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
    

This event was highlighted over on LSE

IPAD Cameroon Energy and Infrastructure Forum


Cameroon Woos More Energy Investors
02 Décembre 2015

An Energy and Infrastructure Forum opened in Yaounde yesterday December 1, 2015.

Over 200 utility experts, financiers and prospective investors are meeting in Yaounde with focus on fast-tracking Cameroon’s development through the energy sector. Water Resources and Energy Minister, Basile Atangana Kouna, on December 1, 2015, opened the Cameroon Energy and Infrastructure Forum.

more from link below:



****************************************************



Henri Job is or has spoken at this event:

EDIT-It actually states the speakers were 'INVITED' so it's not certain as yet if Henri is or has spoken!

Henri Job *
Business Development Director
Gaz du Cameroun
Cameroon

http://www.ipad-cameroon.com/speakers

Just to add RE EDIT that from the brochure Henri was due to speak this morning (their time):

09:40 What are the opportunities for investment and synergies in Cameroon’s oil & gas market
Henri Job, Business Development Director, Gaz du Cameroon, Cameroon

http://www.adnreg.co.uk/images/advert/cam_energy_forum.pdf

Securities in Issue

Number of shares in issue: 110,193,098

Percentage of shares not in public hands: 3.90%

Free Float: 96.10%

Holdings of Significant Shareholders

As of April 2017the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:

Name------------------------------------Number of Shares--------% of share capital

The Capital Group Companies, Inc--------4,815,758------------------ 4.370%
Forest Nominees Limited-------------------4,383,595------------------3.978%

http://www.victoriaoilandgas.com/investors/share-information
*********************************************
Securities in Issue

Number of shares in issue: 110,193,098
Percentage of shares not in public hands: 3.90%
Free Float: 96.10%

Holdings of Significant Shareholders

As of December 2016 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:

Name--------------------------------------Number of Shares-----Percentage of issued share capital

The Capital Group Companies, Inc----------6,966,560----------------6.322%
Forest Nominees Limited--------------------4,383,595-----------------3.978%

*********************************************
Updated Share Information

Securities in Issue

Number of shares in issue: 109,495,262

Percentage of shares not in public hands: 4.53%

Free Float: 95.47%


Holdings of Significant Shareholders

As of November 2015 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:

Name------------------------------------Number of Shares--------% of share capital

The Capital Group Companies, Inc--------6,966,560------------------ 6.362%
Forest Nominees Limited-------------------3,614,992------------------3.302%

The 'Factsheet' has been updated as of the 1st December with two changes:

Cashflow from 27 diversified customers across thermal gas,
condensate, onsite and grid power generation (previously from 26 diversified customers)

8.2 mmscf/d average production Q3 2015 (previously '9.4mmscf/d of production as of Q3 2015'---which looks to have been an estimate or mistake as the April 2015 'Factsheet stated: 9.4mmscf/d of production as of Q2 2015)

http://www.victoriaoilandgas.com/sites/default/files/factsheets/1512%20VOG%20FactSheet%20Flyer.pdf

Original Post from 30 Nov 2015 17:46 - 180 of 183

"Just had a quick look over on III and there was an update to the original April 'Factsheet' on the 20th November:

http://www.victoriaoilandgas.com/sites/default/files/factsheets/1511%20VOG%20FactSheet%20Flyer.pdf

Below is the April 'Factsheet':

http://www.victoriaoilandgas.com/sites/default/files/factsheets/150418%20VOG%20Factsheet_0.pdf"

General interest:

Great Britain wants to conquer the Central African market from Cameroon
Saturday, 12 December 2015

(Business in Cameroon) - With average trade exchanges of FCfa 104 billion per year between 2010 and 2014, according to statistics from the ministry of Economy, Cameroon and Great Britain do not exploit enough the potential of their trade relations. This is what came out of the prospecting mission undertaken by 24 British investors and concluded on 10 December 2015 in Yaoundé, the Cameroonian capital.

The main objective of this business trip in which took part companies operating in sectors such as hydrocarbons, agriculture, education, etc., was to find and act on investment and partnership opportunities in Cameroon. But, as specified by the British High Commissioner, Brian Olley, Cameroon is not the only target of the British economic operators.

Indeed, the British diplomat revealed at the end of a meeting at the ministry of Economy, together with the delegation of investors, "with political stability, a good growth rate, a dynamic population and optimist prospects", Cameroon could be a launch pad for British investors who wish to conquer the sub-regional market.

Thanks to its strategic location in Central Africa, the deputy minister of Economy,Yaouba Abdoulaye, Cameroon is the entry point to a market of 150 million consumers gathered within the Cemac and Ceeac. By integrating Nigeria who shares a 1500 km long with Cameroon to this market, it is a market of approximately 300 million consumers the British investors could have access to, from Cameroon.

A revisit to the Diageo (Guinness Brand) article from 2013 highlighting the importance companies place on environmental issues within Cameroon:

Greener energy, still great Guinness
August 2013

When gas wells were drilled near our Guinness brewery in Douala, Cameroon, we joined forces with the gas company to bring our carbon emissions – and costs – down.

Since February 2013, the steam boilers that play such a crucial role in brewing Guinness at Douala have been fuelled by natural gas following a six-month, £800,000 conversion project and a great partnership with our gas provider. Natural gas provides consistent energy while emitting significantly less CO2 than heavy fuel oil: in Douala we project that the switch from oil to gas, combined with efficiency improvements such as better insulation and heat recovery, will result in a 30% reduction in CO2 emissions.



The project began in 2012, when Guinness Cameroon agreed a contract with Rodeo Development Ltd to buy natural gas piped directly from their two new gas wells at Logbaba, Cameroon. By installing dual fuel burners, we were able to ensure that we could benefit from this new supply while retaining the flexibility and security we need to keep brewing great beer.

Baker Magunda, Managing Director of Guinness Cameroon, said: 'This new gas equipment will secure for our plant a constant and consistent energy supply, enabling us to achieve our business ambitions in a more efficient and sustainable manner.'

The project at Douala is one of dozens of energy initiatives undertaken in 2013 to help us meet our target of halving greenhouse gas emissions by 2015.

For more information about how we are reducing our carbon footprint, please visit our Sustainability& Responsibility Report

16 December 2015 16:53

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

Directors' Shareholdings

Victoria Oil & Gas Plc, announces that on 8 December 2015, it received notification that H J Resources Ltd has exercised options over 1,506,812 ordinary shares of 0.5p each in the capital of the Company ("Ordinary Shares") that were granted between 2006 and 2011 by the Victoria Oil & Gas ESOP Trust ("Trust"). Mr Kevin Foo, Executive Chairman of the Company and members of his family are potential beneficiaries of a discretionary trust that owns H J Resources Ltd. The Trust has not subscribed for any new Ordinary Shares in the Company in order to settle this exercise.

Accordingly, following this exercise, Mr Foo is now interested in 2,232,638 ordinary shares representing approximately 2.04% of the Company's issued share capital.

http://www.moneyam.com/action/news/showArticle?id=5176627

17 December 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")

Appointment of Director

Victoria Oil and Gas Plc, the Cameroon gas utility, today announces the appointment of Mr Iain Patrick as a Non-Executive Director of the Company with immediate effect.

Mr Patrick has over 30 years' experience in the international oil and gas industry. After graduating with an LL.M in 1980, Iain worked as an oil industry lawyer before joining Monument Oil and Gas plc in 1988 where he held the position of Commercial Director until the sale of the company in 1999. Iain then co-founded PWX Limited, a consultancy providing business development support to a number of oil and gas companies. In 2006, Iain was appointed as Director of Commercial & Legal Affairs of Gulf Keystone Petroleum (UK) Limited, before joining Edgo Energy Limited as the Commercial Director in 2008. Iain is currently CEO of the oil and gas consultancy, Trinity Energy Limited, and serves as Senior Independent Non-Executive Director of Madagascar Oil Limited.

Commenting, Kevin Foo, Executive Chairman, said:

"I am delighted to welcome Iain to the board as he brings solid experience within the oil & gas industry to VOG. Today's appointment brings our complement of independent non executive directors back to two. The Company is also considering an additional independent director to be appointed during 2016."

John (Iain) Alexander Patrick (aged 58)

Current Directorships
Previous Directorships (past 5 years)
Madagascar Oil Limited
Hague and London Oil Plc (formerly Wessex Exploration Plc)
Trinity Energy Limited
LGO Energy plc


There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

http://www.moneyam.com/action/news/showArticle?id=5176733

Translated via Google:

Cameroon: towards greater consumption of electricity to cope with low water
by APA published on: 12.17.2015

The company Energy of Cameroon (ENEO) Dealer electric utility, announced Thursday, a major national awareness campaign to the general public and civil society "in simple ways, quick and clean to reduce our consumption and therefore our electricity bills, "said its director general Joel Nana Kontchou.

An awareness campaign that occurs in a social context marked by the implementation of the low water level management plan and worried consumers whose load shedding as is usually the case in the dry season.

"We must share the power resource. It is in our and our future. The idea being mistress to share this common good electricity between all owners of the national community. If each of us consumes only what it absolutely needs, the rest could be shared with the entire community, "he said.

With an installed capacity of 1237 megawatts (MW), Cameroon has an energy mix which reserves 65-70 percent hydroelectricity, a "deemed energy cleaner and cheaper" but whose "side of the coin is that our system thus highly exposed to climate hazards and the unavailability of certain equipment for maintenance or failure of reasons, "does one insists ENEO.

Statistics show that the annual electricity demand is 7.5 percent and about 85,000 new customers per year, or a need for additional capacity of 800 MW to 1000 MW over the next five years.

To deal with low water, the CEO of ENEO said that additional capacity is expected from certain existing works, among others, related to 25 MW upgrade of Limbe thermal power plant, 12 MW of additional Oyomabang central Yaounde, 8 MW in other thermal power plants, not to mention a continuation of the activities of the emergency power plant 50MW gas Bassa / Logbaba.

For fifteen years, "the availability, quality and cost of supply of electricity were clearly indexed as a brake on the growth of our country, with an estimated 1 to 2 percent points loss rate annual growth, "said Mr. Nana Kontchou.

According to the World Bank's study 2/3 of Cameroonian companies cite energy as a constraint and evaluate about 5 percent of their production losses due to the instability of the electrical service.

A ENEO, it says "together we can make serious progress in facilitating sustainable economic development of our country" since energy saving is one of the dimensions of the 2016 low-water management plan.

Interesting article on Kevin Foo:
Modern day Indiana Jones tackles mines on five continents
By Glenn Lawrence Posted on Dec 18, 2015

In his 40-year career Kevin Foo has done what others would consider impossible, dangerous and improbable: He develops mines in very remote locations—in constant search of the Holy Grails of mining.

Today, Foo is Executive Chairman of the Victoria Oil and Gas, which is a significant supplier of industrial natural gas to Douala, the main city of Cameroon in Central Africa. Having lived and worked on five continents, Foo has earned the title of Indiana Jones of the mining industry.

The dangers to miners themselves are well known: Gas explosions, underground rock collapses, chemical leaks, electrocution and fires. And Foo, as the manager, has had to deal with that from the C-Suite.

Mining in some difficult parts of world brings significant challenges, and over his career, Foo has confronted most of them.

A metallurgical engineer by trade, Foo first began exploring extreme mining opportunities in 1990. It began in Kazakhstan when it was still a state in the Soviet Union and over the arc of his interest period the Soviet Empire collapsed.

Full article from link below:

General interest:

November / December 2015

Economic sectors carriers in Cameroon

The ambition of the President of the Republic Paul Biya that Cameroon become an emerging state by 2035. While significant efforts are needed to achieve this before the assets on which the country can count are many, and some particularly promising economic sectors. Inventory of the situation halfway through the period covered by the current ECSD.

By MARY FORREST

and a mention:

The revival of oil companies

One finds in Cameroon the rise of a new generation of oil companies, ready to take over from industry giants that the downward trend of production diverts aging fields. The place left by the majors such as Total and Shell does not remain vacant: it forms an air call in which slip juniors, such as Anglo-French Perenco (which bought total assets), EurOil (Cameroon subsidiary the Bowleven) British, Chinese Addax Petroleum (Pecten buyer) or Anglo-Swiss Glencore. Other signs still arise: Petronas (Malaysia), Yang Chang (China), Noble Energy (USA), Rodeo Development Ltd (Victoria Oil & Gas Plc, UK) ... not to mention SNH, the national Cameroonian company, that the oil field operator Mvia acts.

Edit-Think it should be 'integrated' rather than 'intergrated' but a very informative video all the same!

GDC Intergrated Gas Supply Chain, Cameroon

Published on Jan 5, 2016


This video is about GDC Intergrated Gas Supply Chain, Cameroon

I'll keep this post updated to give a insight into VOG's progress in Cameroon (See Post 95 for previous updates):

Building Energy Sales Within a Thriving African Economy

VOG has created a gas utility business, GDC, 60% owner and operator of the Logbaba gas project, that manages all gas supply stages from extraction to customer connection. The project has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with cost effective, clean and reliable energy solutions. The Company is focused going forward on a “pure gas” sale model, delivering a consistent cleaner fuel source to a diverse range of markets and applications. GDC has successfully proved first concept of gas conversion to power and is now working with equipment suppliers and potential joint venture partners to provide energy solutions.

Current Products

GDC maximises its gas production through sales across a range of varied uses. With a significant central pipeline network established in Douala, GDC’s engineering team helps design and install necessary conversion systems or power connections for new gas users. Douala city in Cameroon is currently in a period of economic expansion. GDC supports regional economic expansion by ensuring consistent gas supply for thermal and power uses.

Grid Power

Supply of gas to state power operator ENEO’s power stations for the generation of 50MW of electricity to the national grid. Modular generation sets supplied and run through equipment partners Altaaqa Alternative Solutions Projects DWC-LLC (“Altaaqa”). A “pure gas” supply solution within the main Douala network. ENEO have advised GDC of their need to supply 50-80MW of additional power to the Douala grid for each of the next five years.

In addition to ENEO, other grid power suppliers have plans to convert existing power stations to gas from GDC if the supply is available. Consequently GDC is examining expansion plans for the existing gas processing plant and evaluating limits to pipeline capacity. Importantly, it is also planning for reserves expansion in 2016 through its proposed drilling programme.

Thermal

GDC supplies gas to customers for thermal use in boilers, process plants and furnaces. The core customers are those in medium to heavy industry.

Gas condensate

Gas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a premium product in heavy oil production. Condensate can be taken by road tanker to various parts of the country. 29,700 barrels were produced during the period. Post-period, with significant levels of gas now being supplied to customers, condensate production levels will rise. GDC is examining alternative uses of condensate as with an API gravity of 43, it is close to diesel quality and could command a higher premium.

Retail Power

Gas supplied to dedicated 1.5MW gas-fired electricity generators (“Gensets”) for customers’ factories and plants became a key part in demonstrating the ability of GDC to drive power using gas. This current business is likely to move to a “pure gas” supply.

Future Products

Following a period of significant sales expansion we have realigned our focus on reserves and production expansion. New seismic programmes are being undertaken, with a twin-well campaign aimed at increasing reserves scheduled to begin at the Logbaba gas and condensate project in the first half of 2016. With the purchase of the gas processing plant from Expro, GDC is well positioned to adapt the plant to enable it to potentially double its capacity to approximately 40mmscf/d and supply new product types.

Compressed Natural Gas (“CNG”)

GDC is in discussion with a preferred supplier for the provision of a CNG solution, whereby the supplier will finance and install all gas compression and logistical operations. This model will preserve GDC’s strategy of concentrating on gas sales rather than downstream development. The potential benefits of CNG are:

•Widens our customer radius enabling operations up to 300km from Douala to be provided with our gas;

•High margin business for “pure gas” supply model;

•No capacity pressure on pipeline;

•CNG production can also occur during off-peak periods to help maintain balanced gas production; and

•Minimal GDC capital requirement.

Liquid Petroleum Gas (“LPG”)

Market research and technical studies are being undertaken to establish whether there is a commercial opportunity for GDC to expand into this market.

http://www.victoriaoilandgas.com/gaz-du-cameroun

The pie chart has been updated recently too:

20 January 2016
Victoria Oil & Gas Plc
("VOG", "Group" or "the Company")

Q4 2015 Operations Update

Victoria Oil & Gas Plc provides this update on the Group's operations for the three month period ended 31 December 2015 (the "quarter" or "Q4"). The Company has changed its accounting reference date from 31 May to 31 December and will be presenting its next audited results for the seven month period ended 31 December 2015 by the end of May 2016. The change of accounting reference date will align the financial reporting calendar with future quarterly operational updates. Today's quarterly results contain an enhanced level of financial detail and operations analysis including unaudited revenue and net cash, and supply statistics.


Highlights

· 7.1mmscf/d Q4 average gas production (Q3 2015: 8.2mmscf/d)

· 73% increase in production average compared to Q4 2014 (4.1mmscf/d)

· Maintained customers and prices despite adverse market conditions

· 625.6mmscf gas sold Q4 2015 (Q3 2015 717.7mmscf)

· 2,867.7mmscf of gas sold for the 12 months to 31 December 2015 (1,271.7 mmscf for the 12 months to 31 December 2014)

· The 14 days to 17 January 2016 produced an average production of 15.3mmscf/d with a peak of 16.6mmscf/d

· Group Q4 unaudited financial highlights

o $7.6m revenue (Q3 2015: $9.0m)

o $13.1m cash position (Q3 2015: $12.8m)

o $5.9m net cash position (Q3 2015: $4.9m) *

*net cash is defined as cash equivalents less borrowings

Overview

The period marked the third quarter of supply to ENEO and overall production was in line with expectations based on known seasonal fluctuations in gas demand. The continual erosion of the global oil price however has had minimal effect on the Gaz du Cameroun SA ("GDC") business in terms of gas price changes or customers changing back to oil.

The quarter covered the second half of the wet season where gas consumption in the grid power sector is lower due to higher availability of hydroelectric power. Average daily production was 7.1mmscf/d during the quarter of which 3.4mmscf/d was attributable to grid power.

Importantly, GDC has maintained customers at their contracted prices and these prices, which are not tied to oil, distinguish us from other junior oil and gas companies. Despite the large drop in the oil price both internationally and locally, GDC maintained its selling price for gas. This ranged between $9 to $16 per mmbtu or a weighted average price of more than $60/BOE. Our customers have stayed with gas because it is a reliable, clean and conveniently available source of energy that leaves a much smaller carbon footprint than alternatives.

January marks the return to the dry season and associated higher gas utilization, with the grid power sector now recording consistent consumption in excess of 9.0mmscf/d. The increase in consumption is due to the take-or-pay terms with ENEO, the national power joint venture entity with Actis, whereby minimum consumption levels are split into six-month periods covering the dry (January- June) and wet (July - December) seasons.

Operational update

The quarterly gas and condensate consumption is as follows:

****SEE LINK AT BOP****

http://www.moneyam.com/action/news/showArticle?id=5196249

CONTINUED

Thermal gas sales remained reasonably consistent with previous quarters and management expects this to continue until the capital expansion projects described below are completed. These projects will allow for the addition of further thermal and retail power customers.

Grid power consumption is expected to increase significantly during the first half of 2016. The 14 days to 17 January 2016 produced an average total production of 15.3mmscf/d with a peak of 16.6mmscf/d.

Condensate sales are a by-product of the gas production process and volumes sold are expected to reflect the volumes of gas produced.

Our drive in 2016 is to ensure there is sufficient capacity to bring on major new customers by increasing reserves, plant capacity and pipeline reach. At present the production plant capacity is constrained at 20mmscf/d. In addition, finding flexible new applications such as CNG that can add capacity for our existing markets remains a priority.

GDC, as holder of the Group's 60% participating interest in the Logbaba concession, is currently entitled to 100% of the revenue generated by the Logbaba project. The concession agreement provides for this allocation of revenue to continue until gross revenues equal the initial exploration costs incurred in the drilling of the two operational wells. Management expects that this point will be reached during the first half of 2016. Thereafter revenues will be split in accordance with the participating interests, which will impact the revenues and profitability attributable to GDC.

GDC Chief Executive Officer and VOG Director Ahmet Dik said:

"Our business continues to prove its resilience despite a challenging macro environment, delivering another strong production performance when set against the comparative period last year. Looking ahead to 2016, our focus is on increasing capacity to service a larger, more diversified customer base. We believe that through the continued delivery of safe, clean, reliable and accessible sources of energy from our gas, VOG can continue to strengthen its position as a provider of choice."

http://www.moneyam.com/action/news/showArticle?id=5196249

Victoria Oil & Gas chair confident of production performance in 2016 (Video)
16:21 20 Jan 2016

Kevin Foo, chairman of Victoria Oil & Gas (LON:VOG) says the firm is ready to sell as much gas as customers are willing to take in Cameroon.

The gas supplier saw volumes jump by three-quarters in its latest quarter as supply deals with local businesses and power group ENEO ramped up.

The group supplied 7.1mmscf (mln cubic feet) per day from the Logbaba field in the three months to December, compared to 4.1mln a year earlier.

Production has now picked up again with the advent of the new dry season, Foo added, and ran at an average of 15.3mln cubic feet daily over the past two weeks.

In Cameroon, Victoria Oil & Gas withstand adverse economic conditions, but challenges abound
Friday, January 22, 2016

(Ecofin Agency) - Gas Cameroon, Douala based subsidiary of the British gas junior Victoria Oil & Gas, achieved respectable performance over the first 17 ​​days of 2016, reaching an average production of 15.7 million cubic meters of gas per day, with peaks of 17 million cubic meters of gas per day.

An improvement that should strengthen the management of the company after a fourth quarter 2015 less efficient than the previous two. Although she was up compared to Q4 2014, the production of this period was 7.1 million cubic meters per day, against up to 8.2 million cubic meters per day. More positive indicators are reassuring on the performance of the fourth quarter of 2015. The company achieved cash inflows of $ 13.1 million and has a net cash of $ 5.4 million. Its customers continued to pay a constant price throughout the period and prospects for expanding customer base are always positive.

Gas Cameroon is in a market where the global energy gap, especially felt in Douala, representing a market share not served by hydropower 25%, which is essentially filled by thermal power plants to fuel oil or gas.

With the rising price of oil to nearly $ 110, the gas option was presented as a coherent and solid alternative. International background of this raw material is characterized by a decline in prices makes the use of heavy fuel competitively again. Moreover, the alternative energy market in Cameroon, is very often influenced by periods of high consumption dry season and the rainy season to more reduced consumption.

Moreover, Cameroon continues with the gradual filling of its regulator Lom Pangar dam, a book that should help limit the effects of seasonal variations on the river early and allow more consistent hydropower. But the power grid still dilapidated country generates losses estimated at 35%, which does not change much to the energy gap in a market where demand increases from 7% a year.

But even if the market will remain interesting, the revenue outlook for Victoria Oil and Gas, which is the majority shareholder of GDC with only 60% of the capital, will be modified by the end of the first half. According to the concession contract, VOG has all of the proceeds from the sale, until their number reaches that of all expenditure for digging wells operating. The company's leaders hope to see this figure reached during the first half of 2016. After that, revenues and net profits that will result, will now be recognized in the amount of only 60% the rest being allocated to other shareholders Gas Cameroon.

Companies vs. #Commodities – @stanchart’s Paul Horsnell & Kevin Foo on the company’s managing the commodities slump (audio)
22nd January 2016

The oil markets continue to take a battering. This week the price sank to $27 a barrel, dropping further ahead of U.S data expected to show a further increase of oil supplies. While many operators are struggling and future projects being shelved, there are some players that are seemingly managing to cope with the commodities crash. Matt Cox speaks with Paul Horsnell, Head of Commodities Research at Standard Chartered, and Kevin Foo, Chairman at Victoria Oil and Gas.

28 January 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Operations Outlook 2016

Victoria Oil & Gas Plc today provides a 2016 Operations Outlook for VOG and Gaz Du Cameroun S.A ("GDC") the Company's wholly-owned subsidiary and operator of the 60% owned Logbaba Gas Project in Cameroon. GDC has successfully developed the first industrial gas for sale into the Cameroon energy market and is now supplying a variety of different customers.

2015 was a successful year which saw GDC more than double 2014 production and become cash generative. GDC is beginning 2016 with average daily gas production rates in excess of 15mmscf/d and a primary objective to exceed 3.7 Bcf of annual production, which is a 30% increase over 2015 supply.

As a revenue generating, fully integrated gas utility, we are neither exploring for, nor producing oil as a primary product. We therefore believe we are well insulated from the turmoil in the oil market. GDC has maintained most customers at contract prices from $9 to $16 per mmbtu.

The key corporate and operational objectives for the Group for 2016 are to:

Enhance Production Capability

· Increase gas supply to customers by 30% over 2015 levels

· Successfully complete a two well drilling program for expansion of gas reserves

· Complete designs for increasing the gas treatment plant capacity to 40mmscf/d

Expand Customer Base for Increased Capacity

· Add over 13km to our pipeline network by building in new industrial areas such as Bonaberi and the Douala Port Area

· Progress new market products such as Compressed Natural Gas (CNG)

Corporate Objectives

· Continue to reduce production and overhead costs across the Group

· Consolidate our advantage as a fully integrated gas utility in Cameroon by actively seeking additional sources of gas via acquisition, joint ventures or corporate deals

· Fund capital projects through revenues, partner contributions and debt

· Expand business development efforts into other parts of Africa, leveraging the successful Cameroon model

· Distinguish the Groups business and operational successes from other companies in the oil and gas sector so that the Company attracts an appropriate equity market valuation

· Continue to enhance reporting, transparency and corporate governance

VOG Chairman Kevin Foo said:

"In 2015, VOG came of age in terms of operational and financial performance. In 2016 we are focused on exceeding the record production we achieved last year. Despite the massive fall in the price of oil, GDC has protected its customer base and maintained its gas prices at $9 to $16/mmbtu, which reflects the true value and convenience of Natural Gas. We expect success from the two well drilling programme this year and are very focused on continuing to build the Group as a significant energy provider in Cameroon and beyond."

Cameroon Energy Market

Cameroon continues to evolve as a key African economy with the industrial port of Douala a key import and export gateway for goods to most of Central and West Africa. Power deficits remain a major hindrance to Cameroon's economic expansion, with demand increasing 7% annually. Power remains high on the political agenda. Grid power is heavily reliant on seasonal hydroelectric dams to supply 75% of demand and the shortfall is made up from heavy fuel oil and gas. Gas is seen as a key element of the national energy strategy.

The Logbaba gas and condensate project is a rare example of successful onshore gas monetisation in Sub-Saharan Africa, with energy provision clearly aligned with the national interests: GDC has successfully unlocked Cameroon's gas for industrial use. GDC estimates demand for gas in the Douala area for thermal and power generation to be in excess of 150mmscf/d and is focused on growing production to help meet this demand.

2016 Operational Outlook

Expansion of gas reserves to feed expanding market

GDC will be drilling two new wells on the Logbaba concession in 2016, with spudding of the first well anticipated by mid-year. Both wells will be drilled on the current Logbaba site with well LA107 a twin of well LA104 (previously drilled in the 1950's) and well LA108 a step out well adjacent to known formations.

To supplement our in-house expertise, SPD Petrofac has been engaged as project consultants to help complete the well programme and planning is advanced with a suitable rig secured. Whilst drilling onshore Cameroon is more expensive than in established gas production regions, GDC is taking advantage of the current slump in the hydrocarbon services market to ensure the most cost effective and efficient programme is implemented. The insight and lessons learned from the 2009-2010 drilling programme were invaluable and this expertise has been used to design a programme that is both safe and maximises our chance of success. Our aim is to complete drilling by the end of 2016 and we expect to add new reserves as well as transfer 2P reserves to the 1P category. Further updates will be made as appropriate.

Plant expansion for higher levels of gas/condensate processing

In the first half of 2016, GDC proposes to finalise designs to expand the Logbaba gas processing plant to provide increased capacity. Expansion of the gas processing plant is necessary to allow us to process the increased production expected from the drilling programme and pipeline expansion into the Bonaberi area.

Expro International BV has been engaged to complete a study on the design and costs to increase the capacity of the processing plant over three stages to 40mmscf/day. Stage 1, which will expand capacity to 25mmsc/d, is expected to be completed in 2016. GDC has received the initial reports on the options available. The next phase is to provide a cost and schedule that ties into the expansion phase of the project from the gas supply side.

Expansion of the pipeline network into new commercial areas and customers

The expansion of the pipeline network into Bonaberi will allow us to access industries that need room to expand or build away from the crowded Douala environment.

Before the drilling program is completed, GDC expects to have Phase 2 (8km) commissioned and Phase 3 (5.5km) of the Bonaberi pipeline underway. This will provide access to a number of new customers and GDC has signed 12 new Gas Supply Agreements for businesses on the proposed pipeline. S.C.R. Maya & Cie (Maya Oil) are located at the end of the phase of this expansion and are expected to be a significant consumer of gas estimated at 0.3mmscf/d.

GDC continually engages with potential new users to ensure future growth and continues to monitor the market for opportunities to expand the distribution network and alternate delivery systems such as CNG.

Gas to Power

GDC will continue to build on its relationship with ENEO, Cameroon's national electricity generating company. GDC has been successfully providing gas to ENEO at the Bassa and Logbaba power stations in Douala since March 2015. Discussions are continuing with ENEO and others to supply additional gas to power projects.

Geographic Expansion

VOG is fully committed to expanding its business within the African continent. The success of GDC has demonstrated that monetisation can be achieved with the right model in place. The meeting of energy demands is a key building block towards successfully developing robust and stable economies. In 2016 VOG intends to implement a comprehensive strategic plan to target other jurisdictions within Africa.

Corporate


Our change in financial reporting period to end December will come into effect this year. Aligning our financial reporting to the calendar year is a more logical fit with our operational updates and the seasonality of demand.

During 2016, GDC will enter a new phase of the Logbaba Project where gas and condensate revenues, which to date have fully accrued to GDC, will be split in accordance with the participating interests.

We will continue to fund our capital projects via a combination of strong and established operational cash flows, partner contributions and debt.

Recently, the VOG Board made several organizational changes which will support the Company's vision for 2016 and beyond. Ahmet Dik joined the Board and will become the CEO of VOG in due course. Additionally, Iain Patrick was appointed as Non-Executive Director and the Company is in discussions with a potential third Non-Executive Director.

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