new ipo so early days yet given time to settle i think we shall see a good run with this stock re jumbo[hd]

who are they selling the gas to ??? ---------------------------

GAZPROM OF COURSE!!!!



Victoria Oil & Gas Plc

Gas Distribution Protocol Signed with Gazprom

Protocol agreed with Gazprom subsidiary as first step in securing a long term gas off-take arrangement

Gazprom subsidiary to provide technical assistance to Victoria

Two further wells to be drilled at West Medvezhye during 1st Half 2006

Victoria Oil & Gas Plc ('Victoria' or 'the Company') the AIM-quoted oil and gas company focused on the Former Soviet
Union, today announces that it has signed a protocol with Gazprom subsidiary Nadymgazprom ('NGP') outlining terms for
future discussion regarding the distribution of gas through its transportation system from the Company's West Medvezhye
gas and condensate project ('the Project') located in Western Siberia, Russia.

Protocols are part of the conventional Russian process of negotiating a binding contract, but are not, in and of
themselves, legally binding. This protocol is the first step in securing long term gas off-take agreements with Gazprom.

Gazprom subsidiary NGP has agreed that, following a successful well test and reserve reclassification, it will initiate
negotiations with Victoria for the transportation, storage and marketing of gas from the Project. NGP has also agreed to
provide assistance to Victoria, in the near-term, with further subsurface interpretation of the Project and procurement
of technical equipment.

Gazprom is the world's largest gas company and is the owner and operator of Russia's only gas pipeline network, the
Unified Gas Supply System ('UGSS'). All gas produced in Russia, either by Gazprom itself or by independent producers, is
transported through the UGSS to customers inside and outside Russia. NGP is directly responsible for all Gazprom's gas
exploration and production operations, transportation, storage and marketing activities in the Nadym region of Western
Siberia.

Commenting today Executive Director William Kelleher said, 'The terms agreed in today's protocol are broad, but the
lines of communication and negotiation are now officially open. This marks the start of the process for agreeing with
Gazprom access for Victoria to the world's largest gas distribution and marketing system.'

In November 2005, independent reservoir auditors DeGolyer & MacNaughton confirmed expected recoverable resource volume
estimates for the field surrounding the discovery Well 104 of half a trillion cubic feet of gas (0.5 TCF). These
expected recoverable resources are to be confirmed by well testing in the first quarter of this year.

Further to the testing of Well 104 the Company intends to drill two further obligation wells at West Medvezhye, an
appraisal well to delineate further the field around Well 104 and a new exploration well to test a separate structure on
the licence.

During this period DeGolyer & MacNaughton are also expected to release a revision to their 2001 feasibility study on the
Project, including revised resource volume estimates and cash flow forecasts.

For further information please contact:

Kevin Foo / George Donne Jamie Cumming / Tracy Mackenzie
Victoria Oil & Gas Plc Bell Lawrie
+44 (0)207 921 8820 +44 (0)141 314 8103
+44 (0)141 314 8220
Leesa Peters/ Laurence Read
Conduit PR
+44 (0)207 429 6605
+44 (0)7979 955 923


This information is provided by RNS
The company news service from the London Stock Exchange