Oil and gas Plant

Yaounde, Cameroon Africa(Cameroon News) – Victoria states that it has ‘Plenty of Cash’ to flag off its first gas sales in Cameroon.

Victoria Oil & Gas Plc (VOG), the U.K.- based explorer that proposes to manufacture its first onshore gas in the first quarter, said it has “plenty of cash” to finish off the project.

The company requires additional investment of $10 million to finish the Logbaba field after ramping up its stake to 95 percent, Chairman Kevin Foo informed reporters today in London.

Victoria Oil increased its holding from 57 percent after RSM Production Corp., its partner in Cameroon, was unable to contribute its share, the London-based company indicated today in a statement.

“We have plenty of cash to complete the job,” Foo said. Victoria Oil will get “roughly a quarter of a billion” dollars in value from taking over RSM’s share.

Victoria Oil proposes to distribute about 8 million cubic feet a day of gas next year to industrial customers including the local units of Nestle SA (NESN), SABMiller Plc (SAB) and Diageo Plc (DGE) amongst others.

The company anticipates to ramp up output to 44 million cubic feet a day in 2014 and to as high as 200 million a day in 2018, based on further field exploration and local demand.

The company would not be looking at providing supplies for the GDF Suez (GSZ) SA-led liquefied natural-gas project in Cameroon, Foo said.