(Business in Cameroon) - The share of Victoria Oil and Gas (VOG), an independent oil and gas exploration and production company listed on the Alternative Investment Market of the London Stock Exchange (LSE), surged by 52.1%, backed by investors following a new deal with Cameroon’s power utility Eneo.
“We are delighted that Gaz du Cameroun (local branch of VOG) has renewed its contract with Eneo and has quickly resumed gas supply to the Logbaba power station in Douala. Whilst the situation in 2018 has been a challenging one for all involved, the management team remained confident that a resolution would be reached,” VOG said in an official statement.
With gas price ranging from $6.75 to $6.95 per one million British Thermal Units (MMBTU), the company now forecasts a 100% increase in profit for the 2019 financial year.
This share boost, it should be noted, is also beneficial to BGFI Bank Cameroon that has validated a restructuring plan for VOG’s $26-million outstanding debt balance.