Victoria Oil & Gas has announced that its first profit as revenues from its Logbaba field in Cameroon for the seven-month period ended December 31, increased extremely as it is planning to boost its reserves and produce more gas in the country.

Initial results for the seven months were $1.63 million, while revenues increased to $21.4mln.

The company has changed its end of the year to December and income for that 12 months to May 2016 is at $27.9 million.

“During the period, our gas sales doubled when compared to the equivalent seven months in 2014. Our research shows that the demand for gas in Douala, Cameroon and the surrounding areas remains far in excess of our ability to supply,” Kevin Foo, Victoria Oil’s Executive chairman said.

Victoria Oil is seeking for industrial customers in Douala and due to this it sold 1.736 Mmscf for the seven months.

Per day output was 8.57 Mmscf/d at contract prices between $9 and $16 per Mmbtu for its gas.

According to Foo, Victoria Oil is beginning to seek for other opportunities within Africa that can be leveraged by its experience in Cameroon.

“Our plan is to focus on the development phase of projects and enter at a point post discovery of gas and prior to development of the field,” he told Energy Voice.

Anita Fatunji