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Energy company Victoria Oil & Gas posted a full-year loss as the pandemic hampered its attempts to recovery from the loss of a key power customer in Cameroon.
Pre-tax losses for the year through December amounted to $8.8 million, compared to year-on-year losses of $112.0 million.
The company recently terminated a contract with ENEO and reached a full and final settlement with the group after the reporting period ended.
'Your company's operations were affected by the pandemic as capital projects in West Africa had to be halted and the YaNAO region of Russia underwent a severe lockdown,' the company said.
'We are pleased to say that both jurisdictions eventually emerged from the worst of the pandemic's restrictions and am particularly pleased to report that Gaz du Cameroun managed to safely and continuously meet all of its customers demand for natural gas throughout the year.'