Victoria Oil & Gas Plc reported unaudited consolidated earnings and production results for the six months ended June 30, 2018. For the period, the company reported revenue of $5,014,000 against $15,420,000 a year ago. Operating loss was $2,746,000 against $4,446,000 a year ago. Loss before taxation was $3,828,000 against $4,570,000 a year ago. Loss for the period attributable to shareholders of the parent was $3,297,000 against $4,501,000 a year ago. Loss per diluted share was $2.28 against earnings per diluted share of $4.11 a year ago. Net cash used in operating activities was $3,335,000 against $10,412,000 a year ago. Payments for property, plant and equipment was $529,000 against $346,000 a year ago. Payments for intangible assets were $1,893,000 against $14,844,000 a year ago. EBITDA was $27,000 against $4,420,000 a year ago. The Group was in a net debt position of $18.6 million at 30 June 2018 against $13.1 million for period ended 31 December 2017. The increased net debt position is a result of the repayment of accounts payable and the funding of operational activities.
For the six months, the company reported average daily Logbaba field gross production rate fell to 3.40 mmscf/d compared to 14.6 mmscf/d a year ago. 650 mmscf of gross gas sold from Logbaba compared to 2,345 mmscf a year ago, reflecting the non-renewal of the grid power gas sales agreement.