Source - LSE Regulatory
RNS Number : 8788Q
Victoria Oil & Gas PLC
01 November 2021
 

The headline for the Victoria Oil and Gas plc announcement released on 1 November 2021 at 07 00 under RNS No 8178Q should read Interim Results.

 

The announcement text is unchanged and is reproduced in full below.

 

1 November 2021

 

Victoria Oil & Gas Plc

("VOG", "Group" or the "Company")

 

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2021 AND Q3 2021 OPERATIONS UPDATE

 

Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2021 and provides an operations update for Q3 2021.

 

Operational Highlights

·          Average daily Logbaba field gross gas sales rate increased by 10% to 5.3 MMscf/d (six months to 30 June 2020: 4.8 MMscf/d)

·          952 MMscf of gross gas sold from Logbaba (six months to 30 June 2020: 881 MMscf)

·          Two existing industrial customers increased demand during the period

·          Well La-108 tied in and put on production on 15 February 2021. The well produced a cumulative 0.467 Bcf before it was shut-in on 6 June 2021 to perform a pressure build up ("PBU"), and (post-period) additional perforations will be added to the well after which it will be returned to production

 

Financial Highlights

·          US$7.1 million Revenue (six months to 30 June 2020: US$12.6 million)

·          Adjusted EBITDA loss of US$0.4 million (six months to 30 June 2020: EBITDA loss of US$0.8 million)

·          US$0.6 million cash generated from operating activities (six months to 30 June 2020: US$0.3 million utilised)

·          US$12.1 million Net Debt position (at 31 December 2020: US$12.8 million)

 

Corporate Highlights

·          Gaz du Cameroun S.A. ("GDC") signed a settlement agreement with ENEO Cameroon S.A. ("ENEO") on 16 April 2021 for approximately US$5 million gross. GDC received payment of US$5.1 million gross from ENEO in full and final settlement in early June 2021

·          Unsecured loan note of GBP1.25 million entered into with Hadron Master Fund ("Hadron") on 8 April 2021

·          Unsecured loan note instrument of US$7.5 million entered into with Meridian Capital (HK) Limited ("Meridian") on 18 June 2021

 

Subsequent and Q3 21 Highlights

·      Daily average gross gas sales rate for Q3 2021 of 5.0 MMscf/d (Q2 2021: 5.4 MMscf/d) of natural gas plus gross 3,800 bbls (Q2 21: 4,468 bbls) condensate was produced safely and offloaded to industrial customers

·      Q3 sales, traditionally lower than Q2 because of the holiday season, were reduced temporarily by several factors: a number of customers experienced interruptions to their operations, there were a number of maintenance shutdowns, and GDC turned off supply to some long-aged debtors. Constructive discussions continue with these debtors to recover these debts. Q3 2021 gas sales were however 6.5% higher than Q3 2020 following an increase in demand from existing customers

·      Cumulative production from the field passed 20 Bcf during the quarter, a significant achievement for GDC, which still remains the only operator onshore Cameroon, providing a vital fuel supply to Douala, the industrial engine of the country

·      It is a major achievement to have dismissed the UNCITRAL arbitration hearing - before it commenced - through amicable settlement talks with RSM

·      The Company has made material progress on the selection and preparation of a drilling site for the Matanda exploration well, and civil engineering works on the site and site access will commence in Q4 2021

·      Well La-108, brought into production in February from just the lower sands in the well, remains shut in (and has been since June 2021) and we continue to observe the pressure build-up. We have unanimous partner approval to add perforations to the upper sands and this work is now in progress

·      In furtherance of its support to the local community, GDC is pleased to report that it has provided funding for the construction of a new Emergency Department in the local Logbaba District Hospital 

 

The information contained within this announcement is deemed to constitute inside information pursuant to the EU (Withdrawal) Act and amended pursuant to Market Abuse (Amended) (EU Exit) Regulations 2019. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

For further information, please visit www.victoriaoilandgas.com or contact: 

 

Victoria Oil & Gas Plc

Roy Kelly / Kate Baldwin                                                                     Tel: +44 (0) 20 7921 8820

 

Strand Hanson Limited (Nominated and Financial Adviser)

Rory Murphy / James Dance                                                              Tel: +44 (0) 20 7409 3494

 

Shore Capital Stockbrokers Limited (Joint Broker)

Mark Percy / Toby Gibbs (corporate advisory)                              Tel: +44 (0) 207 408 4090

Jerry Keen (corporate broking)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Victoria Oil & Gas Plc

 

Unaudited Interim Condensed Consolidated Financial Statements

For the six months to 30 June 2021

 

 


CHAIRMAN'S LETTER

 

Dear Shareholder,

 

On behalf of the Board, I set out below our unaudited interim results for the six months to 30 June 2021 ("H1 21" or "reporting period"), an operational update for Q3 21 and commentary on the Company's progress. 

 

Victoria Oil & Gas Plc ("VOG", the "Company" or the "Group") currently generates revenue by reliably and safely supplying gas through its 57% participating interest in the Logbaba Project in Douala, Cameroon, which is held by its 100% owned subsidiary Gaz du Cameroun S.A. ("GDC").

 

Logbaba Operations Update

The sales figures from the Logbaba Project in Cameroon are as follows:

 

For the six month period ended

30 June 2021

30 June 2020


MMscf

MMscf

Gross gas sales - Logbaba



Thermal

900

 833

Industrial power

52

 48

Total

952

881

Attributable gas sales - Logbaba (MMscf)

543

502

Average daily gas sales (MMscf/d)

5.3

4.8




Condensate sales (bbls) - Gross

8,965

4,891

Condensate sales (bbls) - Attributable

5,110

2,788

 

The table refers to gross Logbaba Project gas sales, unless specified as attributable to GDC representing its 57% interest in the project.

 

Gas was produced and delivered to customers in Douala on an uninterrupted basis during the reporting period without any significant safety incidents, underlining our commitment to operate in a safe and environmentally friendly manner.  Our customers continue to realise the benefits of natural gas, by far the cleanest burning fossil fuel, having converted from significantly higher priced diesel or heavy fuel oil and subsequently reducing their harmful emissions in the Douala area. 

 

Post period, Q3 2021 production update:

Quarterly gross and net gas and condensate sales at Logbaba are as follows (amounts in bold are net gas and condensate sales attributable to GDC (57%)):

 


Q3 2021

Q2 2021

Gas sales (MMscf)





Thermal

247

434

261

458

Industrial power

16

28

17

29

Total (MMscf)

263

462

278

487

Daily average gross gas sales rate (MMscf/d)

5.0

5.4

Condensate shipped (bbls)

2,166

3,800

2,547

4,468

 

 

Industrial Customers

Our focus continues to be to improve our customer diversification post the termination of the ENEO Gas Sales Agreement ("GSA"). The focus on industrial customer growth around the existing pipeline continues to positively impact our results with an 8% increase in thermal and industrial gas consumption compared to H1 20, reaching 952 MMscf gross gas sales during the reporting period (H1 20; 881 MMscf). Attributable revenue for thermal and industrial customers in the reporting period was US$6.8 million compared to US$6.7 million in H1 20.

 

 

 

Well La-108 Remediation update

Well La-108 was brought online on 15 February 2020. The well was initially producing on its own and then in combination with another well so that La-108 could be kept at a constant rate and to ensure that operations could be managed given contrasting wellhead pressures.  The well started producing significantly more water than previous wells, and above what might be expected as just water of condensation. The level of water production (up to 200 bbl/d) was managed relatively easily by the operations team.

 

Together with the volumes produced during testing last year, the well has produced a cumulative 0.467 Bcf to date (over 111 days), and it had been supplying the majority of the gas produced by GDC whilst it was on production. La-108 was shut in on 6 June, the other wells meeting the needs of our customers since then, enabling GDC to carry out a longer-term pressure build up (PBU), which will allow us to learn more about the reservoir system that it has been producing from.

 

We have unanimous partner approval to add perforations to the upper sands in La-108, which we expect to more than double net pay. Such is the pressure difference between the top and bottom of the reservoir that perforating must be done in two stages, as was done on other wells. Adding perforations should increase the well's productivity, reduce the overall water cut and enable access to all of the well's connected gas volumes.

 

Matanda Subsurface

In late 2020, the Minister of Mines, Industry and Technological Development granted a one-year extension to our licence to 17 December 2021.

A team arrived in country to start the Environmental and Social Impact Assessment ("ESIA") in March 2020 but were unfortunately repatriated out of Cameroon due to Covid-19 and in total some six months were lost before they could return and complete the work. The ESIA was submitted in March 2021 and GDC was pleased to announce that the ESIA Report on its planned activities on the Matanda Block was approved in early June 2021. The certificate of environmental conformity, as issued by an inter-ministerial committee between the Ministry of Environment, Protection of Nature and Sustainable Development ("MINEPDED") and the Ministry of Mines, Industry and Technological Development ("MINIMIDT") permits the progress of drilling activities subject to the implementation of an approved Environment and Social Management Plan ("ESMP").

Well planning and the procurement of long lead items have progressed and civil engineering works are due to commence in the 4th quarter. The search for an appropriate drilling rig is well underway, and a short list of candidate rigs has been drawn up. Note that the total drilled depth of a Matanda well to test Tertiary-aged prospects will be significantly shallower than Logbaba wells which produce from older and deeper, Cretaceous-aged reservoirs. The total depth of the first well is likely to approximately 1,250m (Logbaba wells can reach over 3,000m).

In order to share the capital and risk of drilling the commitment well, the Company is seeking an industry partner via a farmout process which continues post-period.

ENEO

On 16 April 2021, GDC signed a settlement agreement with ENEO for the payment of the gross amount to GDC of approximately 2.74 billion FCFA (Central African CFA franc) (circa US$5 million).  This settlement relates to the Take-or-Pay invoices for October, November and December 2019 plus associated interest. During this period for which Take-or-Pay invoices were issued, gas was not being supplied to ENEO because there was no demand (the generating equipment at ENEO's site had been turned off). 

 

All of the amounts invoiced to Eneo were fully provided for in the Annual Accounts for the year ended 31 December 2019 and the Interim Statement for the period to 30 June 2020. 

GDC received a gross payment of US$5.1 million from ENEO in full and final settlement in early June 2021.

 

RSM Arbitration

As announced on 29 September 2021, VOG and RSM entered into a settlement agreement which has enabled the parties to dismiss the UNCITRAL hearing which was due to commence at the end of September 2021. The settlement involves the agreement of certain accounting policies and procedures, the clarification of certain decision-making processes, and an agreement on the amount of monies payable to RSM in line with their existing contractual arrangements from existing cash resources in country. This hearing and the inevitable follow-up would have likely cost the Company a substantial amount in legal costs alone, whilst the amounts under dispute were material as noted in the Annual Accounts for the year ended 31 December 2020.

The settlement of the UNCITRAL arbitration is without prejudice to all claims pending in the ICC arbitration Case No. 23991/MK. The ICC arbitration hearing took place in April of this year, and the ICC has yet to issue its Award.

Well La-108 Insurance claim

The Company continues to pursue its meritorious insurance claim with respect to the well control incident in well La-108 in March, 2017.

 

West Medvezhye

Our West Medvezhye asset in Russia continues to attract attention, helped by elevated oil prices (compared to 2020). We have a number of interested parties conducting due diligence on the asset.

 

Environmental Social and Governance (ESG)

The spread of the Covid-19 virus in Cameroon has been relatively contained in comparison to other countries.  A crisis management team was established at GDC in Cameroon in accordance with the corporate management plan to manage the company's activities and coordinate with the State authorities.  Whilst the Company has experienced a number of logistical issues in relation to quarantining and travel constraints, which have caused delays to a number of workstreams, the safety of employees and consultants was and continues to be paramount to the business.  A small number of our customers experienced supply and operational constraints because of the pandemic, but our gas supply remains uninterrupted.  Our local community platform meetings had to be suspended for a period, but these have now resumed with the necessary measures in place to ensure safety of attendees.

 

The Company continued evolving CSR systems into an ESG initiative during the period to ensure that the Company's Environmental, Social and Governance policies and practices are integrated into all aspects of the organisation, ensuring Board oversight and improved communications to its stakeholders. 

 

A key focus during the period was the completion and approval of the ESIA process on the Matanda Project.  The liaison with the relevant stakeholders in this regard is ongoing.  Community support has continued during the period with a number of Logbaba and Ndogpassi based projects being supported.  Materially, post period, GDC has strengthened its relationship with the Logbaba District Hospital by supporting financially the creation of a new emergency unit.

 

Final Word                 

We are pleased with the resilience that our Cameroon business has shown through recent times and the positive results from our remediation of well La-108. It was an important step in bringing La-108 onto production and we look forward to the results of the pressure build-up exercise and subsequent perforating programme. The work programme on Matanda has shown significant prospectivity and there has been significant operational progress in 2021 including the approval of the ESIA Report, the well planning and tendering for long lead items. On a final note we are very pleased to announce that in June, GDC passed one million man-hours without a single Lost Time incident.

 

Roger Kennedy

Chairman

 

31 October 2021



 

Financial Review

 

The interim report for the six-month period ended 30 June 2021 is compared to the six month period ended 30 June 2020 ("prior period" or "H1 20") as required by International Financial Reporting Standards ("IFRS").

 

Revenue and Results

 

For the six month period ended

30 June 2021

30 June 2020

31 December 2020


US$000

US$000

US$000

Performance




Revenue

7,148

12,607

13,195





Operating loss

(1,098)

(3,092)

(7,640)

Depreciation

724

811

2,143

Impairment charges

-

1,489

-

Adjusted EBITDA

(374)

(792)

(5,497)





Loss per share - basic & diluted (cents)

(0.89)

(1.45)

(3.51)





As at

30 June 2021

30 June 2020

31 December 2020


US$000

US$000

US$000

Financial Position




Trade and other receivables

14,389

11,779

17,647

Cash and cash equivalents

1,638

3,280

1,806

Trade and other payables

30,633

7,847

31,793

Borrowings

13,697

15,759

14,595

Net debt

12,059

12,479

12,789

 

 

Performance

The Group's revenue for the reporting period was US$7.1 million, US$5.5 million lower than the prior period (H1 20 US$12.6 million).

 

The revenue for the six month period to 30 June 2020 included approximately US$5.9 million related to ENEO.As a result of the ENEO settlement, this revenue was reversed in the Annual Accounts to 31 December 2020. Stripping out this ENEO revenue, then the attributable revenue for thermal and industrial customers in that period was US$6.7 million compared to US$6.8 million in the reporting period. Condensate sales were US$0.3 million in the reporting period compared to US$0.1 million in the comparable period.

 

Revenue is currently derived entirely from the Logbaba Project in Cameroon. Gas is sold to customers for thermal energy production and electricity generation, with revenue also generated from the sale of condensate, a by-product from gas production and processing.

 

Administrative expenses in the reporting period were US$1.6m higher than the prior period, primarily due to the significant legal expenses in relation to the RSM arbitrations.

 

Adjusted EBITDA, a non-IFRS measure which excludes depreciation and impairment charges from operating profit prior to financing charges and tax, reflects a loss of US$0.4 million (H1 20: US$0.8 million).

 

The loss after taxation of the Group for the six months to 30 June 2021, which incorporates the items mentioned above, amounted to US$2.3 million (H1 20: US$3.7 million). Loss per share for the six months to 30 June 2021 was 0.89 cents (H1 20: 1.45 cents).

 



 

Financial Position

 

Trade and other receivables

Trade receivables have decreased by US$3.3 million in the six month period to 30 June 2021 primarily due to the effects of the ENEO settlement.

 

Cash and cash equivalents

Cash as at 30 June 2021 was US$1.6 million (31 December 2020: US$1.8 million).

 

Trade and other payables

Trade and other payables have increased by US$22.8 million in the reporting period compared to the comparable prior year period and decreased by US$1.2 million since the Annual Accounts to 31 December 2020.

 

The principal reasons for the increase since the six months to 30 June 2020 is due to:

•      increase in trade payables due to increased legal fees with respect to the two arbitrations with RSM;

•      reclassification of the State Royalty to a current liability in 2020 from a provision in 2019; and

•      the CHL settlement consideration.

Accruals includes an amount of US$0.6 million (31 December 2020: US$0.8 million) in relation to the land claim on the Logbaba Project.

 

Other payables includes an amount of US$1.4 million (31 December 2020: US$1.7 million) due under the reserve bonus settlement, US$12.3 million (31 December 2020: US$13.2 million) royalty obligation due under the Logbaba Concession agreement and an amount under the CHL settlement agreement with US$1.2 million (31 December 2020: US$1.2 million) disclosed as a current liability, and a further US$6.7 million (31 December 2020: US$6.9 million), disclosed as a non-current liability.

 

Borrowings

Total borrowings of US$13.7 million compares to US$14.6 million at 31 December 2020.

 

Net Debt

The Group was in a net debt position of US$12.1 million at 30 June 2021 (31 December 2020: US$12.8 million).

 

Cash Flow

 

Operating activities

The Group utilised cash in operating activities of US$0.9 million during the reporting period (H1 20: generated cash of US$6.1 million). Working capital increased by US$2.0 million (H1 20: US$5.7 million). Net cash generated from operating activities was US$0.6 million (H1 20: $0.3 million utilised).

 

Contingent liabilities

 

RSM

RSM instituted an arbitration in Texas, USA under ICC rules in 2018 and separately on 3 February 2020, RSM filed an arbitration application under UNCITRAL Rules pursuant to a Participation Agreement for the project.

As announced on 29 September 2021, the UNCITRAL arbitration has been settled.

The settlement of the UNCITRAL arbitration is without prejudice to all claims pending in the ICC arbitration Case No. 23991/MK. The ICC arbitration hearing took place in April of this year, and the ICC has yet to issue its Award.

Arbitrations under ICC and UNCITRAL rules are confidential processes. VOG is not permitted to provide detailed comments on them.

The amounts under dispute in the ICC arbitration are significant, and an adverse finding would have a material impact upon the Group's cash forecast and its ability to continue as a going concern.

 

 

Loan Note and Warrants with Hadron Master Fund

On 8 April 2021, VOG announced that it had raised GBP1.25 million through the issue of an unsecured loan note provided by its second largest shareholder, Hadron Master Fund ("Hadron"). The loan note is repayable on 5 April 2022 for 110% of the principal amount. Pursuant to the loan note, Hadron was granted warrants over 10,416,667 ordinary shares of £0.005 in the Company's share capital ("Ordinary Shares"). The subscription price of the warrants is 6.0 pence per Ordinary Share and can be exercised at any time prior to the third anniversary of the issue.

 

Loan Note Instrument with Meridian Capital (HK) Limited

On 18 June 2021, VOG announced that it had entered a definitive financing agreement with Meridian Capital (KH) Limited ("Meridian") (the "Facility") to raise maximum proceeds of US$7.5 million. The Facility is comprised of two series of loan notes - A Loan Notes and B Loan Notes (together, the "Loan Notes"). Key terms of the Facility are set out in the relevant Company announcements available on our website.

The Company has fully drawn the Facility post the reporting period as announced on 1 October 2021.

Directors' Responsibility Statement

The Directors confirm that to the best of their knowledge the unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting'.

 

 

 

Robert Collins

Chief Financial Officer

 

31 October 2021

 



 

 

Condensed Consolidated Income Statement

 

 

For the six-months ended 30 June 2021



Six months

Six months

Year



ended

ended

ended



30.06.21

30.06.20

31.12.20


Notes

Unaudited

Unaudited

Audited



US$'000

US$'000

US$'000

Continuing operations





Revenue

4

7,148

12,607

13,195

Cost of sales


(1,531)

(1,645)

(2,570)

Gross profit


5,617

10,962

10,625

Administrative expenses


(7,330)

(5,705)

(12,015)

Other losses


65

(123)

(716)

Impairment loss/(reversal) on trade and other receivables


550

(6,737)

(8,135)

Impairment of - Exploration and evaluation assets


-

(1,489)

2,601

Operating loss


(1,098)

(3,092)

(7,640)

Finance revenue


-

-

 452

Finance costs


(1,077)

(511)

(1,629)

Loss before tax


(2,175)

(3,603)

(8,817)

Tax


(118)

(133)

(189)

Loss for the period - attributable to shareholders of the parent


(2,293)

(3,736)

(9,006)













Cents

Cents

Cents

Loss per share - basic & diluted

5

(0.89)

(1.45)

(3.51)

 

 

 

 

 

Condensed Consolidated Statement of Comprehensive Income

 

 

For the six-months ended 30 June 2021




Six months

Six months

Year




ended

ended

ended




30.06.21

30.06.20

31.12.20




Unaudited

Unaudited

Audited




US$'000

US$'000

US$'000







Loss for the period



(2,293)

(3,736)

(9,006)

Items that may be reclassified subsequently to profit or loss






Exchange differences on translation of foreign operations



16

(57)

(76)

Total comprehensive income for the period - attributable to shareholders of the parent



(2,277)

(3,793)

(9,082)

 

 



 

Condensed Consolidated Statement of Financial Position

 

As at 30 June 2021



Six months

Six months

Year



ended

ended

ended



30.06.21

30.06.20

31.12.20



Unaudited

Unaudited

Audited


Notes

US$'000

US$'000

US$'000






Assets:





Non-current assets





Intangible assets

6

13,056

8,596

12,946

Property, plant and equipment

7

17,877

19,808

18,678



30,933

28,404    

31,624






Current assets





Inventories


9

4

8

Trade and other receivables

8

14,389

11,779

17,647

Cash and cash equivalents

12

1,638

3,280

1,806



16,036

15,063

19,461

Total assets


46,969

43,467

51,085






Liabilities:





Current liabilities





Trade and other payables

9

22,972

7,847

24,918

Provisions

10

-

10,186

-

Borrowings

11,12

6,909

6,181

6,853



29,881

24,214

31,771

Net current liabilities


(13,845)

(9,151)

(12,310)






Non-current liabilities





Other payables


7,661

-

6,875

Provisions

10

2,615

 2,151

2,396

Borrowings

11,12

6,788

9,578

7,742



17,064

11,729

17,013

Net assets


24

7,524

2,301











Equity:





Called-up share capital


1,827

1,826

1,827

Share premium


42,817

42,817

42,817

Translation reserve


(17,785)

(17,782)

(17,801)

Other reserve


868

1,093

868

Retained losses


(27,703)

(20,430)

(25,410)

Total equity


24

7,524

2,301

 

 



 

Condensed Consolidated Statement of Changes in Equity

 

 


Called-up

share capital

Share

Premium

Translation

reserve

Other

reserves

Retained

loss

Total

equity


US$000

US$000

US$000

US$000

US$000

US$000

At 31 December 2019 (Audited)

1,826

42,817

(17,725)

1,093

(16,694)

11,317

Loss for the period

-

-

(57)

-

(3,736)

(3,793)

At 30 June 2020 (Unaudited)

1,826

42,817

(17,782)

1,093

(20,430)

7,524

Share options exercised

1

-

-

(94)

93

-

Vesting of share options

-

-

-

66

-

66

Expiry of vested share options

-

-

-

(197)

197

-

Loss for the period

-

-

(19)

-

(5,270)

(5,289)

At 31 December 2020 (Audited)

1,827

42,817

(17,801)

868

(25,410)

2,301

Loss for the period

-

-

16

-

(2,293)

(2,277)

At 30 June 2021 (Unaudited)

1,827

42,817

(17,785)

868

(27,703)

24

 

 



 

Condensed Consolidated Cash Flow Statement

 


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000





Cash flows from operating activities




Loss for the period

(2,293)

(3,736)

(9,006)

Adjustments for non-cash and other items:




Tax

118

   133

189

Impairment of assets

  -

   1,489

-

Finance revenue

-

-

(452)

Finance costs

     1,077

 511

1,629

Depreciation and amortisation

724

    811

2,143

Expected credit losses

(547)

    6,737

(2,643)

Loss on disposal of property, plant and equipment

-

-

8

Gain on disposal of property, plant and equipment

-

-

(42)

Other gains and losses

     (65)

       123

749

Other non-cash items

107

         26

-

Share-based payments

-

-

66


     (879)

    6,094

(7,359)

Movements in working capital




Decrease /(increase) in trade and other receivables

3,699

(4,863)

155

(Increase)/Decrease in inventories

      (1)

       8

4

(Decrease)/increase in trade and other payables and provisions

(1,663)

(862)

12,041

Net movements in working capital

2,035

(5,717)

12,200

Interest paid

(560)

(700)

(1,361)

Net cash generated by/ (utilised in) operating activities

596

(323)

3,480





Cash flows from investing activities




Payments for intangible assets

(136)

(1,489)

(4,379)

Payments for property, plant and equipment

(4)

(15)

(83)

Net cash utilised in investing activities

(140)

(1,504)

(4,462)





Cash flows from financing activities




Repayments of borrowings

(2,585)

(2,158)

(4,572)

Net cash generated from equity raise

    2,068

  -

-

Net cash utilised in financing activities

(517)

(2,158)

(4,572)

Net decrease in cash and cash equivalents

(61)

(3,985)

(5,554)





Cash and cash equivalents - beginning of period

   1,806

  7,237

7,237

Effects of exchange rate changes

(107)

     28

123

Cash and cash equivalents - end of period

   1,638

    3,280

1,806

 

 



 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

 

1.  GENERAL INFORMATION AND BASIS OF PREPARATION

 

The unaudited interim condensed consolidated financial statements ("Interim Financial Statements") of Victoria Oil & Gas Plc and its subsidiaries ("the Group") for the six months ended 30 June 2021 have been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' ("IAS 34") and the AIM Rules for Companies.

 

The Interim Financial Statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2020.  The Interim Financial Statements are presented in US Dollars, rounded to the nearest thousand (US$000) except as otherwise indicated.

 

The condensed set of financial statements for the six months ended 30 June 2021 is unaudited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. They have been prepared using accounting bases and policies consistent with those used in the preparation of the audited financial statements of the Company and the Group for the year ended 31 December 2020 and those to be used for the year ending 31 December 2021. The comparative figures for the half-year ended 30 June 2020 are unaudited. The comparative figures for the year ended 31 December 2020 are not the Company's full statutory accounts but have been extracted from the financial statements for the year ended 31 December 2020 which have been delivered to the Registrar of Companies and the auditors' report thereon was unqualified and did not contain a statement under sections 498(2) and 498(3) of the Companies Act 2006.

 

The Interim Financial Statements have been prepared on a going concern basis, under the historical cost convention, except for the revaluation of certain financial instruments.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the new and amended standards and interpretations discussed below.

In the year to 31 December 2021 the annual financial statements will be prepared in accordance with IFRS as adopted by the UK Endorsement Board and that this change in basis of preparation is required by UK company law for the purposes of financial reporting as a result of the UK's exit from the EU on 31 January 2020 and the cessation of the transition period on 31 December 2020.

This change does not constitute a change in accounting policy but rather a change in framework which is required to ground the use of IFRS in company law. There is no impact on recognition, measurement or disclosure between the two frameworks in the period reported.

These Interim Financial Statements were approved by the Board of Directors on 31 October 2021.

 

 

2.  ACCOUNTING POLICIES

 

New amended standards adopted by the Group

The following amended standards and interpretation are effective for financial years commencing on or after 1 January 2021.

 

·      IFRS 9, IAS 39, and IFRS 7 (Amendments) - Interest Rate Benchmark Reform (effective date 1 January 2021).

 

·      IAS 1 (Amendments) Presentation of Financial Statements on Classification of Liabilities (effective date 1 January 2021).

·      IFRS 17 - Insurance Contracts (effective 1 January 2022).

Given these amendments were endorsed by the EU before 31 December 2020 they are part of the EU-IFRS as it stands at 31 December 2020 and therefore are UK endorsed.

These standards do not have a material impact on the Group in the current or future reporting periods. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods.

Estimates and Judgements

The preparation of the condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2020.

 

3.  GOING CONCERN

 

The Directors are required to give careful consideration to the appropriateness of the going concern basis in the preparation of the Interim Financial Statements.

 

In their consideration of the appropriateness of applying the going concern assumption, the Directors have reviewed cash flow forecasts for the period to 31 December 2022, the factors, estimates and assumptions included in the forecasts and the related sensitivities. Future outcomes may differ materially from these estimates.

 

The significant factors, estimates and assumptions applied in the cash flow forecast are as follows:

 

Cameroonian State royalty obligation

The Logbaba Project has operated as an integrated upstream and downstream operation since inception. In order to comply with the Gas and Petroleum Codes in Cameroon, the parties are working with The National Hydrocarbons Corporation of Cameroon ("SNH") to separate the business into its components. The parties are in ongoing negotiations with SNH regarding the mechanism and fiscal arrangements for, amongst others: the potential participation of SNH in the downstream activities; the allocation of assets, liabilities, revenues and costs, and the associated transfer pricing mechanisms; and the net settlement required by SNH to take ownership of their entitlement. One of the matters under negotiation has been GDC's and RSM's obligation to pay State Royalties. In prior years this potential liability was disclosed as a contingent liability. Following the signing of a new Accounting Procedure to the licence in mid-2020, the royalty liability crystalised and the Company accordingly recognised a provision of US$9.6 million in the Annual Report to 31 December 2019. This has been increased to US$13.2 million as at 31 December 2020 and recognised as a current liability. It has been agreed that this amount be reduced by the amounts owed by SNH with respect to their 5% share of net revenues and costs. Although the amount is payable on demand, discussions are ongoing with SNH in relation to both the timing and mechanism of settlement. As outlined above a number of options are being discussed, including potential future participation of SNH in the downstream operations of GDC. The Directors believe that it will take time to complete these discussions and to agree on timing and mechanism of settlement. The Directors are currently in discussions with respect to funding to defray this liability as soon as is possible. In the event that GDC is required to pay the full amount within the next twelve months and has not secured additional financing, this would have a material adverse impact on the Group's cash forecast and ability to continue as a going concern.

 

Other Items

The group is exposed to further contingent liabilities as outlined in Note 14. The amounts concerned have material impacts on the Group's ability to continue as a going concern.

 

Conclusion

The Directors have reviewed operating and cash forecasts in respect of the operating activities and planned work programmes of the Group's assets. The expected cash flows, plus available cash on hand, after allowing for funds required for administration and development costs, working capital improvement and debt servicing, are expected to cover these activities.

 

Based on the cash flow forecasts prepared the Directors are of the view that the Group and the Parent Company is sufficiently funded for the twelve-month period from the date of approval of these Interim Financial Statements. However, the Directors note that there are material uncertainties as listed above, which if any should eventuate, would require them to raise additional funds in 2021 and/or 2022.

 

Although the Directors consider the likelihood of these uncertainties eventuating to be remote, they are confident additional funding can be accessed should it be required.

 

On the basis of the considerations set out above, the Directors have concluded that it is appropriate to prepare the Interim  Financial Statements on a going concern basis. These Interim Financial Statements do not include any adjustments to the carrying amount and classification of assets and liabilities that may arise if the Group or the Parent Company was unable to continue as a going concern.

 

4.  SEGMENTAL ANALYSIS

 

IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about the Group that are regularly reviewed by the chief operating decision maker. The Board is deemed the chief operating decision maker within the Group. The Group has one class of business: oil and gas exploration, development and production and the sale of hydrocarbons and related activities. This is analysed on a location basis. Only the Cameroon segment is generating revenue, which is from the sale of hydrocarbons. For the purposes of segmental reporting, the Russia and Kazakhstan segments have been combined, as the assets of these segments have both been fully impaired. The accounting policies of the reportable segments are the same as the Group's accounting policies.

 

The following tables present revenue, loss and certain asset and liability information regarding the Group's business segments:

 

 



Russia and




Cameroon

Kazakhstan

Corporate

Total

Six months to 30 June 2021 (Unaudited)

US$'000

US$'000

US$'000

US$'000

Revenue





Gas Sales - thermal power

6,507

-

-

6507

Gas Sales - industrial power

313

-

-

313

Condensate sales

327

-

-

327

Other revenue

1

-

-

1

Total Revenue

7,148

 -

 -

7,148






Segment result

3,251

(31)

(4,318)

(1,098)

Finance costs

(980)

(24)

(73)

(1,077)

Loss before tax

2,271

(55)

(4,391)

(2,175)

Tax

(118)

 -

 -

(118)

Loss for the period

2,153

(55)

(4,391)

(2,293)






Total assets

45,975

47

947

46,969

Total liabilities

(38,213)

(323)

(8,409)

(46,945)

 

Other segment information





Capital expenditure:





Intangible assets

136

-

-

136

Property, plant and equipment

4

-

-

4

Depreciation, amortisation and impairment

724

-

-

724

 



 



Russia and




Cameroon

Kazakhstan

Corporate

Total

 

Six months to 30 June 2020 (Unaudited)

US$'000

US $'000

US$'000

US$'000

 

Revenue





 

Gas Sales - thermal power

6,350

-

-

6,350

 

Gas Sales - industrial power

316

-

-

316

 

Gas sales - grid power

3,899

-

-

3,899

 

Condensate sales

73

-

-

73

 

Other revenue

1,969

-

-

1,969

 

Total Revenue

12,607

 -

 -

12,607

 






 

Segment result

821

(61)

(2,363)

(1,603)

 

Impairment of assets

(1,489)

 -

 -

(1,489)

 

Finance costs

(386)

(52)

(73)

(511)

 

Loss before tax

(1,054)

(113)

(2,436)

(3,603)

 

Tax

(133)

 -

 -

(133)

 

Loss for the period

(1,187)

(113)

(2,436)

(3,736)

 






 

Total assets

42,499

45

923

43,467

 

Total liabilities

(33,035)

(286)

(2,622)

(35,943)

 

 

Other segment information





 

Capital expenditure:





 

Intangible assets

1,489

 -

 -

1,489

 

Property, plant and equipment

15

 -

 -

15

 

Depreciation, amortisation and impairment

2,300

 -

 -

2,300

 

 

 



Russia and




Cameroon

Kazakhstan

Corporate

Total

Twelve months to 31 December 2021 (Audited)

US$'000

US $'000

US$'000

US$'000

Revenue





Gas Sales - thermal power

12,350

-

-

12,350

Gas Sales - industrial power

639

-

-

639

Condensate sales

201

-

-

201

Other revenue

5

-

-

5

Total Revenue

13,195

 - 

 - 

13,195






Segment result

(1,922)

(84)

(5,634)

(7,640)

Finance income

452

 - 


452

Finance costs

(1,446)

(36)

(147)

(1,629)

Loss before tax

(2,916)

(120)

(5,781)

(8,817)

Tax

(189)

 - 

 - 

(189)

Loss for the period

(3,105)

(120)

(5,781)

(9,006)






Total assets

50,198

37

850

51,085

Total liabilities

(44,196)

(286)

(4,302)

(48,784)

 

Other segment information





Capital expenditure:





Intangible assets

4,379

 - 

 - 

4,379

Property, plant and equipment

83

 - 

 - 

83

Depreciation, amortisation and impairment

1,648

 - 

 - 

1,648

 



 

5.  LOSS PER SHARE

 

Basic loss per share is computed by dividing the loss after tax for the period available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the period.

 

The following table sets forth the computation for basic and diluted loss per share.

 


Six months

ended

30.06.21

Six months

Ended

30.06.20

Year

Ended

31.12.20


Unaudited

Unaudited

Unaudited


US$'000

US$'000

US$'000

Loss for the period

2,293

3,736

9,006






Number

Number

Number

Weighted number of ordinary shares for the purpose

 of basic earnings per share

257,067,218

256,861,796

256,883,685






Cents

Cents

Cents

Loss per share

(0.89)

(1.45)

(3.51)

 

Basic and diluted loss per share are the same in the current period, as the effect of any potential shares is anti-dilutive, and it therefore excluded.

 

 

6.  INTANGIBLE ASSETS


Exploration and




evaluation assets

Software

Total

Six months to 30 June 2021 (Unaudited)

US$'000

US$'000

US$'000

Cost




Opening balance

111,460

279

111,739

Additions

136

 -

136

Effects of movement in foreign exchange

320

 -

320

Closing balance

111,916

279

112,195





Accumulated amortisation and impairment




Opening balance

98,552

241

98,793

Charge for the period

 -

26

26

Effects of movement in foreign exchange

320

 -

320

Closing balance

98,872

267

99,139

Carrying amount 30 June 2021

13,044

12

13,056

 

 


Exploration and




evaluation assets

Software

Total

Six months to 30 June 2020 (Unaudited)

US$'000

US$'000

US$'000

Cost




Opening balance

110,115

279

110,394

Additions

1,489

 -

1,489

Effects of movement in foreign exchange

(2,134)

 -

(2,134)

Closing balance

109,470

279

109,749





Accumulated amortisation and impairment




Opening balance

101,586

188

101,774

Charge for the period

 -

24

24

Impairment of assets

1,489

 -

1,489

Effects of movement in foreign exchange

(2,134)

 -

(2,134)

Closing balance

100,941

212

101,153

Carrying amount 30 June 2020

8,529

67

8,596



 

 


Exploration




and evaluation




assets

Software

Total

Year to 31 December 2020 (Audited)

US$'000

US$'000

US$'000

Cost




Opening balance

110,115

279

110,394

Additions

4,379

 -

4,379

Effects of movement in foreign exchange

(3,034)

 -

(3,034)

Closing balance

111,460

279

111,739

Accumulated amortisation and impairment




Opening balance

101,586

188

101,774

Charge for the year

 -

53

530

Effects of movement in foreign exchange

(3,034)

 -

(3,034)

Closing balance

98,552

241

98,793

Carrying amount 31 December 2020

12,908

388

12,946

 

The addition in the exploration and evaluation assets relate to the Logbaba drilling programme on well La-108.

 

Recoverability of exploration and evaluation assets is dependent on the successful development of reserves within the license period, which is subject to a number of uncertainties including the ability of the Group to access financial resources to develop the projects and bring the assets to economic maturity and profitability. An annual impairment test is completed by management to determine if there are any indicators of impairment.

 

 

7.  PROPERTY, PLANT AND EQUIPMENT

 


Plant and

Oil and gas

Assets under



equipment

interest

construction

Total

Six months to 30 June 2021 (Unaudited)

US$'000

US$'000

US$'000

US$'000

Cost





Opening balance

46,537

94,506

4,290

145,333

Additions

 - 

 - 

Transfers

 - 

92 

(92) 

 - 

Disposals

 - 

 - 

(107) 

(107)

Closing balance

46,541

94,598

4,091

145,230






Accumulated depreciation and impairment





Opening balance

34,966

91,689

 - 

126,655

Charge for the period

373 

325 

 - 

698 

Closing balance

35,339

92,014

 - 

127,353

Carrying amount 30 June 2021

11,202

2,584

4,091

17,877

 

 

 


Plant and

Oil and gas

Assets under



equipment

assets

construction

Total

Year to 30 June 2020 (Unaudited)

US$'000

US$'000

US$'000

US$'000

Cost





Opening balance

46,940

94,506

4,220

145,666

Additions

15

-

-

15

Disposals

-

-

(26)

(26)

Closing balance

46,955

94,506

4,194

145,655

Accumulated depreciation





Opening balance

34,196

90,864

-

125,060

Charge for the year

374

413

-

787

Closing balance

34,570

91,277

-

125,847

Carrying amount 30 June 2020

12,385

3,229

4,194

19,808

 



 


Plant and

Oil and gas

Assets under


 


equipment

assets

construction

Total

 

Year to 31 December 2020 (Audited)

US$'000

US$'000

US$'000

US$'000

 

Cost





Opening balance

46,940

94,506

4,220

145,666

 

Additions

34

 - 

49

83

 

Exchange

81

-

6

87

 

Transfers

(15) 

 - 

15

-

 

Disposals

(503)

 - 

-

(503)

 

Closing balance

46,537

94,506

4,290

145,333

 

Accumulated depreciation





 

Opening balance

34,196

90,864

 - 

125,060

 

Disposal

(495)

-

-

(495)

 

Charge for the year

1,265

825

 - 

2,090

 

Closing balance

34,966

91,689

 - 

126,655

 

Carrying amount 31 December 2020

11,571

2,817

4,290

18,678

 

 

Assets under construction consists of expenditure relating to the pipeline network and surface infrastructure on the Logbaba Project in Cameroon.

 

The realisation of property, plant and equipment is dependent on the continued successful development of economic reserves within the license period, which is subject to a number of uncertainties including the Group's ability to access financial resources to continue to successfully generate revenue from the assets. An annual impairment test is completed by management to determine if there are any indicators of impairment.

 

8.  TRADE AND OTHER RECEIVABLES


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000

Amounts due within one year:




Trade receivables

4,495

14,326

8,014

Expected credit losses

(627)

(10,554)

(1,174)

Net trade receivables

 3,868

3,772

6,840

Taxes recoverable

1,769

1,417

1,775

Prepayments

 362

108

357

Other receivables

  8,390

6,482

8,675


 14,389

11,779

17,647

 

Trade Receivables

Trade and other receivables are financial assets and measured at amortised cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses ("ECL") which uses a lifetime expected loss allowance for all trade receivables.

 

Other Receivables

Other receivables includes a receivable from joint venture partners (RSM, SNH and AFEX) of US$8.2 million (30 June 2020: US$5.1 million; 31 December 2020: US$8.4 million) for their share of their participating interest in the Logbaba and Matanda Blocks.

 

Movement in Expected Credit Loss


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000

Balance at the beginning of the period

1,174

3,817

3,817

Movement in the period

 (547)

6,737

(2,643)

Balance at end of the period

 627

10,554

1,174

 

 

9.  TRADE AND OTHER PAYABLES


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000

Amounts due within one year:




Trade payables

 6,523

3,172

4,173

Taxes and social security costs

1,234

1,176

1,531

Accruals

1,188

1,796

3,202

Other payables

 14,027

1,703

16,012


 22,972

7,847

24,918

 

Amounts due greater than one year:




Other payables

7,661

-

6,875


7,661

-

6,875

Accruals

Accruals includes an amount of US$0.6 million (30 June 2020: US$1.0 million; 31 December 2020: US$0.8 million) in relation to the land claim on the Logbaba Project. US$0.9 million was included at 31 December 2020 in relation to well La-108 remediation works.

Other payables

Other payables includes an amount of US$1.4 million (30 June 2020: US$1.7 million; 31 December 2020: US$1.7 million) due under the reserve bonus settlement, US$12.3 million (30 June 2020: Nil; 31 December 2020: US$13.2 million) royalty obligation due under the Logbaba Concession agreement and an amount under the CHL settlement agreement with US$1.2 million (30 June 2020: Nil; 31 December 2020: US$1.2 million) disclosed as a current liability, and a further US $6.7 million (30 June 2020: Nil; 31 December 2020: US$6.9 million), disclosed as a non-current liability.

The carrying value of trade and other payables approximates to fair value.

 

 

10.     PROVISIONS

 


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000

Decommissioning and rehabilitation costs

 1,405

1,172

1,348

Production bonus provision

 447

398

425

Provision for State Royalty

-

10,186

-

Other

  763

 581

623


2,615

12,337

2,396

 

Non-current provisions represent the present value, as at the Statement of Financial Position date, of the amounts payable in future periods discounted at a rate that reflects both the time value of the money and the risks inherent in the liability.

 

 

11.     BORROWINGS

 


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000

Short-term borrowings

6,909

6,181

6,853

Long-term borrowings

6,788

9,578

7,742


13,697

15,759

14,595

 

The outstanding balance on the BGFI Bank loan facility at 30 June 2021 was US$10.1 million (30 June 2020: US$14.3 million; 31 December 2020: US$13.1 million). The loan has a remaining term of two years at 30 June 2021, and bears interest at 7.15% p.a. The loan is secured by a pledge over the revenue stream of certain customers, a pledge over attributable gas production volumes equivalent to the monthly installments and the ceding of GDC's rights to future insurance claims for the tenor of the loan.

 

Borrowings includes an amount of US$1.7 million (30 June 2020: Nil; 31 December 2020: Nil) in relation to an unsecured loan note entered into with Hadron Master Fund.

 

 

12.     NET DEBT

 


Six months

Six months

Year


ended

ended

ended


30.06.21

30.06.20

31.12.20


Unaudited

Unaudited

Audited


US$000

US$000

US$000

Cash and cash equivalents

  1,638

3,280

1,806

Borrowings: Current liabilities

(6,909)

(6,181)

(6,853)

Borrowings: Non-current liabilities

(6,788)

(9,578)

(7,742)


(12,059)

(12,479)

(12,789)

 

 

13.     RELATED PARTY TRANSACTIONS

 

The Group did not have any transactions with related parties during the six-month period ended 30 June 2021, other than as listed below:

 

John Daniel is a Director of the Company and a Director of JD Oil & Gas Consultancy Limited, an independent oil and gas consultancy. Professional fees paid to consultants in key management positions include US$47,432.12 related to consultancy work carried out by John Daniel, outside of his Non-Executive Director responsibilities, through JD Oil & Gas Consultancy Limited (30 June 2020: US$66,290; 31 December 2020: US$121,068)

 

 

14.     CONTINGENT LIABILITIES

RSM

RSM instituted an arbitration in Texas, USA under ICC rules in 2018 and separately on 3 February 2020, RSM filed an arbitration application under UNCITRAL Rules pursuant to a Participation Agreement for the project.

As announced on 29 September 2021, the UNCITRAL arbitration has been settled.

The settlement of the UNCITRAL arbitration is without prejudice to all claims pending in the ICC arbitration Case No. 23991/MK. The ICC arbitration hearing took place in April of this year, and the ICC has yet to issue its Award.

Arbitrations under ICC and UNCITRAL rules are confidential processes. VOG is not permitted to provide detailed comments on them.

The amounts under dispute in the ICC arbitration are significant, and an adverse finding would have a material impact upon the Group's cash forecast and its ability to continue as a going concern.

 

15.     POST BALANCE SHEET EVENTS

 

 

·      A General Meeting was held on the 12 August 2021 for the shareholders to approve the Annual Report and Accounts for the year ending 31 December 2020. The Resolution to approve the accounts was duly passed.

 

·      A General Meeting was held on 10 September 2021 for the shareholders to approve the Whitewash with respect to the Meridian unsecured loan note instrument. As of the date of this report, US$7.5 million has been drawn down.

 

·      On 29 September 2021 VOG and RSM entered into a settlement agreement with respect to the UNCITRAL arbitration.

 

 

16.     SEASONALITY

 

With the exception of August, the revenues and operating profits for all other customers are evenly spread across the year. COVID-19 has had limited impact on this trend.

 

 

 

Copies of the Interim Financial Statements are available by download from the Company's website at: www.victoriaoilandgas.com.

 

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