Victoria Oil & Gas booked a full-year loss after a key gas customer in Cameroon did not renew a supply agreement, reserves fell and drilling costs rose.
Pre-tax losses for the year through December amounted to $8.3m, compared to losses of $10.7m on-year.
Revenue more than halved to $10.8m, down from $23.5m on-year.
‘The company is for the first time in many years on the right track with lower costs, a better defined strategy, and the leadership to deliver value to shareholders,’ chairman Roger Kennedy said.
‘2018 was a difficult year accentuated by past mistakes.’
‘However, the events since the year end, with the injection of new capital by significant shareholders backing our business model, board and management changes, production levels increasing, and a strengthened financial position, ensures that the future looks brighter for shareholders.’
Source: Shares Magazine