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http://www.investegate.co.uk/victoria-oil---38--gas--vog-/rns/final-results/201310250700053729R/

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VOG is presently drilling Well 104 in its West Medvezhye field,and expected to reach depth in 4 weeks from spud date of 30th June, that makes 27th July(this week).
Results of testing will be sometime mid/late August, with a positive outcome
it could be HUGH.
With estimates of 134BILLION cubic metres of GAS and 201 Million barrels of Gas
Condensate,it will be a Company Maker. The field is in the area of the largest gas field in the WORLD.
Other assets include Kemerkol in Kazakhstan, with C1 reserves of 8.7MBO
and C2 reserves of7.8MBO. Another acquistion is Tamdykol with potental
reserves of 34MBO, it also has interest in 2 blocks in the North Sea.
You can check it out on www.uk-wire.com, and its own site of www.victoriaoilandgas.com.
It has excellent management team led by Kevin Foo, who hopes to turn it into
a Mid Cap Company(�500m+) in the not to distant future.
As i stated earlier in the post, Drilling is almost complete so it won't be long to Lift Off?
Well, Well worth checking out.
cyril

http://www.investegate.co.uk/Article.aspx?id=201111040700164867R

http://www.investegate.co.uk/Article.aspx?id=201111290700139263S
http://www.investegate.co.uk/Article.aspx?id=201112200700132888U
http://www.investegate.co.uk/Article.aspx?id=201207090700051587H
http://www.investegate.co.uk/victoria-oil---38--gas--vog-/rns/rsm-default/201401130700074445X/
http://www.investegate.co.uk/victoria-oil---38--gas--vog-/rns/interim-results/201402280701321590B/
http://www.investegate.co.uk/CompData.aspx?code=VOG&tab=announcements

Directors of Victoria Oil & Gas (VOG) received a fairly frosty reception on Friday morning at the firm's annual general meeting in London.


A handful of shareholders, fired up by earlier news that the company's Logbaba project drilling targets had lapsed, were determined to get to the bottom of the news which, they argued, offered little in the way of an explanation.


After a series of run-of-the-mill resolutions were passed, the company got down to the real business of the day.


The AIM-listed oil exploration company failed to hit its 10,300 feet target it had set itself last month, only achieving 6,300 feet - a mere 300 feet over last month's figures. It seemed the board found themselves in a deeper hole than the one they had managed to drill over the past month.


Shareholders, disgruntled at the news, pondered why the company had set itself such ambitious targets, surely to know that it would continuously disappoint its closest allies.


The heat in the room was cranked up a notch when chairman Kevin Foo came under scrutiny from one shareholder who implied that some form of conspiracy was taking place to keep the share price low.


Foo slammed the suggestion and said he was forced to tell the truth, be it good or bad. The response did not go down well.


"We don't receive enough information - we are forced to guess which just leaves room for constant speculation," another shareholder said.


You can see what the City without a suit makes of the firm in our iBall TV episode on Victoria Oil & Gas.


The board hit back by saying that listed companies should not behave in such a manner that they release a constant flow of information, but maintained that they would always issue price-sensitive information and urged long-term shareholders not to worry themselves with day-to-day fluctuations.


The company admitted it takes a fairly conservative approach to the AIM market, which also came under fire from the board for allowing such speculative "rubbish" to dominate developments.


"Victoria will go up and down," Foo said. "The market will only respect us and buy shares one we've started producing and are offering to customers."


And when would this production date be exactly?


Victoria Oil & Gas refused to be drawn into naming a specific date, stating that dates and times could never really be more than an educated guess due to the nature of drilling programmes. What they were at pains to say, however, is how far they have come compared with fellow Western companies which owned the Cameroon-project for the ten years previous.


"We have already demonstrated we can do it. The government of Cameroon is working closely with us and are very happy with what we've done. Yes we're a bit behind schedule and slightly over-budget but we're making progress and we're not going to run out of money."


But where would this money be coming from?, the shareholders wondered.


Foo was candid in his answer: "We will always need to raise money - this is a business where you can never have enough money."


Would this mean further share placements and dilution for shareholders?


"It's the lesser of two evils," was Foo's response. "Dilution will happen but it means we get extra investors on board adding millions of dollars to the project."


On the subject of financing, the company said it was currently in talks with banks to arrange project financing.


"We are aware of the credibility we have lost and we are working hard to regain that. We see little point in PR spin, the real faith will come when we perform well. Once Logbaba starts producing, we will have proved our performance."


Although it would seem that the company still has a long and rocky road ahead of them, Foo's warm approach to his shareholders went some way to thawing the atmosphere.

cyril

Excellent "compte rendu" Niceonecyril, thanks !.

Update on Logbaba Gas and Condensate Project, Cameroon




Victoria Oil & Gas Plc, (AIM: VOG), the oil and gas exploration and development company with assets in Cameroon and the FSU, is pleased to announce an update on its Logbaba gas and condensate project ("Logbaba") in Douala, Cameroon.




Well La-105 reached a total depth of 8,920 feet on 1 January 2010 and the well is currently being logged prior to its completion as a development well. Multiple gas-bearing sands were encountered at virgin pressures at depths between 6,017 feet and 8,330 feet, which can be correlated to those found and tested in the nearby well La-103. Well La-103 flowed at rates from 5 to 12 million cubic feet of gas per day from individual sands when drilled in 1956.




The data obtained whilst drilling showed in excess of 300 feet of gross pay and also indicated the presence of over-pressured shale gas in a significant interval. After logging, a 7-inch liner will be run to isolate the sands for future testing and production. Further detailed information on La-105 and drilling of the next well at Logbaba, La-106, will be announced in due course.




VOG Chairman Kevin Foo said, "We are pleased that Well LA-105 has now reached total depth and encountered over 300 feet of gross pay. Notably, the presence of gas in the shale could add upside to previous management interpretations. We will provide further detailed information to the market once the well logs have been completed".

cyril

from my amateur standpoint, i'ld hazard that this rns adds bugger all to the VOG's value

Update on Logbaba Natural Gas Project, Cameroon
"Logs at Well La-105 indicate at least 65 feet of very good quality sandstone pay with additional potential of further 260 feet

Well La-105 being completed for flow testing in this quarter

Spudding of Well La-106 expected in February

Victoria Oil & Gas Plc, is pleased to announce an update on its Logbaba gas and condensate project ("Logbaba") in Douala, Cameroon.

Open-hole logs have been run at Well La-105 and the well has been cased with a 7-inch production liner between 5,950 and 8,750 feet, measured depths. The logs have indicated the presence of at least 65 feet of very good quality gas-bearing sandstone reservoir plus at least an additional 260 feet of gas-bearing sands that may prove to be productive when tested.

La-105 is now being completed as a production well. Immediately following the La-105 completion the rig will be moved about eight metres to the adjacent surface location on the Logbaba drilling pad and the La-106 appraisal/development well will be spudded. La-105 will be flow tested during the La-106 drilling operations.

La-106 is to spud in early February. It will be deviated to target the productive sands of the Logbaba formation, twinning La-101.

Well La-101, the first Logbaba exploration well, blew out when drilled in 1955 by Elf SEREPCA when it encountered the overpressured gas sands of the Logbaba formation. During the blowout the well produced an estimated 0.9 billion cubic feet of natural gas over 38 days before being brought under control.

Kevin Foo, Chairman of Victoria, said today, "Well La-105 continues to provide excellent results. The logs show us that the well will be able to produce more than sufficient gas to meet the demands of the local industrial customers that we have signed up. With La-106 spudding in a matter of weeks, the project is getting closer to first gas sales."

Can anyone explain why the share price is 1.7% down while the buys outnumber the sells by nearly 5 to 1 !!

because the company is shit

I had hoped for a sensible comment !!

he's in that sort of mood today....you'll get use to it, the happy pills will kick in soon....
..
^
~

that was me being happy AND constructive

"Results of Passive Seismic Survey at Logbaba Gas and Condensate Project, Cameroon

Passive seismic spectroscopy survey at Logbaba shows major, previously unknown, potential accumulation

Results also indicate best prospectivity in the existing structure to the north of current drilling location

Summary of new seismic data available on website

Victoria Oil & Gas Plc, is pleased to announce an update on the passive seismic spectroscopy survey at its Logbaba gas and condensate project ("Logbaba") in Douala, Cameroon.

The survey findings are in line with the geological understanding of the Logbaba reservoir sands and correlate well with data from the four old wells and the newly drilled well La-105.

The analysis of the survey indicates a major potential hydrocarbon accumulation around two kilometres from the current drilling location. The accumulation, which lies entirely within VOG's licence block, appears to be substantially larger than the existing discovery and has not been seen in any previous subsurface studies due to the lack of geophysical data.

The survey also suggests that the most prospective area at the existing discovery lies around 300 metres from Well La-104, between that well and La-101. The well design team are considering this data and its impact on the design of the next well, La106, which is due to be spudded on 6 February 2010.

VOG Chairman Kevin Foo said, "The data from the passive seismic is very significant for VOG and Logbaba. The results suggest that a large and unexplored accumulation lies just a few kilometres away from the original discovery. This would be a considerable addition to our reserve base if it is ultimately confirmed by drilling. The passive seismic data correlates well with the subsurface data we obtained from all previous wells and our recently-completed Well La-105."

Well La-106 spudded on 6 February 2010

La-106 design changed to target most prospective areas of existing discovery

Testing of La-105 expected to commence in February while drilling of La-106 is on-going

Victoria Oil & Gas Plc, is pleased to announce that Well La-106 was spudded on 6 February 2010 at its Logbaba gas and condensate project ("Logbaba") in Douala, Cameroon.

La-106 is the second well to be drilled by VOG at Logbaba and will twin Well La-101, which was drilled by Elf SEREPCA in 1954. The well will be drilled from the same well-pad as La-105 and, following the results of the passive seismic survey announced on 4 February 2010, will be deviated to a bottom-hole location around 390 metres north-west of La-101 to access one of the most prospective areas of the existing discovery.

The proposed total depth is approximately 8,700 feet (measured depth) and drilling is anticipated to take around 60 days. While La-106 is being drilled, testing of the gas-bearing zones of La-105 will be undertaken and this testing is expected to commence in February.

The La-105 open-hole log data and the passive seismic survey results are expected to justify significant additional proved and probable reserves to the 104 billion cubic feet for the field estimated by RPS Energy in 2008. Logbaba remains the only onshore discovery in Cameroon and is ideally positioned to supply natural gas to industrial customers in Douala, of which around half the existing market has already signed gas off-take contracts and letters of intent at a price of $16 per thousand cubic feet of gas."

With 6000cf/gas= 1 barrel of oil that $16 = $96bo,if correct they will be coining in revenue in the not to distent future. This is starting to look interesting and undervalued considering they also have some Russian asstes too.
Definately one for the watchlist, thats for sure.
cyril

cyril have you forgotten the exaggerated claims they made about gas discoveries in Russia?

hali - especially for you - a comment re luddites on AFR thread

Business Financial Newswire
"Victoria Oil and Gas says the first well at its Logbaba project in Cameroon has been logged and completed, along with the first-ever production well in the onshore Douala Basin.

Chairman Kevin Foo said in a letter to shareholders that Victoria 'now leads the field in the onshore development of Cameroon's huge hydrocarbon potential'.

He added, 'As we are drilling our second well and soon begin to test our first, we are laying the cornerstones of our integrated strategy for marketing and monetisation of the resource.

'We still have a great deal of work to do before we see first revenues but there will be no let-up in our dedication to the project.

'Delineation of the resources from the passive seismic spectroscopy is obviously excellent news and highlights that the true potential of Logbaba is still to be discovered.'

A planned gas pipeline would be financed with debt or trade financing. Once data from testing was available, the company would be able to complete the engineering design of the gas processing facilities and pipeline to take its production to the market "

Business Financial Newswire
"Victoria Oil & Gas has raised 14m through an equity placing to institutional and private investors at 3.25p. The company says the initial offering was 40% oversubscribed.

It will use the funds to complete drilling and testing operations at Logbaba, Cameroon, and seek fast-track solutions for revenue generation.

Victoria says the money will also be used for further passive seismic spectroscopy and geochemical surveys at the West Medvezhye gas field in Siberia.

Chairman Kevin Foo said, 'The over-subscription and the interest of major institutional investors into our company vindicates our belief that VOG is managing its assets correctly.'

Testing is under way at Logbaba Well La-105 with full results expected to be available in early Q2, while La-106 drilling is on schedule.

The company has contracted a major international engineering firm to explore opportunities for early revenue generation in addition to the full-field development.

It has signed in-principle agreements with selected customers for around 8m standard cubic feet of natural gas per day. "

Give it another 2/3yrs and maybe, just maybe, we MIGHT see a much higher sp that we have now...(pigs will fly)...on the other hand, it might go bust...might buy a few more to average down if it goes below 3p

load of shit .... good for my tomatoes only

agree there mr. c ...not only would pigs fly but need a radar designed by NATO to fly anywhere but south.......Feel positively sorry for your tomato crop.................your toms ? How much per kilo ?....edit