbaba gas sales of 654mmscf for the quarter (Q4 2015: 626mmscf)
·     24% increase in gross Logbaba gas sales of 3,566mmscf for the year (FY 2015: 2,868mmscf)
·     Logbaba drilling programme progress to 31 December 2016:
o  Rig spudded at both twin and step out wells
o  La-107 at 1,618m; La-108 at 1,173m
o  Deployment of Managed Pressure Drilling technology
·     15km pipeline commissioned as part of the Bonaberi extension
·     Three new thermal customers on the new Bonaberi extension were commissioned and consuming gas in Q4

·     Q4 (unaudited) financial highlights:

o  $4.6 million revenue (Q3 2016: $4.7million)
o  $15.8 million cash balance as at 31 December 2016 ($14.1 million as at 30 September 2016)
o  Net cash position of $1.3 million ($2.3 million as at 30 September 2016)
o  Current undrawn credit lines of approximately $16.0 million
 
Note: Net cash is defined as cash equivalents less borrowings, where cash equivalents exceed borrowings
 
Ahmet Dik, Chief Executive Officer of VOG, commented:  

"The Bonaberi pipeline extension provides gas to the western industrial area of Douala, which is fast becoming a new hub for future developments looking to access Douala's port, power and road networks. We have established ourselves as a vital part of the energy infrastructure for the city and the region. I am particularly pleased that year on year gas sales for 2016 has increased by 24% and a monthly production record has been set this January.  Our drilling programme has progressed well and we are reaching an exciting phase as the wells descend into the Logbaba Formation. We look forward to providing further updates in the coming months."

 
Operational update
 
The quarterly gross gas and condensate consumptions for the Logbaba Project are as follows (amounts in bold are gas and condensate sales attributable to VOG*):

***See Link at BOP for Table***

Customers and Pipeline
 
Thermal gas sales were in line with Q3 2016 and were a 24% increase on Q4 2015. Phases II & III of the Bonaberi pipeline extension programme were successfully completed, with 15km of new pipeline commissioned during the quarter. Total commissioned pipeline is now 49.6km across the entire network. Three new customers began consuming GDC gas during December after the Bonaberi extension. GDC has commissioned the pipeline extension up to the Pressure Reduction Metering System at a several new customers and is now waiting for these customers to connect to their operations.  The impact of the new gas supply and the increased ENEO consumption, as the dry season starts, has already been seen during January. GDC has set a record in monthly supply figures averaging 14.5mmscf/d and peaking at 17.1mmscf/d up to 31 January 2017.
 
Grid power sales for the quarter were 12% up on Q4 2015 following increased usage by state power operator, ENEO, for electricity generation supplying Douala. The ENEO contract is a two-year gas supply agreement, which will expire during Q2 2017. Negotiations are underway with ENEO and Altaaqa to renew the contracts for the supply of gas to the electricity generation sets, installed at the Logbaba and Bassa power stations in Douala.
 
The reduced consumption from GDC's Retail power consumers is a result of the termination of the lease period of the generators used by these customers to generate electrical power for their operations. These generators were initially brought into the country by GDC to prove the concept of gas-to-power, which resulted in GDC being awarded the initial ENEO contract. The customers are individually in the process of purchasing their own generators, which are sized appropriately and significantly more energy efficient, and we expect to have them consuming GDC gas again in the future.
 
Logbaba Drilling Programme
 
Drilling operations on wells La-107 and La-108 in the Logbaba Gas Field commenced on 1 November 2016. The Savannah Komako 1 drilling rig commissioning, inspection and certification programmes were completed in October 2016. The independent rig audit was performed by Bureau Veritas, who certified the rig as fit to operate. GDC's internal rig acceptance criteria were met and signed off on 1 November 2016, prior to well spud on the same day.
 
The Logbaba wells are intended to be production wells, completed in the Upper Cretaceous (Campanian and Santonian) Logbaba Formation, which is a thick sequence of interbedded sands and shales found at depths between 1,700m and 3,200m below the surface. In addition to developing the gas reserves in the Logbaba Formation, one of the wells, La-107, has an additional contingent objective of an 'exploration tail' with a terminal depth at 4,200m to test the hydrocarbon potential of the Lower Cretaceous Mundeck Formation. This horizon had gas shows and a significant gas kick in La-104 (which is currently being twinned by La-107). Execution of the exploration tail is dependent on well conditions, which will be established during the drilling programme.
 
At the end of Q4, La-108 had been drilled and cased to 1,173m where the 13⅜" casing has been set. The 12¼" hole section on well La-107 has been drilled to its target depth of 1,618 m.
 
Since 1 January 2017, the 9⅝" casing has been run and cemented in La-107 in preparation to drill the 8½" hole section through the objective Logbaba gas-bearing reservoir sections. The 9⅝" casing run into La-107 included a DDV (Downhole Deployment Valve), which was successfully set with the casing to assist in the MPD (Managed Pressure Drilling) technology that will be employed during the drilling of the over-pressured Logbaba Formation. This is the first time that a DDV has been deployed in sub-Saharan Africa.
 
After setting the 9⅝" casing in La-107 the rig was skidded to the La-108 well and has drilled the La-108 12¼" hole section to its target depth of 1,953m MD (measured depth). The 9⅝" casing, including the installation of a DDV as in La-107, has been run and cemented.  We are currently rigging up the MPD surface equipment in preparation for drilling the La-108 8½" hole section to its target depth of 3,563m.
 
MPD and the insertion of a DDV, both of which are expected to produce higher quality wells and reduce failure risk in the high pressure/high temperature environment under which these wells are being drilled, has added to the initial estimated budget. In addition, higher than expected Non-Productive Time (NPT) related to various operational issues has increased the schedule.  The revised budget range for the two well programme, without the exploration tail has now been increased by 10-20% above the previous estimate of $40m to $44-48M.
 
Approximately $23m has been spent to date on the project, so the balance of GDC's $13-15m share of the two well programme of will be funded by cash generated from operations and existing debt facilities. The net cash position of the Group at the end of the quarter was $1.3m (cash position of $15.8m). The group has remaining credit on its Cameroonian debt facility of $16m.
 
Process plant expansion
 
The gas processing plant expansion, which aims to increase the plant's processing capacity from 20mmscf/d to 25mmscf/d, is progressing with the preliminary engineering phase being worked into the pending new flow line works to tie in the new wells. Alternative scenarios for the gas plant expansion are also being engineered to increase the processing capacity up to 40mmscf/d.  A final decision on this will be dependent on the drilling programme results.

http://www.moneyam.com/action/news/showArticle?id=5490735