Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Victoria Now Fully Funded to Develop Cameroon Field

change text size

West Africa-focused Victoria Oil & Gas announced Wednesday that it was fully funded to meet long-term corporate objective and to commercialize its Logbaba gas discovery in Cameroon after raising approximately $36 million with institutional investors.

Victoria said the funds, along with a $15 million lending facility, will be used to fund the build-out phase of Logbaba project as the company increases production and sales. The company believes that having found substantial gas, established a market and completed an initial pipeline to that market, the optimal use of its capital is to complete the second phase of its pipeline, purchase power generation units and pay off existing financial and trade debts.

At the end of January the company reported that it now had 15 contracted customers taking gas at rates of 2.8 million standard cubic feet per day and that there remain a further 10 contracted customers awaiting conversion of their facilities to take gas. The firm has also identified more than 60 prospects for gas and/or on-site gas-fired power demand along existing and planned pipeline routes.

Victoria Chairman Kevin Foo commented in a statement:

"The last three years have been extremely challenging but we have become the first onshore gas producing company in Cameroon. We have made a significant gas discovery and in this period we have delivered gas to a hungry market. Our gas and condensate field lies in the heart of a city of three million people that is the industrial hub of Central Africa, with a rapidly increasing demand for energy and power."


 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Hibiscus Clears Australian FIRB's Hurd... (Aug 22)
 -  Petrofac Chairman Resigns (Aug 22)
 -  Atlantic Farms Out PL528 Stake to Reps... (Aug 22)
 -  Rosneft Signs Collaboration Deal with ... (Aug 22)
 -  Santos' Underlying 1H 2014 Net Profit ... (Aug 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
Assistant Controller
Expertise: Accounting or Finance
Location: The Woodlands, TX
 
Subsea Engineer
Expertise: Subsea Engineering
Location: GOM, TX
 
Product Manager - Subsea Tree Systems
Expertise: Mechanical Engineering, Subsea Engineering
Location: Houston, TX
 
search for more jobs