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Cameroon: Gas sales, licence approval boost VOG

Victoria Oil & Gas (VOG) has announced the resumption of gas sales to power utility Eneo Cameroon for the Logbaba power station, and government approval of its acquisition of the Matanda Block. The news has come as a significant boost for Aim-listed VOG, which was hard hit when Eneo failed to renew its supply contract a year ago, and for Douala consumers that have experienced power cuts. Eneo’s cash flow has suffered from the government’s unwillingness to pay its bills, but while VOG said it was confident the problem was temporary, the Eneo supply represented an estimated 53% of Logbaba gas sales revenues for 2017.

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