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
    

and from the Awards brochure of the event:

Energy Company of the Year - small cap

This award recognises an energy company which has shown significant improvement across the business during the judging period, as well as having sound corporate and operating standards and clear evidence of innovation in its business operations.

Judges sought evidence of strong company performance, including financial results; examples of business goals identified in prior years, which were met in the judging period; effective response to any unforeseen challenges; investment in R&D; and commitment to environmental protection and employee welfare.

The winner
Victoria Oil & Gas

While some producers in Africa have been struggling of late, Victoria Oil & Gas have quietly been developing one of the continent’s success stories. The company started producing gas from its Logbaba project right in the heart of Douala, Cameroon’s leading industrial port city, in 2012 and has found a ready market among the city’s population of 2.5 million.

Customers of all types have been eager to convert their operations to adopt gas as a cheaper, cleaner alternative to the diesel and heavy oil supplies that many rely on.
Victoria has adopted a holistic model, not only producing the gas, but also supplying it through its subsidiary Gaz de Cameroun to a customer base that largely lies within a 10km radius of its wells. As a result of its operations, new gasfired power stations are being built and industrial customers are emerging, including a new cement plant.

The company currently supplies gas to 23 customers for thermal use, such as boilers, process plants and furnaces, as well as producing condensate as a by-product, which is used locally and transported to other parts of the country by tanker. Gas is also supplied to gensets – 0.5-3 megawatt generators – located at factories and plants, providing an efficient way to scale up the business in a way that is tailored to its customers’ needs.

After some ups and downs early in the project, the AIM-quoted company has delivered on a business model designed to meet African problems with African solutions, maintaining the confidence of the government and other stakeholders.
The focus was on getting production online and revenue generated in the shortest time by working closely with local businesses, and, crucially, the company has also been able to set its gas sales price independently from world market values.

Now the hope is that the considerable potential for expansion within Cameroon can be realised, and that Victoria Oil & Gas’ operations there can provide a blueprint for developing similar models in other countries.

http://www.petroleum-economist.com/pdf/AWARDS/AWARDS2015.pdf

Taken from III and the BLVN thread (only part of post copied here), you will require a subscription to actually read the article on upstreamonline.com :

Fri 11:14-Good article - From Upstreamonline---- Winnet

"Chief executive Kevin Hart said: “Advanced discussions with Actis and Eneo regarding a gas-to-power scheme to supply the nearby Cameroon national grid demonstrates the strengthened commercial environment for the timely monetisation of success at Bomono.” Bomono is located close to Victoria Oil & Gas’ Logbaba field, which is supplying gas to industrial customers in nearby Douala.

Kevin Foo, executive chairman of Victoria, told a FirstEnergy Capital event in London last month that his company is in discussions with companies such as Bowleven and other nearby players about using its gas infrastructure to meet local demand.

“They are talking to us. People like Bowleven, Perenco, Glencore and Afex are all practical, and if there’s an opportunity to work together with us to use our pipeline, and it makes sense, they will do it. We will see how things develop.”

Victoria is supplying about 12 million cubic feet per day of gas to Douala-based customers, with a further 150 MMcfd needed to meet current demand.

Foo said Logbaba could be producing up to 100 MMcfd by 2020 “but there are going to have to be other people coming to the market place to meet demand.”"

http://www.iii.co.uk/investment/detail?code=cotn:BLVN.L&display=discussion

http://www.upstreamonline.com/hardcopy/news/article1412716.ece

Further exposure over last few days regarding VOG's recent award:

VOG Named Small Cap “Energy Company of the Year”

Tuesday, October 6, 2015

Victoria Oil and Gas (VOG) was named “Energy Company of the Year (Small Cap)” at the 2015 Petroleum Economist Awards. The company has seen great success in monetizing its Logbaba gas field in Cameroon. It has done so with the full support of the government of Cameroon and its partner RSM of Denver.

Through its subsidiary Gaz du Cameroun S.A it is delivering gas to thermal and power customers in the private sector and to grid power suppliers.

VOG Chairman Kevin Foo said: “We are honoured to have been recognized with this award, as a testament to the hard work and dedication of our teams in Douala and London. VOG has made great strides in the last 12 months and we are now a growing utility company in Cameroon.”

Victoria Oil & Gas PLC (AIM: VOG)
28 October 2015

Appointment of Director

The Board of Directors of VOG is pleased to announce the appointment of Ahmet Dik as a Director of the Company, and Chief Executive Officer of Gaz du Cameroun S.A. ("GDC") with effect from 27 October 2015.

Ahmet, who is a lawyer by profession, has been involved with VOG for the past two years and was instrumental in concluding the terms with ENEO Cameroon S.A., an agreement that has delivered significant production expansion to GDC and secured the first commercial take-or-pay contracts for the Company. Ahmet has also played a vital role in leading commercial teams within GDC and VOG as part of the Company's next stage of expansion.

Previously, Ahmet has worked on the structuring and delivery of a wide range of oil and gas, minerals, resources and infrastructure projects and was part of the senior management team at Dominion Petroleum Ltd, an AIM-listed company, in 2007, working on the acquisition of its East African assets. Dominion was subsequently sold to Ophir Energy Plc. Primarily his work has been with major corporates, governments and sovereign wealth funds focussed on Africa and the Middle East. As an originator of large scale projects, Ahmet has been involved in setting up corporate structures, raising funds at all levels and listing of companies on a number of stock exchanges.


Commenting today Ahmet Dik said: "Having worked with GDC it is clear that our priority is to drive forward its production to maximise our opportunities in Cameroon. GDC is a proven commercial success within Cameroon. There are a number of different gas supply markets we can now access but to address these, we will need increased production. My task for the next eighteen months is to ensure that new gas supply is efficiently delivered and that GDC develops a gas supply profile that is balanced between customer types and also contributing to shareholder value over the longer term."

Kevin Foo, Chairman, said: "I am delighted that Ahmet has joined us following his invaluable work over the last two years as we have delivered extensive commercial success from our gas operations in Cameroon. Ahmet's all round technical, legal and people skills make him an excellent person to lead GDC and in due course VOG, into the next stage of development."

The information included below is required under Schedule Two Part (g) of the AIM Rules for Companies:

Ahmet Dik (aged 42)


Current Directorships

Past Directorships (past 5 years)


Atacama Metals Holdings Ltd
Trojans Café Pty Ltd
Atacama Metals Group Ltd
Miltons Lawyers Pty Ltd
PT10 Holdings Ltd
Dostan Investments Ltd
Blackwood General Trading LLC

There is no further information to be disclosed pursuant to Schedule Two Part (g) of the AIM Rules for Companies.

http://www.moneyam.com/action/news/showArticle?id=5140582

28 October 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")

Preliminary Results for year ended 31 May 2015


Chairman's Statement & Operations Review

Dear Shareholder,

I am pleased to report progress for this financial year and to share some of our objectives for the immediate future. In the year ended 31 May 2015, Victoria Oil & Gas Plc ("VOG" or "the Company") realised outstanding production growth as new markets in Cameroon, particularly supplying gas to generate grid power, were opened up to Gaz du Cameroun S.A. ("GDC").

A Notable Year

At the end of the financial year, VOG had accomplished the following operational advances:

· A 356% increase in financial year-end monthly average gas production from 2.72mmscf/d in May 2014 to 12.39mmscf/d in May 2015;

· Reached an agreement with ENEO Cameroon S.A. ("ENEO"), Cameroon's national electricity generating company, to provide gas to installations at the Bassa and Logbaba power stations in Douala via take-or-pay contracts that secured substantial revenue for at least the next two years;
· Delivered first gas to provide 50MW of capacity to the Cameroon grid through ENEO;
· ompleted the main Douala pipeline network, successfully crossing the Wouri River to the Bonaberi shore, opening up new markets in this growing area; and
· Purchased the Logbaba gas processing plant and commenced planning for expansion to double capacity to approximately 40mmscf/d.

As a gas production utility supplying energy to the industrial port city of Douala, our core business has been somewhat insulated from the effects of the major shift in oil pricing, which has seen one of the worst downturns in twenty years. During the year our business withstood the competitive price pressure of heavy fuel oils ("HFO"). GDC's gas products are more attractive than HFO due to zero storage costs, transparency, cleanliness (emissions and equipment deterioration) and reliability.

The oil downturn has affected us in equity markets, where VOG's share price has suffered somewhat, in line with its peer group in the exploration and production sector. Our response is to continue building our business, increasing cash flow and improving margins. We continue to work hard to ensure that the market recognises the distinction between our cash generating assets and riskier exploration and production companies.

Our operations are funded by Group cash, modest bank financing and from our concession partner, RSM Production Corporation ("RSM"). We have not sought shareholder equity finance since February 2013.

One of our core focuses during the year was to bring online new product applications for GDC gas. The most obvious usage was that of power, with existing thermal customers in the private sector requesting GDC to apply our gas for an electricity generation solution.

The ENEO agreement, which was completed in late December 2014, is an excellent example of how three diverse companies, ENEO, GDC and Altaaqa Alternative Solutions Projects DWC- LLC ("Altaaqa"), the modular generator supplier, can work together to achieve impressive results. All companies took considerable risks engaging in the first major gas to power project in Cameroon and successfully supplied power to the grid within 90 days of signing agreements. Working in Africa sometimes presents challenges but this project demonstrates that working with the right partners, with the right business model can realise real value for shareholders. The model that has evolved for GDC is to focus on gas supply only, and to keep it simple.

As a result of the Government of Cameroon's full support of our activities, we have been able to work in a commercial environment without the restrictive price regulating practices which hamper power development and stifle economies in some other African countries. Douala is now a port city that is becoming the primary investment destination for many international companies seeking a regional hub.

Corporate

The financial accounts for the twelve months ending 31 May 2015 state a loss on ordinary activities after taxation of $50.8 million, and revenue of $27.9 million. The loss is primarily due to a $49.8 million impairment charge relating to the Group's Russian asset West Medvezhye. For the same financial year, our operations in the Group's Cameroon segment reported a profit after tax of $5.4 million.

The impairment of the Russian asset was included in of the Interim Results for the six months ended 30 November 2014. The Directors continue to pursue ways to derive value from the asset through farm-out, joint venture or sale, however this has been challenging due to the state of relations between Russia and the West, combined with the low oil price, and so the asset continues to be carried fully impaired.

Ahead of the projected production expansion at GDC in the first half of 2015 the Company decided to undertake a capital reorganisation and share consolidation. Following shareholder approval at the 2014 AGM, every 40 existing ordinary shares of 0.5 pence became one consolidated ordinary share of 20 pence ("Consolidation"). Immediately following the Consolidation, each of the consolidated ordinary shares was sub-divided into one new ordinary share of 0.5 pence and one new deferred share of 19.5 pence. The reorganisation was carried out following feedback from major investment groups who viewed the pre-existing market price of VOG shares at around a penny as being too low. VOG now has a share price level appropriate to a revenue producing utility company while maintaining high liquidity.

During the year Numis Securities Ltd ("Numis") was appointed as sole broker to the Company. Following announcement of the ENEO terms in December 2014, Numis published new research and guidance on the Company incorporating the first minimum take-or-pay commitments into their forecasts. VOG is committed to delivering operational success within the framework of a detailed financial analysis of the Company by an established UK broker.

Continuing VOG's ongoing commitment to strengthening the Board, two Independent Non-Executive Directors were appointed. James McBurney joined the Board in June 2014. John Bryant was appointed to the Board in December 2014.

I am also delighted that Ahmet Dik has agreed to join us as a Director of VOG and Chief Executive Officer ("CEO") of GDC. Ahmet has worked by my side for the last two years and is instrumental in delivering major technical and commercial success from our gas operations in Cameroon. Ahmet's all round project development, legal and leadership skills make him an excellent person to have on both the VOG and GDC Boards as we move into the next stage of development. In time it is our intention that Ahmet will become CEO of VOG, which will enable me to relinquish the role of interim CEO and focus on strategy and growth plans for the Company.

http://www.moneyam.com/action/news/showArticle?id=5140560

Operations Review

The beginning of the year saw GDC demonstrate its ability to supply gas for electric power use, with connection of the first gas-fired electricity generation sets ("Gensets") to customer sites within Douala. The four sites connected were all existing thermal customers who needed a consistent supply of electric power to overcome regular grid blackouts. Through an agreement with a third-party, GDC leased 1.5MW Gensets and installed them at Camlait (dairy), Icrafon (plastic mouldings), SCTB (flour mill) and the Guinness Brewery. Despite import related delays in delivering this new product line during the previous year, once released by port authorities the Gensets were installed and running at the customer sites within a month.

Our retail power customers immediately received the benefits of a consistent supply of power with a stable load, no outages or downtime costs and no material wastage. The installation of the Gensets also provided GDC with the first new derivative product from Logbaba gas in addition to thermal combustion. The retail power model demonstrated "proof of concept" and was a key factor in our negotiations with ENEO. Now that the concept has been proven, the four retail power customers are expected to take over Genset rental contracts directly from the supplier and GDC will be gas supplier only to these customers.

Work on the spur pipeline to the Dangote Cement Plc ("Dangote") cement works was also completed early in 2015. The $115 million Dangote plant, a 1.0 MMTPA, clinker grinding and bagging facility located at Douala port, was commissioned in early June 2015 and has been a consistent and slowly increasing consumer of GDC gas since this time. GDC also successfully completed connections on the Douala main shore to customers such as Socapursel, a food manufacturing business and SOTEX, a textile manufacturer.

With the main Douala network firmly established, a key task for GDC was to establish a presence on the Western Bonaberi shore across the Wouri estuary. This area hosts a number of potential customers but also has the space for industrial developments requiring port access. I am particularly proud that GDC, under its new outsourced contracting system, laid 678 metres of 400mm gas pipe 15 metres under the Wouri River in October 2014. Crossing the river onto the Bonaberi shore was completed despite a technically difficult sub-surface pipe 'shot' exercise. In addition, some 1,129 metres of branch lines were established in the Bonaberi-Magzi Estate area with the first customers connected within five weeks of crossing following successful safety checks and flow testing. New Bonaberi thermal customers were Sopriacam, a cooking oil and soap refinery, New Foods, a biscuit manufacturer and Sasel, a salt manufacturer. These three customers are now consuming gas on the Bonaberi side and we are confident of adding at least eight more in 2016.

Other than the newly commissioned Dangote plant all new thermal customers were previously using HFO for boilers driving mechanical plant and processes. The GDC marketing and engineering teams worked with the senior management of these businesses to demonstrate the cost savings expected to occur following conversion to gas from HFO and then implemented individual engineering solutions that ensured an efficient conversion for these customers.

On 29 December 2014, the Company announced that GDC had signed a legally binding term sheet with ENEO, Cameroon's integrated electricity company, to supply gas to two power stations located in the city of Douala. The Bassa Power Station was located 0.3km from the GDC existing northern pipeline and the Logbaba Power Station was located 1.3km along the proposed eastern leg of the main line. ENEO needed to produce a total of 50MW of power from the two stations.

The agreement with ENEO was a significant gas supply contract for VOG in terms of scale and revenue generation, with guaranteed minimum take-or-pay gas consumption at a fixed $9/mmbtu over the two year contract term. The contract can be extended by mutual agreement. The take-or-pay element gave GDC the necessary incentives to allocate significant levels of gas to a single customer. The ENEO deal significantly increases production and secures GDC revenues under the fixed take-or-pay conditions. The minimum take-or- pay levels are 9mmscf/d in the January-June dry season and 3mmscf/d in the July-December wet season. GDC anticipates actual demand from ENEO will be higher than the minimum take-or-pay levels during both seasons with ENEO advising GDC of their need to supply 50-80MW of additional power to the Douala grid for each of the next five years. Altaaqa was engaged to provide power generation equipment to the project and took responsibility for importing and installing the Gensets at the Douala power stations.

On 23 March 2015, the Company announced the first supply of 4.5mmscf/d of gas to the sixteen Altaaqa Gensets installed at Bassa Power Station. Following the pipeline connection to Bassa by GDC and the successful installation of the Gensets by Altaaqa, 20MW of gas generated power was being fed into the grid for the first time. Shortly afterwards on 23 April 2015, it was announced that the Logbaba power station project was online and delivering 30MW to the grid. This meant that the 50MW target under the ENEO agreement and GDC's responsibilities to deliver gas to both stations had been met. This principal delivery factor triggered the take-or-pay conditions in the contract with ENEO. The total project was delivered within four months of contract signing.

On 27 May 2015, the Company announced that it had made payment in full for the purchase of the Logbaba gas processing plant ("the Plant") from Expro. The Plant has been purchased from Expro for $2.58 million, using cash generated from GDC operations and contributions from RSM. Ownership of this plant has significantly reduced monthly operating costs at Logbaba.

http://www.moneyam.com/action/news/showArticle?id=5140560

See link at bottom of page for full announcement:

Looking Forward

The Logbaba gas and condensate project is a rare and successful example of profitable onshore gas monetisation in Sub-Saharan Africa. Demand for gas in Cameroon for thermal and power generation is estimated by GDC to be in excess of 150mmscf/d. We need to grow production to meet this demand.

We have an established cash generative business in Cameroon, with the GDC team now considering a series of new supply opportunities within the local market. The task now is to ensure that we have the reserves and capacity to be able to deliver new allocations of gas to new customers and markets. Consequently, we are actively planning to drill two new wells at the Logbaba concession site. These wells are primarily twins of wells completed in the 1950s, which produced good gas flows. Spudding of the first well will be in the first half of the calendar year 2016. We plan to fund the drilling of these wells from internal cash flow, bank finance and partner contributions and at this stage do not expect the need to seek shareholder funding.

GDC is currently the only supplier of natural gas to Douala. It owns and manages the whole value chain from the wellhead to customer connection. We are well insulated from oil price fluctuations because GDC has completed long-term supply contracts with customers at prices from $9/mmbtu to $16/mmbtu and we are an emerging and important gas utility in Cameroon. GDC's gas price is not subject to regulation.

VOG intends to maintain its position as a dominant gas supplier to industry in Douala. It will leverage its advantage by using its experience in gas treatment and pipeline assets to be a 'gas consolidator' in the region and beyond.

With our existing customers and growing demand from the power sector it is important that we maintain a balanced revenue contribution of gas customers and markets with new private sector sales opportunities. Compressed Natural Gas and dedicated small power users can all be allocated gas supply in addition to maintaining our supply to the regional electricity generator.

We have also begun to look at other opportunities within Cameroon to take advantage of our proven ability to monetise gas and have been in discussions with several participants in the sector about possible joint ventures and farm-in projects.

Finally, I would like to thank my fellow Directors, the management team and, especially, our shareholders for their support over what has been an incredibly positive year for the Company.

Kevin Foo

Executive Chairman

Date: 27 October 2015

http://www.moneyam.com/action/news/showArticle?id=5140560

3. Annual Report

The Annual Report and the Notice of the Annual General Meeting for the year ended 31 May 2015 will be available on the Company's website at www.victoriaoilandgas.com by no later than 6th November 2015. These documents will also be posted to those shareholders that requested it. The Annual General Meeting of the Company will be held on 30 November 2015 at the Coin Street Neighbourhood Centre, South Bank Room 1, 108 Stamford Street, South Bank, London SE1 9NH at 11.00am.

http://www.victoriaoilandgas.com/investors/news/results-year-ended-31-may-2015

Victoria Oil & Gas chairman confident of more success in Cameroon (Video)
14:26 28 Oct 2015

Kevin Foo, chairman of Victoria Oil & Gas (LON:VOG), says the company’s achievements in Cameroon can be expanded and replicated, given the demand for gas in the country.

The AIM-junior has been one of the few companies to successfully monetise gas in sub-Sahara Africa by developing the Logbaba gas field.

Victoria’s current operations focus on the industrial port city of Douala, but the company plans to extend its reach in the region with support from the Government of Cameroon and partners.

Translated via Google:

Cameroon: the lawyer Ahmet Dik joined Victoria Oil & Gas and became CEO of GDC
October 31st, 2015

Victoria Oil & Gas Plc (VOG), oil and gas listed in London and very active in Cameroon, announced October 28, 2015 the appointment of Ahmet Dik as Director with effect from 27 October. Ahmet Dik was appointed at the same time, company CEO Gaz SA of Cameroon (GOC), a wholly owned subsidiary of VOG. "Having worked with GDC, it is clear that our priority is to boost production to maximize our opportunities in Cameroon ", he commented.

Ahmet Dik set itself the task of ensuring, over the next eighteen, the effectiveness of the delivery of the gas produced in the Logbaba-Ndogpassi field, stressing that GDC is an "example of business success" in Cameroon. This lawyer by profession supported the company over the last two years, and played a decisive role in the conclusion with Eneo Cameroon SA in charge of the distribution of electric power, an agreement which enabled a significant expansion production at Gaz SA of Cameroon

Victoria Oil & Gas Plc is a leading player in the oil and gas sector in Cameroon, where she finished Q2 2015 on average production level of 12.6 million standard cubic feet of gas per day, an increase of 178 % compared to the previous quarter.

Translated via Google:

Cameroon: Three new taxes created in the telecom, trade and gas
Tuesday, November 3, 2015

(Investing in Cameroon, the mag of the Cameroonian economy) - The Finance Act 2016 the State of Cameroon, which will be deposited on the table of Parliament in the coming days, will establish three new taxes, particularly in the telecom , trade and industrial gas, revealed Economy Daily, citing sources within the formal interpatronal Group of Cameroon (Gicam).

It is, we learn, the tax on electronic communications which will be subject audiovisual communications companies, mobile telephony, the internet service providers ...; Tax on financial transactions in cash should question all economic agents; and the tax on the distribution of industrial gas in the country.

Upon observation, the Cameroon government intends to capitalize on the exponential development of certain sectors of activity (industrial gas and mobile) on its territory in recent years, and certain habits of Cameroonians (excessive manipulation species), to ensure to achieve its fiscal targets in 2016 (4,249,800,000,000 CFA francs), up more than 503 billion CFA francs compared to 2015 (3,746,600,000,000 CFA francs).

For example, according to ART, the national telecoms regulator, the mobile penetration rate in Cameroon increased from 9.8 to 71% between 2004 and 2014. With over 18 million subscribers to mobile telephony 22 million people, three operators in operation and a rate of Internet penetration pulled up by mobile internet boosted by the recent advent of 3G; the telecom sector in Cameroon is expanding. And the state's ambition, obviously, to draw more added value. In short, going well beyond the 617 billion CFA francs in taxes and charges paid by mobile operators practicing in Cameroon in 2010-2014.

Tax burden

The situation is similar in the area of the distribution of industrial gases. Besides the premises such as Fme Gas or Air Liquide, came to graft the British firm Victoria Oil and Gas, whose subsidiary Gas Cameroon (GDC) delivers to businesses the product gas from the gas field Logbaba in the Littoral Region, commissioned in November 2013. As of June 2015, for example, the production of this gas field increased by 178% and customers (28 large companies to date) tributary increasingly the gateway to GDC to run their gas boilers rather than the considered more expensive electricity.

The tax on financial transactions in cash will benefit from the Cameroonians too high propensity cash handlers. In a country where the banking rate is below 20%, cash is almost idolized by economic agents. Despite the disposal of the CEMAC regulation systems, means and incidents of 2003 payments, which prohibits financial transactions in cash of more than 500,000 francs CFA between merchants and over a million CFA francs between individuals not traders.

As a reminder, in January 2014, during the annual conference of central services, external and decentralized Ministry of Finance, the Director General of Taxes, Modest Mopa, judging the tax ratio of 13% in the country still "weak" compared to the African average, had advocated raising to 18% the "medium term".

Brice R. Mbodiam

http://www.investiraucameroun.com/gestion-publique/0311-6854-cameroun-trois-nouvelles-taxes-creees-dans-les-secteurs-des-telecoms-du-commerce-et-du-gaz

Victoria Oil & Gas Plc
("VOG" or "the Company")

2015 Annual Report

Victoria Oil & Gas Plc announces that the following documents are now available on its website at www.victoriaoilandgas.com:

· 2015 Annual Report

· Notice of Annual General Meeting

· Proxy Form

A printed copy of the 2015 Annual Report which includes the Notice of Annual General Meeting has been posted on 4 November 2015 to the Company's shareholders as per individual request.

The Company's shareholders can elect to receive notification by email of the publication of future annual reports by registering on www.investorcentre.co.uk.


http://www.moneyam.com/action/news/showArticle?id=5145906

Link to the 2015 Annual Report:

http://www.victoriaoilandgas.com/sites/default/files/Annual%20Report%202015.pdf

5 November 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")

Q3 2015 Operations Update

Victoria Oil & Gas Plc provides an update on the Company's operations for the quarter ended 30 September 2015 ("the quarter" or "Q3").

The third quarter was the first full period specifically covering the wet season in Cameroon since VOG's operating subsidiary Gaz du Cameroun S.A. ("GDC") started supplying gas to ENEO, the key power provider to the Douala grid. Across all of the GDC gas supply markets Q3 is the lowest demand period primarily due to the seasonal increase in power output from Cameroon's hydroelectric dams. GDC's existing take-or-pay terms in place with ENEO, split minimum payment levels between distinct six month demand periods covering higher dry (January-June) and lower wet (July-December) seasons.

Highlights

· 8.2mmscf/d Q3 average gas production (Q2: 12.6mmscf/d)

· 105% increase in production compared to Q3 2014 (4.0mmscf/d)

· $8.1m cash received from gas and condensate sales during Q3 (Q2: $9.8m)

· 2,242mmscf of gas sold in nine months to 30 September 2015 (893mmscf for the nine months to 30 September 2014)

· ENEO consumption 32% above minimum take-or-pay wet seasons levels

· Well engineering underway for two wells scheduled for H2 2016

· New seismic programme underway initially focused on acquisition and reprocessing of historic data points

· $12.8m Group cash balance Q3 (Q2: $14.2m)

· $2.4m reduction of debt during the quarter

Operational update (TABLE VIA LINK AT BOP)

Average daily gas production reduced by 35% for the period compared to Q2, with an average of 8.2mmscf/d. Gas production increased by 105% compared to Q3 2014. Production reached a peak of 15.2mmscf/d during the quarter, with an average 5-day working week output of 8.72mmscf/d. As anticipated, the quarterly differential is primarily due to the seasonal effects of increased hydroelectric power being made available via the grid; reduced demand from ENEO and other seasonal factors from some thermal and dedicated power customers. Despite the seasonal impact, the 8.2mmscf/d average production for Q3 is higher than expected because ENEO exceeded its take-or-pay minimum quota for the period by 32%.

Gas sold in nine months to 30 September 2015 of 2,242mmscf exceeds the 2014 full year gas sales of 1,273mmscf and the sales for the nine months to 30 September 2014 of 893mmscf. The increase was largely due to ENEO coming on line during 2015.

Group cash was $12.8m at quarter end, compared to $14.2m at the end of the second quarter. The reduction in cash was largely due to $2.4m of debt repayments made during the quarter.

In GDC, cash received from gas and condensate sales in Q3 was $8.1m compared to cash received in Q2 of $9.8m, representing a 17% reduction.

Operations

Having purchased the Logbaba gas production plant in the previous quarter from Expro, GDC has agreed terms for the operation and maintenance of the plant with Expro. GDC has also commissioned a design study with Expro for the expansion of the gas production plant from its existing 20mmscf/d level to up to 40mmscf/d.

During the quarter GDC continued to assess the investment case for potential pipeline expansion into the Bonaberi area and customer connections.

Sub-surface development

GDC has appointed SPD Ltd ("SPD"), a subsidiary of the Petrofac Group, to undertake well planning and project management of the upcoming Logbaba drilling campaign planned for 2016, which will target two new wells. SPD is an independent well engineering company with a wide range of experience in planning and managing well operations worldwide.

The GDC and SPD project team is in place and the planning, design, and procurement of services and materials for the next two Logbaba wells, La-107 and La-108, is progressing on schedule. La-107 is to be a twin of the La-104 well drilled in 1957. This well's objectives include the development of the Upper Logbaba reserves identified in La-104, and to prove the Lower Logbaba resources that were found in La-104. The La-107 well design also encompasses an option to drill an 'exploration tail' below the base of the Logbaba Formation at about 3200m.

The second well being planned, La-108, is a step-out well into the 2P (Proven plus Possible Reserves) area of the Logbaba Field. The bottom hole location of La-108 will be about 1,100m to the South East of the drilling pad surface location and is intended to prove up our 2P Reserves in the vicinity of the well and to move those 2P Reserves into the 1PD, Proven Developed category.

We intend to fund the wells from internal cash flow, bank finance and partner contributions and at this stage do not expect the need to seek shareholder funding.

Compressed Natural Gas ("CNG") update

VOG continues to look for opportunities to expand its hydrocarbon sales, in and around Douala, and further afield. CNG presents GDC with the opportunity to distribute gas from the Logbaba gas production plant to a wider network than the gas pipeline network currently offers. GDC is in discussions with a preferred partner who will fulfil all of the capital and operational requirements for the gas compression and distribution of CNG. This model will suit GDC's strategy of concentrating on gas sales rather than downstream development. The potential benefits of CNG are:

· Minimal GDC capital requirement;

· Enables customers up to 250km from Douala to be provided with GDC gas;

· High margin business for 'gas only' supply model allows focus on core competency;

· No additional capacity pressure on pipeline network; and

· CNG production can occur during off-peak periods to help maintain balanced gas production.

VOG Chairman Kevin Foo said: "The results from Q3 are notable as the period typically represents our lowest production period during the calendar year. Despite this we have still delivered an average of 8.2mmscf/d, a 105% increase in production for the same wet season period last year. If we look at the Q2 2015 average production rates of 12.5mmscf/d with ENEO only being commissioned part way through the period GDC is clearly delivering significant production growth. The next quarter will see the tailing off of the wet season in terms of production and expected increased production."

GDC Chief Executive Officer and VOG Director Ahmet Dik said: "The next phase of GDC's expansion involves us being able to supply significantly more gas to major customers. In order to facilitate this major production expansion strategy, 2016 will see us laying new pipelines to large customers, drilling two wells, increasing plant capacity and carefully selecting the best long term markets for us to sell our gas into. This is a hugely exciting time for GDC as we consolidate our first mover advantage and utilise our existing infrastructure to rapidly deliver gas to an energy hungry Cameroon market place."

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Victoria Oil & Gas ‘quieter’ quarter shows significant growth
Jamie Ashcroft
08:39 05 Nov 2015

Whilst down from the preceding three months, VOG’s third quarter gas production was double the figure for 2014.



Victoria Oil & Gas (LON:VOG) chairman Kevin Foo has highlighted significant production growth in what is typically the group’s quieter quarter.

Results for the third quarter, which hosts Cameroon’s ‘wet season’, saw average gas production of 8.2mln cubic feet per day which is more than double the figure for the same period of 2014.

Compared to the preceding quarter, meanwhile, production was down from 12.6mln cubic feet per day.

“The next quarter will see the tailing off of the wet season in terms of production and expected increased production," Foo said in a stock market statement.

VOG told investors it generated US$8.1mln of cash from gas and condensate sales during the three month period, compared to US$9.8mln in the second quarter. A total of 2.2bn cubic feet of gas was sold in the first nine months of the year, it added, up from 893mln in the same period of 2014.

It ended the quarter with US$12.8mln of cash, and said it had repaid US$2.4mln of debt in the period.

Ahmet Dik, the recently appointed chief executive of Cameroon operating subsidiary Gaz du Cameroun (GDC) described it as a “hugely exciting time” for the company as it takes advantage of its first mover advantage to deliver more gas to what he calls Cameroon’s “energy hungry market place”.

"The next phase of GDC's expansion involves us being able to supply significantly more gas to major customers,” he said.

“In order to facilitate this major production expansion strategy, 2016 will see us laying new pipelines to large customers, drilling two wells, increasing plant capacity and carefully selecting the best long term markets for us to sell our gas into.”

Victoria Oil & Gas ‘quieter’ quarter shows significant growth
09:07 06 Nov 2015

Victoria Oil & Gas (LON:VOG) – Buy

Yesterday, Victoria Oil & Gas (VOG) released a production update for the third quarter ended 30th September 2015. The average gas production increased to 8.2 million standard cubic feet per day (mmscf/d) in Q3 2015 from 4.0mmscf/d in Q3 2014.

The company sold 2,242mmscf of gas in the first nine months of 2015 as compared to 893mmscf in the same period last year. While, the condensate sold rose to 10,878bbls in Q3 2015 against 5,667bbls in Q3 2014. VOG received US$8.1m (Q2 2015: US$9.8m) in cash for the sale of gas and condensate.

The cash balance at the end of period stood at US$12.8m (Q2 2015: US$14.2m). Additionally, the company reported a US$2.4m decrease in debt during the period. VOG has started well engineering for two wells planned for H2 2016. The company has initiated a new seismic programme concentrating on acquisition and reprocessing of historic data points.

Our view: VOG delivered solid performance in the third quarter with improved production and higher sales. The company’s production numbers were benefitted by ENEO surpassing its take-or-pay level for the period by 32%.

VOG continued development at the Logbaba gas production plant, which it brought in Q2 2015.

The company has commenced the expansion plan at Logbaba gas to double the capacity to around 40mmscf/d. Additionally, VOG’s operating subsidiary GDC, analysed the plan for potential pipeline extension into the Bonaberi area and customer connections. Going forward, the company plans to increase its plant capacity, drill two wells and placing new pipelines.

We expect VOG to improve its gas supply to new and existing markets and subsequently increase reserves and production capacity. In light of the above argument, we maintain a Buy rating on the stock.

10 November 2015
Victoria Oil & Gas Plc

Change of Accounting Reference Date

Victoria Oil & Gas Plc announces that it has changed its accounting reference date from 31 May to 31 December.

As a result of this change, the Company's reporting calendar will be as follows:

· Unaudited interim accounts for the six month period from 1 June 2015 to 30 November 2015, to be announced by the end of February 2016; and

· Audited annual accounts for a shorter seven month period from 31 May to 31 December 2015 to be announced by the end of May 2016.


Thereafter, interim and annual reports will be published each year for the six months to 30 June and 12 months to 31 December in accordance with the AIM Rules.

The Board considers that the change of the accounting reference date will align VOG's reporting timetable with its operating subsidiary Gaz du Cameroun S.A. ("GDC"), and better reflect the seasonal nature of GDC's gas sales profile.

The Board does not foresee any material financial implications on the Group as a result of the change in accounting reference date of the Company, nor is there any other matter of significance that needs to be brought to the attention of the shareholders of the Company in this regard.

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16 November 2015
Victoria Oil & Gas Plc

Application for Listing of shares

Victoria Oil & Gas Plc, announces that application has been made for the admission of a total of 341,926 new ordinary shares of 0.5p each ('New Ordinary Shares') to trading on AIM ('Admission').

The New Ordinary Shares have been allotted following subscription by two Group executives, who have utilised cash bonus payments due to them in accordance with the terms agreed by the Company's Remuneration Committee on 10 August 2015. The New Ordinary Shares have been subscribed at 56.6p per share, the volume weighted average share price for the 5 trading days to 10 August 2015.

The effect of the above allotments on the share interests of the relevant Directors of the Company is as follows:-


Ahmet Dik

Shares allotted-- 227,951

Total Shareholding in VOG following allotments--227,951 = 0.21%

Admission is expected to become effective and dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on 20 November 2015. Following Admission, the Company will have 109,495,262 ordinary shares in issue.



The New Ordinary Shares will rank pari passu, in all respects, with the existing ordinary shares. The aforementioned figure of 109,495,262 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in ordinary shares in VOG, under the Financial Conduct Authority's Disclosure and Transparency Rules.

http://http://www.moneyam.com/action/news/showArticle?id=5153712

20 November 2015

Victoria Oil & Gas Plc
("VOG" or "the Company")

Directorate Change

Victoria Oil & Gas Plc, the Cameroon gas utility company, today announces the resignation of James McBurney, as a non-executive director, from the Board.


Mr McBurney has left the Board, as he has relocated to the United States to pursue business interests in the alternative fuels sector.


Kevin Foo, Chairman, said: "I would like to thank Jim for his energetic and professional work for the Board and, without doubt, his input has made us a better Company. I wish him the very best in his new ventures in the USA."

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