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
    

Dangote Cement released their Final Results last Tuesday, they have a Plant in Douala which was connected to VOG's natural gas network in 2015.

Cameroon makes solid start

Operations commenced in January 2015 at our 1.5Mta grinding plant in Douala, with the first cement being despatched for sale in March.

The plant achieved a smooth ramp-up and by the end of 2015 was operating at more than 55% capacity, selling 42.5-grade cement into the local market.

We estimate that its market share was about 21% in 2015, despite the presence of well-established local cement manufacturers and importers.

We believe Cameroon will begin to enforce a ban on imported cement in 2016 and this presents an opportunity to substitute around a million tonnes of imported bulk cement with a locally ground product. At present, our factory in Cameroon imports clinker from the Far East, but in time we intend to supply higher-quality clinker manufactured in our Nigerian factories.


http://www.dangotecement.com/wp-content/uploads/reports/2015/Dangote%20Cement-FY2015_Results.pdf

General interest- the March edition of 'Business in Cameroon', VOG mentioned within the Energy Section:

AIX: Gas 2016

Developing partnerships along the gas value chain

28-29 April, London

Co-produced by African Energy, AIX: Gas focuses on bringing upstream and LNG players together with power sector and downstream developers and investors for a frank discussion of project opportunities and investment issues affecting all stakeholders across the gas sector.

Proceedings are held under the Chatham House Rule, and structured round panel-led discussions and roundtables to facilitate dialogue.

Download the 2016 AIX: Gas agenda

Participants include Kevin Foo, Chairman, Victoria Oil & Gas

http://africa-investment-exchange.com/aix-gas-2016/

7th April 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Victoria Oil & Gas Secures Government Approval for 75% interest in 1,235 square kilometres Matanda Block in Cameroon

Victoria Oil & Gas Plc, the integrated natural gas producing utility, is pleased to announce that the Government of Cameroon has approved the assignment from Glencore Exploration Cameroon Limited of a 75% participating interest in the Matanda Production Sharing Contract ("PSC") in the Matanda block ("Matanda") to Gaz Du Cameroun Matanda S.A. ("GDC Matanda"). The remaining 25% participating interest is held by Afex Global Limited ("AFEX").

As outlined in the announcement of 18th February 2016 VOG will become Matanda's operator through its 100% owned subsidiary. Details of the work programme will be announced following a forthcoming Operating Committee meeting between GDC Matanda, AFEX and Société Nationale des Hydrocarbures du Cameroun , the Cameroon national oil company.

Matanda covers an area of approximately 1,235 square kilometres and is highly prospective for significant natural gas and gas condensate resources. GDC Matanda will concentrate on the onshore areas of Matanda near the existing Logbaba field with the aim of increasing reserves of gas to be sold into existing and new markets within Cameroon. Work is expected to commence at Matanda during Q4 2016 and will initially involve interpretation of the very large databank of 2D and 3D seismic information with the aim of identifying a drill target.

Kevin Foo, Chairman, said: "We are pleased with the approval of our 75% assignment over the Matanda PSC and are keen to begin our work programme. The large Matanda license area provides the Company with an area over 60 times our existing concession at Logbaba and a critical strategic and geological connection between the two. Upon completion of the current Logbaba two well programme for the second half of this year, we shall turn our attention to development of Matanda".

http://www.moneyam.com/action/news/showArticle?id=5283190

Reported elsewhere:

SP Angel Morning Oil & Gas: Amerisur Resources, Frontera Resources, Victoria Oil and Gas, Independent Resources, Europa Oil and Gas

09:12 07 Apr 2016

• Victoria Oil and Gas (LON:VOG – 41p) – Hopper Recharged: Today's news that the Company has secured a 75% working interest in Matanda, while not immediately impacting its existing business, puts it in a position to be able to recharge is portfolio and continue to grow its regional business.

While studies and a successful drilling campaign will be required before the Company can claim to have made any progress, today’s news achieves two things: (i) initiates the first step of the journey to recharge the hopper and continue to grow its business; and (ii) demonstrates a clear intent to continue to expand the asset base.

All in all, while there are issues still left to address with the business, such as its legacy asset base in Russia, it is not detracting from the continued expansion of the Company's key asset and business that it has established in Cameroon.

http://www.proactiveinvestors.co.uk/columns/sp-angel/24686/sp-angel-morning-oil-gas-amerisur-resources-frontera-resources-victoria-oil-and-gas-independent-resources-europa-oil-and-gas

13 April 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

US$26m Debt Facility to Support Logbaba Expansion

Victoria Oil & Gas Plc, the integrated natural gas producing utility, is pleased to announce that its wholly-owned subsidiary Gaz du Cameroun S.A. ("GDC") has agreed a US$26m debt facility to support its production expansion at Logbaba through 2016 and 2017. The facility has been secured with BGFIBank Cameroon S.A. ("BGFIBank"). VOG aims to avoid recourse to equity markets, whilst ensuring gearing is restricted to appropriate levels as the Company continues to build value.

During 2016 VOG intends to increase gas production from the Logbaba Project by 30%, following the 107% increase in average daily production achieved in calendar year 2015. To meet the Cameroon market's demand for gas, key elements of GDC's expansion programme are:

· Drill 1 twin well and 1 step out well at the Logbaba plant site with the objective of increasing production reserves

· Extend the Bonaberi pipeline to customers with gas service agreements in place

· Increase gas processing plant capacity in three phases to handle expected increased gas flow from wells


It is the Company's objective to fund the Logbaba development through operating revenues and capital contributions from GDC and RSM Production Corporation, our 40% partner. The facility announced today provides more than sufficient financing for GDC to fund its share of the production expansion programme.

Debt Facility

GDC has a well-established banking relationship with BGFIBank, and this new facility extends the existing loan of $4.4m. The debt facility agreed with BGFIBank by GDC is for a total of XAF 15 billion (approx. US$26 million), with the main material terms being:

· Repayment period of five years

· Facility is available for draw down over a 12 month period that can be extended without penalty for a further 12 months

· Interest on the debt is 7.15% per annum

· Secured by a pledge over certain receivables and a letter of comfort from the Company

· No further financial covenants


Ahmet Dik, Chief Executive Officer of GDC, said: "This is a very important step forward for the Company. Once again, BGFIBank is providing us with flexible debt to help build our business in Cameroon. We have a highly effective working relationship with BGFIBank, and we continue to benefit from its high level of professionalism and capacity to deliver solutions appropriate to our needs. The 2016-17 production expansion programme for GDC has been carefully planned and we are committed to delivering increased levels of gas to customers within budget and without the Company having recourse to equity markets."

http://www.moneyam.com/action/news/showArticle?id=5296638

Victoria Oil arranges US$26mln loan to fund Logbaba expansion
07:39 13 Apr 2016

Gaz Du Cameroun, Victoria’s local subsidiary, has arranged the loan facility with BGFIBank Cameroon.



Victoria Oil & Gas Plc (LON:VOG) has arranged a US$26mln debt facility to fund a 30% expansion of production at the Logbaba gas field in Cameroon.

Gaz Du Cameroun, Victoria’s local subsidiary, has arranged the loan with BGFIBank Cameroon.

The plan now is to fund the Logbaba's development through operating revenues and capital contributions from GDC and RSM Production Corporation, its 40% partner.

Victoria said it wanted to avoid issuing new equity and the new loan facility will be more than enough for GDC to fund its share of the production expansion programme, it added.

GDC already has a US$4.4mln loan with the bank and the new terms include repayment over five years, a 12 month draw down period and interest of 7.15% per year.

Ahmet Dik, GDC’s chief executive said the company had a highly effective working relationship with BGFIBank.

“The 2016-17 production expansion programme for GDC has been carefully planned and we are committed to delivering increased levels of gas to customers within budget and without the company having recourse to equity markets."

Logbaba supplies gas to the Cameroon city of Douala. Production is currently running at 15mmscf/d but a 'primary objective' in 2016 is to exceed 3.7 Bcf of annual production, a 30% increase.

Two wells are scheduled to be drilled thi syear alongside an extension of the Bonaberi pipeline and upgrade to gas processing plant capacity in three stages.

Philip Whiterow

News & Events over the next few weeks:

mid/end ?? April 2016 Production Update

28 & 29th April AIX: Gas 2016-London
https://africa-investment-exchange.com/aix-gas-2016/

30th Apr 2016 UK Investor Show-London
https://www.ukinvestorshow.com/#noAction

end of May 2016 - audited results for the seven-month period ended 31 December 2015

General interest- the April edition of 'Business in Cameroon', VOG mentioned within the Energy Section:

Victoria Oil & Gas' Foo says GDC expansion and new wells should be mostly financed by cashflow
Published on Apr 14, 2016

Kevin Foo, chairman at Victoria Oil & Gas (LON:VOG) talks to Proactive Investors about the US$26mln debt facility its Gaz Du Cameroon subsidiary has arranged to fund a 30% expansion of production at the Logbaba gas field in Cameroon.

Foo says the loan is "back-up" money as most of GDC's expansion and drilling for the wells will be paid out of cashflow and other sources.

He says a loan was the best option as the group is "super-sensitive about equity as shareholders have had a lot of dilution over the past five years" to get to where the company currently is.

Gaz du Cameroun gets a FCfa 14 billion loan from the local subsidiary of BGFI Bank
Sunday, 17 April 2016

(Business in Cameroon) - The Cameroonian subsidiary of the Gabonese banking group BGFI has just granted to the company Gaz du Cameroun (GDZ), owned by the British firm Victoria Oil & Gas (VOG), a loan of FCfa 14 billion, we learned in an official communiqué. This funding, we learned, will enable GDC to make investments to increase its gas production on the Logbaba field which it operates in the Littoral region of Cameroon.

In addition to the gas production optimisation, which increased by 126% between November 2014 (3.91 mmscf per day) and November 2015 (8.85 mmscf per day), according to the financial results of GDC, the oil and gas company is planning to drill this year the first of two wells scheduled since end 2015.

The financial support of BGFI Bank will also enable GDC to extend its pipeline to which new companies are getting ready to be connected, in addition to the twenty companies that the gas company is already supplying in industrial gas in the economic capital of Cameroon.

"This is a very important step for the company. Once again, BGFI Bank is supporting us to build our brand in Cameroon (...) The 2016-2017 expansion program for the production of GDC was meticulously planned and we have taken the commitment to supply higher levels of gas to clients in our budget, and this, without the company having to resort to the share market", Ahmet Dik, Managing Director of GDC, declared.

BRM

19 April 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Q1 2016 Operations Update

Victoria Oil & Gas Plc provides an update on the Company's operations for the three month period ended 31 March 2016 (the "quarter" or "Q1").

Overview

Today's update sees increased gas consumption as the first quarter of the dry season passes. The quarter also saw the provisional assignment of the Matanda block, located adjacent to existing Logbaba operations and commencement of work on the pipeline extension in Bonaberi. The Company also began engineering for the most important project for this year; the drilling of two wells at Logbaba.

Highlights

· 13.2mmscf/d Q1 2016 average gas production (Q1 2015: 4.5mmscf/d)

· 180% increase in gas sales to 1,131mmscf compared to Q1 2015 (404mmscf)

· Q1 unaudited financial highlights:

o $12.8m revenue (Q4 2015: $7.6m)

o $11.5m cash position at quarter end (Q4 2015: $13.1m)

o $4.6m net cash position at quarter end (Q4 2015: $5.9m)*

· Post quarter end

o Completion of the Matanda acquisition

o $26m debt facility with BGFIBank secured

o Drilling contract signed and rig loaded on vessel

*Net cash is defined as cash equivalents less borrowings, where cash equivalents exceed borrowings.

Operational update

The quarterly gas and condensate consumption is as follows:

***SEE LINK AT BOP***

These figures are in line with internal expectations as the quarter covered the first half of the dry season where gas consumption in the grid power sector is typically higher due to lower availability of hydroelectric power and the associated higher utilisation of gas.



Our operations maintained a 100% safety record and ensured an uninterrupted gas supply through our integrated network to all customers across thermal, power and condensate markets.



The Matanda block assignment and subsequent Government approval and the US$26m BGFIBank debt facility were announced in April. To deliver these results, the team at Gaz du Cameroun S.A. ("GDC") worked closely throughout the period with various parties including the Government of Cameroon, Glencore, Afex Global Limited ("AFEX") and BGFIBank. Our success in securing a major new field for potential source of additional gas and a debt facility from a local banking group is a significant step forward in our strategy of building a material gas supply business, within Cameroon. The securing of the Matanda block was very significant for our mid to long-term gas development plans. Following approval of the work programme at the forthcoming Operating Committee meeting, we would expect to begin first work on Matanda at the end of 2016, once we have completed the Logbaba Drilling Campaign. Similarly, obtaining the BGFIBank facility gives the Company adequate funding to support its share of the capital programme underway.



In our 28 January 2016 RNS outlining the 2016 strategy, we indicated that a major part of our work this year will concentrate on expanding our gas supply and extending our pipeline reach on the Bonaberi shore. The primary objectives of enhancing the Company's production capabilities make up the supply expansion programme as follows:



· Drilling Campaign

· Staggered gas plant expansion for increased gas processing matched to well results

· Extension of pipeline on the Bonaberi shore to economic customer clusters with Gas Supply Agreements in place

http://www.moneyam.com/action/news/showArticle?id=5305199

continued.....

Logbaba Drilling Campaign

GDC is preparing to drill two wells into the onshore Cameroon Logbaba Field to supplement the two existing Logbaba production wells. The new Logbaba wells are required to meet the growing market demand for Logbaba gas, to develop Logbaba reserves, and to move some of our 2P (Proven plus Probable) reserves into the 1P (Proven) reserve category. One of the wells will twin the La-104 well drilled in 1957; the other well will be a 'step-out' well that will be drilled into a target that is intended to prove up more of our Probable reserves. Both of the wells will be drilled directionally from a drilling pad adjacent to the Logbaba Gas Plant and they are to be tied into our production facilities immediately after they are drilled and completed. The La-104 twin well is almost vertical; the 'step-out' well will be drilled to intersect a target that is about 1,100m to the south-east of the Logbaba drilling pad.

Both wells are intended to be production wells from the Logbaba Formation, which is a thick sequence of interbedded sands and shales found at depths between 1,700m and 3,200m below the surface. In addition to developing the gas reserves in the Logbaba Formation, one of the wells, the La-104 twin, has an additional objective of an 'exploration tail.' This is to be drilled from the base of the Logbaba Formation down to 4,200m below the surface to test the hydrocarbon potential of the Mundeck Formation which had gas shows in La-104.

A contract has been signed with Savannah Oil Services Cameroon to provide the drilling rig for the project and the rig is currently on a ship to Cameroon. The rig will be mounted on tracks between the two well locations, allowing efficient drilling to be undertaken using a single unit. SPD Petrofac is providing well design and project management services and with their assistance we are now working on the detailed design and programme preparation.

Major site preparation work is underway including slope stabilisation, full security fence line, leveling for drilling rig track and drilling pad preparation. New warehousing for rig supplies, storage and camp civils are also under construction. Long-lead orders have been placed.

GDC remains on schedule to meet its objectives and the current plan is to commence drilling in late Q2 and completing by end of 2016.

A detailed budget for the two well drilling programme has been completed. The budget total is less than $40m, significantly lower than initial estimates made in 2015.

Commencement of this programme has resulted in some preliminary expenditure as we begin to invest in longer lead items. The cash position at the quarter end is commensurate with this planned expenditure.


Logbaba Gas Plant Capacity Expansion

The process plant expansion study has been completed. Stage one of gas plant expansion to 25mmscf/d capacity (from 20mmscf/d) is in the preliminary engineering phase. Further phases will commence to tie in with well results.

Bonaberi pipeline extension

An agreement was reached with SATOM, a road construction company, to lay GDC gas pipe and a bitumen road at the same time. 2.1Km of pipeline has been laid during the quarter to be commissioned in phases over the next quarter. New thermal customers are scheduled to come on line Q2 2016.

GDC Chief Executive Officer and VOG Director Ahmet Dik said: "The seasonal increase in our gas supply is in line with our internal expectations and demonstrates a level of sales stability. Selling to multiple customers and markets allows GDC to maximise the value from our fully integrated gas pipeline. However, both the average figures and daily supply peaks show we are very near comfortable production capacity.

With this in mind, I am extremely pleased with progress made on the gas expansion capital projects by GDC. This quarter was pivotal to staying on schedule and with the drilling rig in transit, key drill site preparation work and the BGFIBank facility secured, we have delivered on all the critical path items in our timetable.

Our collaborative approach to laying pipe in Bonaberi with the road construction company SATOM has also achieved fast, cost effective results. This has allowed us to control costs, minimise delays and the environmental impact on the local area, ensuring we remain on target to deliver the first phase of the 2016 Bonaberi pipeline extension.

http://www.moneyam.com/action/news/showArticle?id=5305199

Quarterly figures chart Victoria Oil & Gas' transformation
08:18 19 Apr 2016

The company, which supplies gas to businesses in Cameroon’s second city of Douala via its local arm Gaz du Cameroun (GDC), has seen a 180% increase in sales to 1.31bn standard cubic feet.



The transformation of Victoria Oil & Gas PLC (LON:VOG) in the past year is revealed in an update on trading for the first quarter of 2016.

The company, which supplies gas to businesses in Cameroon’s second city of Douala via its local arm Gaz du Cameroun (GDC), has seen a 180% increase in sales to 1.31bn standard cubic feet.

Average daily output was 13.2mln cubic feet, up from 4.5mln in the same period last year.

VOG generated US$12.8mln in revenues in the three months, up from US$7.6mln in the fourth quarter.

Ahmet Dik, GDC’s chief executive and a VOG director, said: "The seasonal increase in our gas supply is in line with our internal expectations and demonstrates a level of sales stability.

“Selling to multiple customers and markets allows GDC to maximise the value from our fully integrated gas pipeline.

“However, both the average figures and daily supply peaks show we are very near comfortable production capacity.”

Also in the quarter, VOG was give the provisional go ahead to take control of the Matanda block, next to its Logbaba operations.

It has begun of work on a pipeline extension and has started the engineering for the most important project for this year: the drilling of two new wells at Logbaba.

Ian Lyall

News & Events over the next few weeks:

28 & 29th April AIX: Gas 2016-London
https://africa-investment-exchange.com/aix-gas-2016/

30th Apr 2016 UK Investor Show-London
https://www.ukinvestorshow.com/#noAction

end of May 2016 - audited results for the seven-month period ended 31 December 2015

22 April 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Notification of Adoption of

Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101")

Following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council ("FRC"), the Company is required to elect which of the available accounting frameworks it will adopt in preparing its parent company financial statements.

The Board considers that it is in the best interest of the Company to adopt FRS 101. This will take effect for the financial statements for the seven-month period ended 31 December 2015. The group consolidated financial statements will continue to be prepared in accordance with EU-adopted IFRS and the disclosures therein will be unaffected by this new accounting framework.

Further information on FRS 101 is available on the website of the FRC, www.frc.org.uk.

The Company has notified all shareholders of the adoption of FRS 101 by letter or email as per individual preference. Please note any shareholder, or shareholders, holding in aggregate 5% or more of the total allotted shares in the Company may serve an objection with regard to the Company adopting FRS 101 by writing to the Company Secretary at Victoria Oil & Gas plc, Hatfield House, 1st Floor, 52‑54 Stamford Street, London, SE1 9LX, United Kingdom or by email to info@victoriaoilandgas.com by no later than 9 May 2016.

http://www.moneyam.com/action/news/showArticle?id=5315054


Examples of other companies adopting FRS 101:

Mothercare-07/03/2016
RTC Group PLC-14/12/2015
Premier Foods plc-25/02/2016

This was published 6th April 2016:

2016
African Development Bank, World Bank Group

Cameroon: Dibamba Power Plant

Multilateral Development Banks’ Collaboration: Infrastructure Investment Project Briefs

In 2009, the Government of Cameroon awarded AES Dibamba Power Development Corporation (DPDC) the right to develop an 86-MW thermal energy Independent Power Plant (IPP). The Dibamba Project provides Cameroon with peaking and reserve capacity...

"The potential for expansion or conversion of the facility to run on gas is currently being considered."

Download pdf or visit main website:

https://pppknowledgelab.org/mdb-infrastructure-investment-project-briefs

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

The above relates to the 'Factsheet' issued last year by VOG and I would imagine is dependant on the success of the Matanda block and or the Logbaba Gas Plant capacity expansion:

. Dibamba Power Station expansion I: 50MW = 10mmscf/d, subject to 10 year proven gas reserve

. Dibamba expansion II: 100MW = 20mmscf/d, Dibamba III: 200MW = 40mmscf/d

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

Malcolm must have bought back in..............


Posted on 26 April 2016

Victoria Oil & Gas

I reported last week on VOG’s operations outlook but commented that I was meeting the company so would come back with more after that. I met with Kevin Foo, Laurence Read and Ahmet Dik who is the CEO of GDC, VOG Director and seemingly heir apparent. With such an array of main board open to me I have to say that it was a very good meeting and we fleshed out a number of points from the statement during the session.

AD seems very impressive and just who the company needs to be in control in Cameroon, very much hands on and if there was any complacency from suppliers or contractors before, I strongly suspect that has been disabused in pretty short time. Work on the Bonaberi pipeline continues apace, with speed increasing especially as they move out of the city, a perfect example of cutting costs is the use of open trenching and sharing expertise with road builders. To go with this expansion the company has signed more GSA’s and are approaching all sorts of potential clients for their gas and this area looks very promising.

The key to providing feed-stock is the drilling campaign on the Logbaba field, the large photographs of the site show just how much work has already been done in preparation and the scope for further expansion. These wells are very important and as with other areas of the industry costs are down dramatically. There has been significant renegotiation leaving VOG with very favourable terms indeed. The advantage of drilling success is not just to supply gas, it will move 2P reserves into the 1P category thus increasing the value of the portfolio. Drilling should start in late Q2 and expect 180 days in total and at a cost of less than $40m, substantially less than previous estimates. In addition to all this the Logbaba gas plant which is adjacent to the drilling site is already expanding and in stage one of the process.

The recent purchase of the Matanda block from Glencore is significant in that it shows that the company’s plans for the future are very much under way. Matanda dwarfs Logbaba and is 2/3 onshore and 1/3 offshore, I suspect that the offshore bit will be farmed-out or at least stay on the back-burner for a while. The onshore part though is already seeing some action although the company point out that it is very definitely to be done after Logbaba, having said that by the end of this year there will be a good idea about seismic work and other activity making Q1 2018 a likely probability for drilling the prospect.

Financially VOG are in good shape, revenues will rise again modestly in the 2Q and although there will always be wet season/dry season factors they are doing all they can to mitigate that. At the quarter end they had net cash of $4.6m and since then they have signed a $26m debt facility with BGIFI Bank of which around half has been drawn down. In conclusion I would say that VOG looks in a good place to me and looks extremely undervalued on much any yardstick, as an explorer, a pipeline operator and a utility selling to a wide range of customers in a market where there appears to be no end to potential demand, what is not to like?

http://www.malcysblog.com/2016/04/oil-price-bp-egdon-victoria-oil-gas-ithaca-energy-sundry-halliburton-copl-plexus-finally/

I assumed VOG were just exhibiting this year but Kevin Foo is conducting a presentation on Victoria Oil & Gas, which is good news.

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

UK Investor Show Attendance, London

Victoria Oil & Gas Plc will be attending the UK Investor Show 2016 on Saturday 30th April at the Queen Elizabeth Conference Centre in Central London (Westminster underground station).

Victoria Oil & Gas Plc will be hosting at stand 16 at the event and Kevin Foo, Chairman, will also be participating in the following events:


· Presentation on Victoria Oil & Gas at 15:40 - 16:00 in the Analyst Room.



Videos will subsequently be made available on shareprophets.com.

For ticket details and attendance please visit: https://www.ukinvestorshow.com

http://www.moneyam.com/action/news/showArticle?id=5331363

Kevin Foo will also be speaking at this event tomorrow 10-11am:


AIX: Gas 2016

Developing partnerships along the gas value chain

28-29 April, London

Co-produced by African Energy, AIX: Gas focuses on bringing upstream and LNG players together with power sector and downstream developers and investors for a frank discussion of project opportunities and investment issues affecting all stakeholders across the gas sector.

Proceedings are held under the Chatham House Rule, and structured round panel-led discussions and roundtables to facilitate dialogue.

Download the 2016 AIX: Gas agenda Page 4
Participants include Kevin Foo, Chairman, Victoria Oil & Gas

http://africa-investment-exchange.com/aix-gas-2016/


Edit:
Agenda - Friday 29 April
10h00 to 11h00
Gas to Market

• What can upstream operators do to work more
closely with industry to develop stranded and
other assets? Matching resources to projects:
investment options for smaller IOCs. Operating
in a low price environment.
• Developing an indigenous gas industry
• Distribution networks: developing Africa’s gas
infrastructure
• Scope for investing in indigenous gas
industries, from Morocco to Cameroon to
South Africa. Feedstock gas required for
fertilizer production and other opportunities.
• Prospects for future pipelines, LNG and
regasification terminals
• Development finance institutions: what is their
role in these developments

Jay Bhattacherjee, Chief Executive Officer, Aminex
Kevin Foo, Chairman, Victoria Oil & Gas
Ezekiel Adesina, Senior Business & Strategy Analyst
Nigeria LNG
Roland Janssens, Deputy Managing Director,
Frontier Markets Fund Managers