Victoria Oil & Gas has posted an H1 pretax profit of $3.9m, from a year-ago profit of $215,000. Revenue was $23.6m, from $18.9m.
"The first half of 2016 has been a stabilising period in the Company, as we deliver on our strategy to increase production and grow our pipeline network in Douala, Cameroon," said executive chair Kevin Foo.
"Our market assessment indicates a growing demand for our gas, for both thermal and grid power markets.
"The Matanda acquisition was a major extension of our influence in the region, whilst the drilling programme is expected to unlock new reserves for sale to customers.
"The preparation for drilling at our existing Logbaba production site is complete, and spudding is expected shortly. Expansion work on the Bonaberi pipeline is on track, and with Gas Sales Agreements in place, we expect to deliver to these new customers before the end of the year.
"As we deliver on our expansion targets, we will look to increase the process plant's capacity. The settlement of the reserve bonus and termination of the 1.2% royalty was an important matter to resolve and will mean greater revenue for the Company going forward."