Victoria Oil & Gas Plc (Victoria) has become a significant domestic energy supplier in Africa through its wholly owned subsidiary: Gaz du Cameroun S. A. (GDC).
With operations located in the industrial port-city of Douala, Cameroon, customers are converting their operations to take natural gas supplied by our production wells and pipeline infrastructure.
GDC is the sole gas supplier in the area, providing a cheaper, more efficient, reliable, and cleaner energy alternative to Heavy Fuel Oil use.
Our teams of engineering advisors are on hand to help customer’s cost and implement the change to GDC’s energy products.

Victoria Oil & Gas is traded in the NEX Exchange HERE

Link-HISTORICAL NEWS,VIDEO/AUDIO & EVENTS

Link-Dedicated Posts for:
Gaz du Cameroun S.A. (“GDC”)
Gaz Du Cameroun Matanda S.A. ("GDC Matanda")

Link-Cameroon-Industrialisation Master Plan (PDI) & Africa Energy

NEWS

21st Jan 2019 Production Update
17th Jan 2019 Q4 2018 Operations Update
02nd Jan 2019 Presidential Decree on Matanda Received
24th Dec 2018 Renewal of Long-Term Gas Supply Contract with ENEO
28th Sep 2018 INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2018
17th Aug 2018 Q2 2018 Operations Update
22nd Jun 2018 Report and Accounts to 31 December 2017
14th Jun 2018 Restructure of the BGFI Debt Facility
04th Jun 2018 Notice of Annual General Meeting
04th June 2018 Logbaba Field Reserves Update
24th May 2018 Q1 2018 Operations and Outlook
16th Feb 2018 Q4 17 Operations Update & 2018 Outlook Replacement
05th Jan 2018 Gas Supply Contract with ENEO Not Extended



VIDEO/AUDIO

21st Jan 2019 Victoria Oil & Gas looks ahead to increased cash flow
24th Aug 2018 Victoria Oil & Gas confident of resolving ENEO contract 'within weeks'
22nd Apr 2018 Video from 21/04/2018 UK Investor Show
16th Feb 2018 Victoria Oil & Gas confident of positive outcome to ENEO issue
08th Nov 2017 Victoria Oil & Gas reports very pleasing initial results from La-108
31st Oct 2017 21 Oil and Gas - African Power Panel
30th Oct 2017 121 Oil & Gas Investment
26th Oct 2017 Victoria Oil & Gas raises US$23.5mln to accelerate new growth programme
26th Sep 2017 Victoria Oil & Gas to finalise long term supply contracts after first gas at LA-107
17th Aug 2017 Victoria Oil & Gas expecting La-107 to be a 'substantial' producer
16th Apr 2017 Video from 01/04/2017 UK Investor Show
13th Apr 2017 'It's been a terrific year and a great quarter', says Victoria Oil & Gas' Kevin Foo
06th Mar 2017 Farm-out deal 'a really good strategic move' for Victoria Oil & Gas, says chairman Kevin Foo
06th Feb 2017 Chairman runs Proactive through the good start to 2017

EVENTS

28th Jun 2018 Annual General Meeting ("AGM")
10th May 2018 Africa Oil & Power Investor Forum-London
21st Apr 2018 UK Investor Show
11th-12th Apr 2018 Africa Investment Exchange: Gas (AIX: Gas 2018)-London
09th-10th Nov 2017 The Cameroon Investment Forum(CIF)-Cameroon
30th-31st Oct 2017 121 Oil & Gas Investment-London
23rd-27th Oct 2017 Africa Oil Week 2017-Cape Town South Africa
07th Sep 2017 One2One Investor Forum - London
05th Sep 2017 Oil Capital Conference-London
28th Jun 2017 Annual General Meeting
01st Apr 2017 UK Investor Show
9th Feb 2017 Presentation slide show for One2One
9th Feb 2017 One2One Investor Forum - London

Social Media
    

Northland Capital Partners View

Victoria Oil & Gas (LON:VOG) : Logbaba Update

Market Cap: £59.25m; Current Price: 54.5p


•Progress towards supplying power stations with Logbaba gas at end of Q115
•Victoria’s subsidiary Gaz du Cameroun (GDC) completed laying pipeline to boundaries of ENEO Power Stations, the 20MW Bass Power station and the 30 MW Logbaba Power station ahead of schedule.
•The pipeline is currently under test and this is expected to be completed by the end of the week.
•Both stations are required to be online delivering 50MW of combined power by the end of Q115 and it is anticipated that GDC will complete its deliverables ahead of schedule.
•ENEO signed a two year take or pay agreement for an average of 6mmcf/d at $9/mmscf/d.



NORTHLAND CAPITAL PARTNERS VIEW: This is a significant milestone for Victoria’s 60% owned Logbaba gas project that should see 9mmscf/d gas delivered from January to June and 3mmscf/d delivered July to December. Offtake price of $9/mmscf/d compares very favourably to world gas prices and is around the value of a barrel of oil in equivalency terms. After several years of delays, the project looks like it is on its way to delivering on its potential.

http://www.proactiveinvestors.co.uk/columns/northland-capital-partners-view-on-the-city/17623/northland-capital-partners-view-on-the-city-victoria-oil-gas-sunrise-resources-thorntons-and-stratex-international-17623.html

By SP Angel
January 19 2015, 9:30am

Victoria Oil & Gas (LON:VOG) – Gathering the Pace

Today's news that the connection of ENEO Cameroon’s Douala generating facility is on schedule is the latest in a string of positive events that have reversed the fortunes of the Company, from perennial under achiever, and on the verge of squandering its first mover advantage in the development of the Douala gas markets, to one that has not only started to deliver on the original promise, but in doing to, securing its longer term future.

While there are still obstacles to overcome, the Company is on the home stretch and the accumulated experience it has gathered over the last 18 months is resulting in the "on time and on budget" delivery of what arguably is the Company's largest and highest profile customer to date.

For us, the next steps will be the acquisition of the gas plant, and the strengthening of the balance sheet, which will also provide the Company with flexibility for securing the financial resources for drilling the follow up HTHP (High Temperature/High Pressure) well in to the Logbaba accumulation.

What the current operating environment for the Company also does, in conjunction with the current oil price, is provide it with the opportunity to invest in further assets, which in turn shores up the longer term outlook for the Company.

http://www.proactiveinvestors.co.uk/columns/sp-angel/17625/sp-angel-morning-oil-gas-oilex-victoria-oil-gas-and-meo-australia-17625.html

Edit-last paragraph possibly lost in translation?

Translated by Google:

Cameroon: Eneo should soon turn to gas, two of its power plants in Douala
Tuesday, January 20, 2015

(Ecofin Agency) - Energy of Cameroon (Eneo), the company in charge of the electrical energy in Cameroon will soon produce from the gas in its thermal power Bassa and Logbaba, the city located in Douala ( economic capital), which will allow it to reduce the operating costs of these units.

The information has not been provided by the company itself, but has been inferred by Ecofin agency, an announcement January 19, 2015 by Victoria Oil & Gas, the British junior mining majority shareholder of Gas of Cameroon (GDC). In this ad VOG explained to investors in the London Stock Exchange where it is listed, it has completed the connection of advance relevant sites on time. "The pipelines are currently in the testing phase and it is expected that it ends by the end of the week. Eneo wished that these plants are connected and can produce 50 megawatts of electricity by the end of the first quarter of 2015. GDC now expects that these objectives will be achieved before this period, "it said in the statement.

Gas for Cameroon, the case is as a great opportunity to increase its revenues. The contract with Eneo, which is mainly controlled by the British investment fund Actis, short of two years renewable, and is the delivery cubic foot 9 million standards per day during the dry season period from January to December and 3 million standard cubic feet per day for the less dry period from July to December.

The operation is even more advantageous for Eneo. The company should reduce the cost of electricity production from these two plants, to the extent that the bill paid gases Cameroon, for every kilowatt of equivalence consumed gas will be 15.35 FCFA. A price much more comfortable than the 110 FCFA per kilowatt need pay for production in heavy oil.

With ongoing work on Song Loulou's main power plant and the dry season which promises to Cameroon, the announcement of Victoria Oil and Gas will not be happy on the London Stock Exchange. Households and firms Douala should have a lighter dry period. The unknown is now whether Eneo production gains be reflected on customer bills associated with these production units




EDIT

Dangote group opens 3rd cement factory
Friday, 30 January 2015 14:39

(Business in Cameroon) - The cement factory built on the banks of the Wouri River by Nigerian billionaire Aliko Dangote (an investment of 50 billion FCFA) will start production in the next few days and will also start selling its cement on the Cameroonian market within that timeframe. This was the assurance given by project head, Baba Abduhallï.



The latter indicated that the cement factory has already received raw materials, particularly clinker and gypsum as well as pozzolan produced from a 27-hectare quarry in Tombel (south-west region) that Dangote has been approved to mine for another 5 years.

Ahead of its production launch, the cement factory has been conducting tests on its equipment for several weeks now. With the start of activities, Dangote Cement Cameroon intends to produce 1.5 million tonnes of cement which will bring national production to approximately 3.6 million tonnes, including the 500,000 tonnes produced by Moroccan company Cimaf and Lafarge subsidiary Cimencam’s 1.6 million tonnes.

Initially slated to be launched in January 2014, then August, then October 2014, Cameroon’s 3rd cement factory has experienced delays which Dangote Group officials have attributed to “congestion at Douala Port, which slowed the import of equipment for the factory’s construction.” At first, the Dangote cement factory will employ 77 Cameroonians, 11 expatriates and around 250 temporary workers each month.

http://www.businessincameroon.com/development/3001-5239-dangote-group-opens-3rd-cement-factory

Victoria Oil & Gas PLC (AIM:VOG)

2 February 2015


Gas in Pipeline Pressurised to ENEO Power Stations, Cameroon



Victoria Oil & Gas Plc announces that Gaz du Cameroun S.A. ("GDC"), its wholly owned subsidiary, has successfully completed pipeline pressure testing up to the boundaries of the Bassa and Logbaba power stations located in the port-city of Douala, Cameroon. GDC will now commence installing pressure reduction and metering units at both stations.



The next significant phase of the project involves the delivery and installation of gas fired power generation sets ("Gensets") to the power stations. The Gensets are being shipped to Cameroon by Altaaqa Alternative Solutions Projects DWC-LLC ("Altaaqa"). Upon arrival in Douala, ENEO Cameroon S.A. ("ENEO"), Cameroon's power utility company, will take responsibility for expediting the Gensets through the port to both power plants. Once the Gensets are on site, Altaaqa will install and commission the Gensets at Bassa and Logbaba.



ENEO requires both power stations to be on line and delivering 50MW by the end of Q1 2015, and GDC is on target to complete all of its deliverables before that deadline. Following commissioning of the Gensets, GDC's obligation will be to supply gas to the 20MW and 30MW power stations in Douala. All operations and maintenance responsibilities for the Gensets remain with Altaaqa and ENEO.



GDC signed binding term sheets with ENEO on 24 December 2014 to supply gas with guaranteed minimum take or pay levels of 9mmscf/d in the January-June dry season and 3mmscf/d in the July-December wet season. The agreement with ENEO is a major gas supply contract for GDC in terms of scale and profitability at a fixed $9/mmbtu over the two year contract term. The contract can be extended by mutual agreement.

http://www.moneyam.com/action/news/showArticle?id=4969137

Victoria Oil completes pressure tests for Douala power stations
By Philip Whiterow
February 02 2015, 9:06am

Victoria Oil & Gas’s (LON:VOG) Cameroon subsidiary Gaz de Cameroun (GDC) is ready to install pressure reduction and metering units at two power stations in Douala after successful pipeline testing.

After that, the next step will be the delivery and installation of the gas-fired power generation sets to the Bassa and Logbaba stations. The two stations will run on gas supplied by Victoria’s 60% owned Logbaba gas field.

Local power supplier ENEO Cameroon requires both power stations to be on line and delivering 50Mw by the end of this quarter and Victoria today again said it is on track to meet the target.

Following commissioning, GDC will supply the gas to the 20MW and 30MW power stations. The contract will see GDC receive a fixed $9/mmbtu for gas supplied over an initial two year contract term.



Also:

http://www.businessincameroon.com/pdf/BC24.pdf

Gas in pipeline pressurised to Eneo Power Stations
Adapted from press release by Hannah Priestley-Eaton
Published on 04/02/2015

Victoria Oil & Gas Plc has announced that Gaz du Cameroun S.A. (GDC), its wholly owned subsidiary, has successfully completed pipeline pressure testing up to the boundaries of the Bassa and Logbaba power stations located in the port-city of Douala, Cameroon. GDC will now commence installing pressure reduction and metering units at both stations.

The next significant phase of the project involves the delivery and installation of gas fired power generation sets (Gensets) to the power stations. The Gensets are being shipped to Cameroon by Altaaqa Alternative Solutions Projects DWC-LLC ("ltaaqa). Upon arrival in Douala, ENEO Cameroon S.A., Cameroon's power utility company, will take responsibility for expediting the Gensets through the port to both power plants. Once the Gensets are on site, Altaaqa will install and commission the Gensets at Bassa and Logbaba.

ENEO requires both power stations to be on line and delivering 50MW by the end of Q1 2015, and GDC is on target to complete all of its deliverables before that deadline. Following commissioning of the Gensets, GDC’s obligation will be to supply gas to the 20MW and 30MW power stations in Douala. All operations and maintenance responsibilities for the Gensets remain with Altaaqa and ENEO.

GDC signed binding term sheets with ENEO on 24 December 2014 to supply gas with guaranteed minimum take or pay levels of 9 million ft3/d in the January-June dry season and 3 million ft3/d in the July-December wet season. The agreement with ENEO is a major gas supply contract for GDC in terms of scale and profitability at a fixed US$9/million btu over the two year contract term. The contract can be extended by mutual agreement.

Oil price, Victoria Oil & Gas, Sundry-Ruspetro-Afren, and finally…
Posted on 13 February 2015 by Malcy

Victoria Oil & Gas

The chance to spend some time with Kevin Foo, Chairman and acting CEO of VOG is always time well spent particularly at the moment as he is overseeing the denouement of a long period of investment. VOG is an onshore gas supplier to industrial customers in Cameroon via its business Gaz du Cameroun. What has really made the difference is the signing of the GSA with ENEO, Cameroon’s energy utility company which doubles VOG’s revenue by supplying gas to two power stations that will generate 50 MW and take the gas at $9/mmbtu on a 2 year fixed price contract. There is a difference between supplying gas in the dry and wet seasons but I am led to believe that it will even out in due course.

The point about VOG is that it really is a utility, or as the blurb puts it, ‘an operating African utility’ and with exciting opportunities to drill more wells and with what looks like a massive market out there to aim at, the upside from here seems entirely logical. That market has been using other energy sources which are mainly imported, expensive fuel oils which are neither sufficient for Cameroons needs nor anything like as efficient giving a local gas producer very much an open goal. Cameroon in general and Douala specifically, face a significant energy shortfall and VOG is the sole supplier of gas in an increasingly large central African hub. Whats not to like about being the sole supplier of gas, with a strong cash position, a range of energy products and a good client base in a market crying out for your product? Just as a btw, investors should watch out for Bowleven who will be drilling nearby, if successful there’s plenty of room in this market, as the song should have said ‘this town is big enough for the both of us…’ -



About Malcy

Malcolm has over 30 years’ experience in the Oil & Gas sector and is a widely used media source. He often appears in print and on screen, and also writes an acclaimed daily blog read by much of the resources industry as well as investors both institutional and retail.

Malcolm is a Founding Partner of HydroCarbon Capital, which provides independent advisory services to the Oil and Gas sector. He is a Director of the Maven Income and Growth VCT 4 PLC, a venture capital trust listed on the Premium segment of the main market of the London Stock Exchange.

He started his career at Wood Mackenzie in 1979. He was an inaugural member of the No 1 Extel rated James Capel Oil & Gas team and also headed up corporate broking, acting for the Government in sales of British Gas, Britoil and other utilities. Subsequently he became Head of Equities and main board Director at Williams de Broe before moving to Teather & Greenwood. Following that, he ran his own consultancy for several years, acting for a number of quoted and private companies as well as being a board member and advisor. He has been a Director at Noble and then Westhouse Securities and has extensive contacts in the Oil & Gas sector globally. More recently Malcolm has been the lead advisor to an HSBC Zurich trust on oil, gas and energy investments as well as working with the oil team at VSA Capital.

http://www.malcysblog.com/about/

Central Africa-General energy situation:

Central Africa Bets On Regional Solution to Energy Shortages, Poverty

http://allafrica.com/stories/201502180408.html

Not sure how genuine this post is from LSE,so please take with a pinch of salt


RE: also can he answer the followin.. Today 15:47

Bate
Hi , just had a chat to Mr Read , same question rodlin asked him as he said it got mentioned yesterday ,LOL , Dangote hasnt started full production due to the loader which has been sorted now , i mentioned about the power house near or has been completed , he said that is great news and keep a close eye on that ,
also asked if Dangote would be breakeven for VOG on finances , pretty sure it will .
Gensets for the power stations , Well no delays what so ever , everything is well on target all teams are very happy with the operation , asked will there be any delays with the gensets he said no , i did mention that someone on the bb said the gensets were at the port just over a week ago he replyed that would not have come from VOG they are not saying anything where abouts they were or are , you will get the update when they are connected , so interesting one there ,
yearly update next week , not a lot you will already know as all new connections and operations will come from new rns`s , it may just clarify a few matters but will be detailed .
as for phase3 lets all concertrate on the 2 power stations at present then an operation update to the next stage will be updated . um .
Institutions , we have had them buying in lately .
maybe it was a bit of a dificult to add to much at this stage as it is getting a bit sensitive and a lot of investors are digging , i can certainly understand that with the power stations it`s a big mile stone for VOG .
But it is all looking very promising with what he was saying .
well not a lot we didnt already know . maybe thats the best way . GLA never know there maybe an rns tomorrow .

http://www.lse.co.uk/ShareChat.asp?ShareTicker=VOG&share=victoria_oil

Of interest if VOG move forwards in entering the CNG market:

Global Compressed Natural Gas (CNG) Market Analysis Size And Segment Forecasts To 2020

Edit-From the Annual Report & Accounts 2014:

"Compressed natural gas (“CNG”)
We are currently evaluating a CNG project where CNG
is transported by road tanker from a compressor
station to customers without the capital-intensive
requirement of a pipeline. CNG enables gas to be sold
economically to businesses via a “virtual pipeline”
within a 200km radius of the operations."

http://www.victoriaoilandgas.com/sites/default/files/VOG%202014_AR.pdf

Going by the historical dates the Interim Results should be out tomorrow.

28 Feb 2014----Interim Financial Report for the Six Months Ended 30 November 2013
28 Feb 2013----Interim Financial Report for the six months ended 30 November 2012
29 Feb 2012----Interim Financial Report to 30 November 2011
28 Feb 2011----Interim Results to 30 November 2010

27 February 2015 (@15:03)


Victoria Oil & Gas Plc

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2014

Victoria Oil & Gas Plc, the Cameroon energy utility company, today announces its unaudited interim results for the six months ended 30 November 2014.



Financial Highlights



· Revenue for the period of $11.6 million (six months to 30 November 2013: $6.0 million; twelve months to 31 May 2014: $14.7 million)

· EBITDA net of RSM arbitration/impairment adjustments of $1.4 million (six months to 30 November 2013: $0.2 million; twelve months to 31 May 2014: $5.8 million loss)

· Revenue during the period was derived from the Logbaba gas and condensate field in Cameroon:

- gas sold was 716mmscf (six months to 30 November 2013: 323mmscf; twelve months to 31 May 2014: 809mmscf)

- condensate produced was 13,221bbls (six months to 30 November 2013: 5,335bbls; twelve months to 31 May 2014: 14,107bbls)

· Capital Reorganisation, including 40 to 1 share consolidation

· West Medvezhye - decision taken to fully impair asset, write down of $49.8 million



Operational Highlights for Accounting Period and to Present



· Gas to power proof of concept established - first customer installations June 2014

· Pipe laying and network infrastructure work outsourced under a cost per metre fixed price agreement from July 2014

· Completions of first thermal gas connections on the Bonaberi shore in December 2014 after the gas pipeline network was extended under the Wouri River

· Legally binding term sheet signed with ENEO Cameroon S.A. ("ENEO") to supply two major power stations under a two year minimum 'take-or-pay' contract at a fixed price of $9/mmbtu

· Successful remediation of Well La-106 and perforation in the upper horizons of Well La-105

· Gas pipeline to two ENEO power stations completed and successfully tested

· Total pipeline laid in Douala to date 31.3km

· $17.0 million of cash received from RSM Production Corporation post period end



Corporate


· Appointment of two Independent Non-Executive Directors with significant industry experience

· Appointment of Numis Securities as sole broker



Kevin Foo, Executive Chairman, said: "The VOG and GDC teams excelled during 2014 and achieved all our stated objectives. I am proud to confirm that GDC has substantially completed its scope of work for the ENEO project construction phase and safely built and tested gas pipelines to both stations. We have issued a completion certificate for the Bassa power station and expect to complete the Logbaba power station within two weeks. The project is scheduled to be online by the end of Q1 2015 and if this is achieved, as we expect, it will represent a remarkable success for the GDC, ENEO and Altaaqa teams. Progressing from signing legally binding terms sheets in late December 2014 to delivering 50MW to the grid approximately three months later is outstanding.



Concerning our 100% owned Russian property, West Medvezhye, we have continued to pursue ways to derive value for this asset, through farm-out, joint venture or sale. West Medvezhye has significant gas and gas condensate reserves but the current state of relations between Russia and the West, combined with a low oil price, makes near-term development of the asset challenging and we believe divestiture is a more prudent course. With our focus on Cameroon, the Board has taken the decision to fully impair the Russian asset, writing it down by $49.8 million. We shall of course continue to seek partners to derive full value from the asset."

More from link below:

http://www.moneyam.com/action/news/showArticle?id=4985672

Victoria Oil writes off Russia as Cameroon earnings climb
By Philip Whiterow
February 27 2015, 4:16pm

African utility group Victoria Oil & Gas (LON:VOG) is writing off its Russian gas operation amid political tension between Russia and the West.

VOG has decided to fully impair its West Medvezhye asset by US$49.8mln to focus on its gas supply operations in Cameroon.

The company has considered a potential farm-out, joint venture or sale for West Medvezhye, which it said had significant gas and gas condensate reserves.

But it added: “The current state of relations between Russia and the West, combined with a low oil price, makes near-term development of the asset challenging and we believe divestiture is a more prudent course. We shall of course continue to seek partners to derive full value from the asset."

VOG posted revenue for the six months to November 30 of US$11.6mln against US$6mln a year ago while net pre-tax earnings before interest, depreciation and amortisation were $1.4mln versus $200,000 last time.

The company's subsidiary, Gaz du Cameroun (GDC), supplies gas to industries in the Douala region of Cameroon from its onshore Logbaba gas project. It expects to complete development of a power station at the scheme within a fortnight.

Executive chairman Kevin Foo said: “The project is scheduled to be online by the end of the first quarter of 2015 and if this is achieved, as we expect, it will represent a remarkable success.”

CHAIRMAN'S STATEMENT

Dear Shareholder,

On behalf of the Board I am pleased to report our unaudited results for the six months to 30 November 2014 and to update you on company developments beyond the financial period.

During the six months to 30 November 2014, the Group's objectives were to:


· Increase gas production and to make Gaz du Cameroun S.A. ("GDC") operationally cash positive;

· Strengthen our Board and corporate profile;

· Stabilise operations and processes and develop our people within the Group;

· Build strong working relationships with our Logbaba partners RSM Production Corporation ("RSM") and Société Nationale des Hydrocarbures ("SNH");

· Secure major new supply contracts involving power generation for the National Grid in Cameroon.

The management teams of Victoria Oil & Gas Plc ("VOG" or "the Company") and GDC excelled during 2014, meeting all of the above objectives for the reporting period and delivering positive results in the areas of engineering, sales and corporate developments.



Logbaba Gas Project, Cameroon

Following extensive planning and negotiations during the reporting period, GDC signed a legally binding term sheet with ENEO Cameroon S.A. ("ENEO"), Cameroon's integrated utility company, in late December 2014, to supply gas to two power stations, located in the city of Douala. Logbaba and Bassa power stations will generate up to 50MW from Gensets, supplied by Altaaqa Alternative Solutions Projects DWC‑LLC ("Altaaqa"). The agreement includes 'take-or-pay' consumption rates and allows GDC to establish a secure level of gas sales at an attractive price of $9/mmbtu. The power stations' minimum gas consumption will be approximately 9mmscf/d in the January-June dry season and 3mmscf/d in the July‑December wet season. The contract is for two years and extendable by mutual agreement. This project could treble GDC's current gas production. We expect average annual production for the 2015 calendar year to be about 10.4mmscf/d.



In the release of our 2014 Annual Report we quoted our 7 day week July 2014 production of 3.9mmscf/d at GDC. Since then, from August 2014 to January 2015 inclusive, our monthly average daily rate based on a 7 day week has ranged from 3.9 to 4.4mmscf/d. For the same period our monthly average daily rate based on a 5 day working week has ranged from 4.1 to 4.6mmscf/d and the monthly daily peak production rates have ranged from 4.5 to 5.3mmscf/d.



I am proud to report that GDC has substantially completed its scope of work for the ENEO project construction phase and safely built and tested gas pipelines to both stations. We have issued a completion certificate for the Bassa station and expect to complete the Logbaba station within two weeks. The project is scheduled to be online by the end of Q1 2015 and if this is achieved, as we expect, it will represent a remarkable success for the GDC, ENEO and Altaaqa teams. Progressing from signing legally binding terms sheets in late December 2014 to delivering 50MW to the grid approximately three months later is outstanding.



The period was not without its challenges, such as securing the release of gas-fired electricity generations sets ("Gensets") from the local customs and the delay on the Wouri River crossing. However GDC now has access to a wide base of thermal gas customers on the Bonaberi side of the river. GDC is also in the process of making final connections to the Dangote cement plant, a business located on the Douala shore and a major thermal supply customer. Total pipe laid to date in Douala is now 31.3km.



During the period, VOG maintained a good working relationship with Logbaba Field development partners RSM and SNH. Following a settlement agreement between VOG and RSM in January 2014, a cost review process overseen by Akintola Williams Deloitte, Nigeria was undertaken to look at retrospective development expenditure. The review resulted in RSM paying significant development contributions ($10.1 million) and both companies are now working together to unlock the full potential of the Logbaba Field. An additional $6.9 million was received from RSM in February 2015.



One of the most important tasks undertaken during 2014 was the development of our people. At the beginning of the reporting period, we appointed a business-training company, Gallop Solutions International Ltd, to work with us to create an effective workforce with the right skill sets to deliver value for VOG. Our teams within VOG and GDC are now a cohesive, effective team working to build cash flow and a brand synonymous with safe, reliable gas supply.





Post period, in January 2015, the GDC subsurface team successfully conducted a rigless workover of Well La-106. The work utilised specialist coiled tubing, high-pressure pumping and wireline equipment to perform cement remediation work on the well. Initial well flow-tests of Well La-106 were at 5 to 6mmscf/d and the well can provide back-up for Well La-105.



In February 2015, we took the opportunity to utilise the specialist equipment and personnel used on the Well La-106 workover to add perforations to Well La-105. We perforated the sands above the Upper Logbaba D Sand, which has been our main producing reservoir in La-105 since start-up. In total, 57 metres of additional perforations were shot. After shooting the perforations, a production log was run in Well La‑105 to determine the contributions of the new zones to flow and a baseline for future logs. The newly perforated zones are performing well and will significantly contribute to production in the future as the lower sands deplete.



The Company is also making plans for the drilling of future wells at Logbaba that are aimed at increasing reserves and production to meet the growing gas demand in Cameroon.



In operations, VOG will make a number of key decisions over the next six months concerning where best to allocate gas supply. With strong increased demand rates expected in the first half of 2015, through the ENEO deal, the Board is now looking at the most effective ways to increase both margin and consumption within GDC.

http://www.moneyam.com/action/news/showArticle?id=4985672

Just to highlight that further news/updates on the two power stations and the Dangote cement plant should be forthcoming during March:


Logbaba Gas Project, Cameroon

Following extensive planning and negotiations during the reporting period, GDC signed a legally binding term sheet with ENEO Cameroon S.A. ("ENEO"), Cameroon's integrated utility company, in late December 2014, to supply gas to two power stations, located in the city of Douala. Logbaba and Bassa power stations will generate up to 50MW from Gensets, supplied by Altaaqa Alternative Solutions Projects DWC‑LLC (“Altaaqa”). The agreement includes ‘take-or-pay’ consumption rates and allows GDC to establish a secure level of gas sales at an attractive price of $9/mmbtu. The power stations’ minimum gas consumption will be approximately 9mmscf/d in the January-June dry season and 3mmscf/d in the July‑December wet season. The contract is for two years and extendable by mutual agreement. This project could treble GDC’s current gas production. We expect average annual production for the 2015 calendar year to be about 10.4mmscf/d.

In the release of our 2014 Annual Report we quoted our 7 day week July 2014 production of 3.9mmscf/d at GDC. Since then, from August 2014 to January 2015 inclusive, our monthly average daily rate based on a 7 day week has ranged from 3.9 to 4.4mmscf/d. For the same period our monthly average daily rate based on a 5 day working week has ranged from 4.1 to 4.6mmscf/d and the monthly daily peak production rates have ranged from 4.5 to 5.3mmscf/d.

I am proud to report that GDC has substantially completed its scope of work for the ENEO project construction phase and safely built and tested gas pipelines to both stations. We have issued a completion certificate for the Bassa station and expect to complete the Logbaba station within two weeks. The project is scheduled to be online by the end of Q1 2015 and if this is achieved, as we expect, it will represent a remarkable success for the GDC, ENEO and Altaaqa teams. Progressing from signing legally binding terms sheets in late December 2014 to delivering 50MW to the grid approximately three months later is outstanding.

The period was not without its challenges, such as securing the release of gas-fired electricity generations sets (“Gensets”) from the local customs and the delay on the Wouri River crossing. However GDC now has access to a wide base of thermal gas customers on the Bonaberi side of the river. GDC is also in the process of making final connections to the Dangote cement plant, a business located on the Douala shore and a major thermal supply customer. Total pipe laid to date in Douala is now 31.3km.


http://www.victoriaoilandgas.com/investors/news/interim-financial-report-six-months-ended-30-november-2014

General interest article on Aliko Dangote and his empire which includes the new cement plant in Cameroon:

http://www.forbes.com/sites/abrambrown/2015/03/04/the-little-known-15-billion-empire-of-africas-richest-man/

Pictures posted over on LSE appear to be genuine:

madvoger
"Power station.
Sat 12:51

Some pictures I have just been sent of the Generators being installed at Bassa and Logbaba power plants."

http://tinypic.com/2mpmk54y

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and more http://tinypic.com/useralbum.php?ua=ECnRiazvia%2BnfQEwOcuzvQ%3D%3D