Victoria Oil & Gas Plc reported operation results and revenue and net debt for the fourth quarter and full year ended December 31, 2017. For the fourth quarter of 2017, Gross Gas Sold 726 mmscf compared to 11.04% increase on fourth quarter of 2016. Average daily gas production was 7.94 mmscf/d compared to 7.64 mmscf/d for the same period last year.

For the year ended 2017 Gross Gas Sold 3,684 mmscf an increase of 3.29% on year ended 2016. Average daily gas production was 10.98 mmscf/d compared to 10.23 mmscf/d for the same period last year.

The company reported unaudited net revenue for fourth quarter of 2017 was $4.4 million compared to $4.6 million for the same period last year.

The company reported unaudited net revenue for 2017 was $23.9 million compared to $32.8 million for the same period last year. Net debt was $14.0 million as on December 31, 2017 compared to Net cash of $1.8 million as on December 31, 2016.

The company reported that Wells La-107 and La-108 were successfully completed and the rig stacked in December 2017. La-107 is now a production well and a well plan is being finalised on La-108 to complete the clean-up and testing of the Lower Logbaba Sands. This includes recovery of the spent perforation gun. Once this is done, the Upper Logbaba Sands in La-108 can be tested, if required, as gas flows from the Lower Logbaba Sands were ahead of expectations. Preliminary internal reserve estimates for La-107 and La-108 based on well logs and flow tests are material and will be published in due course. The final cost of the well programme was $87 million against an original budget of $40 million. This overrun was the result of a combination of many factors and a detailed analysis will be completed. However, the well control event during the drilling of La-108 was the main cause of the delay and cost overruns. An insurance claim has been lodged with the Company's insurers to cover the substantial and material costs associated with this event and the consequential schedule and cost overrun. As is normal in these situations, the outcome of claim is not certain. Matanda, Bomono and West Medvezhye Update: During the quarter the Group progressed with subsurface evaluation work for the Matanda Block, which indicates the potential for more than 1TCF of recoverable gas across onshore sections of the block. The Company continues to work with the Government of Cameroon to obtain the assignment of its participating share in this block. On 2 January 2018, the company announced a further extension of discussions with Bowleven Plc on the Bomono Project. This block is yet to receive a Provisional Exploitation Licence, in advance of any assignment of title from Bowleven Plc to the Company. The Company is also remains engaged with potential buyers or partners for the West Medvezhye Project in Russia.