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
    

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

VOG have updated their website with the 'UK Investor Show' news announced yesterday.

http://www.victoriaoilandgas.com/

Their social media updates have also improved as of this year:


    

Link to the twitter feed for today's UK Investor Show

https://twitter.com/UKInvestorShow?ref_src=twsrc%5Etfw

This relates to his original post 26 April 2016


"Sundry round up since I was away…"

"I recently wrote about VOG and that things were going pretty well out in Cameroon. I mentioned that they had drawn down around half of the recent BGFIBank facility which was technically incorrect, they would have been going some to that by now. In fact the correct version is that they will ‘draw down around half-ish of that facility this year’. Glad to put the record straight."

http://www.malcysblog.com/2016/05/oil-price-lamprell-ithaca-sound-falcon-sundry-round-amec-velocys-total-exxon-chevron-ophir-gkp-hal-bh-finally/

The VOG Factsheet was updated 29th April 2016 which I assume was used as part of the presentation at last Saturday's UK Investor Show:

http://www.victoriaoilandgas.com/sites/default/files/factsheets/1604%20VOG%20Fact%20Sheet%20Flyer.pdf

The video of the presentation should be out by end of next week going on past events.

A reminder:

"The Company has changed its accounting reference date to 31 December and will release audited results for the seven-month period ended 31 December 2015 by the end of May 2016."

http://www.victoriaoilandgas.com/sites/default/files/VOGIR15_2.pdf

31 May 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Directorate Changes

Victoria Oil & Gas Plc, the unique African gas utility, today announces the following Board changes to Executive Director appointments:

· Grant Manheim, Deputy Chairman, retires from the Board with immediate effect.

· Robert Palmer, has been part-time Finance Director of the Company since it listed on AIM in 2004. The Board feels that it is now time that with increased activities within the Group that a full time position is required. Robert is unable to take on this increased role given his commitments outside of VOG. He retires by rotation and will not be standing for re-election at the Company's Annual General Meeting on 29 June 2016.

· Andrew Diamond, the Company's Financial Controller, has been appointed as Finance Director of the Company with effect from 30 June 2016.


Andrew Lee Diamond, aged 41

Andrew has been the Group's Financial Controller since September 2015, having previously served as Financial Controller for Gabriel Resources Limited, a TSX listed resource company, from 2011 to 2015. Prior to 2011, Andrew served as Head of Group Reporting for Subsea 7 S.A. (formerly Acergy MS), a subsea service provider to the oil and gas industry listed on the NASDAQ and Oslo Børs, and Financial Controller for Barloworld Holdings plc, a distributor for leading global brands, providing integrated rental, fleet management, product support and logistics solutions. Andrew qualified as a Charted Accountant at Deloitte in South Africa.

Andrew holds 4,000 ordinary shares of 0.5p each in the Company ("Ordinary Shares"), representing approximately 0.004 per cent. of the Company's Ordinary Share capital.

Directorships:
Current Directorships

Previous Directorships (past 5 years)
A&D Diamond Ltd
Secureoak Property Management Ltd

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

Kevin Foo, Executive Chairman, commented:

"Grant and Robert were foundation members of the Board since the start of the Company 12 years ago and on behalf of the Board, I would like to thank them for their unfailing dedication and valuable contribution to building the excellent Company we have. Their departure is a natural evolution of a growing and maturing company.

Andrew has been an outstanding addition to the team since he joined us last year and I am delighted that he has accepted the role of full time Finance Director."

http://www.moneyam.com/action/news/showArticle?id=5350661

31 May 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Preliminary Results for the seven-month period ended 31 December 2015


Comparative Periods

The audited financial amounts for the seven-month period ended 31 December 2015 (the "current period", "period" or "reporting period")are compared to the audited twelve-month period ended 31 May 2015 ("prior period"). Production statistics, which are subject to seasonal fluctuation, compare the seven-month period ended 31 December 2015 to the comparable seven month period ended 31 December 2014.

Operational Highlights

· 8.57mmscf/d average gas production (3.95mmscf/d seven months to 31 December 2014)

· 1,736mmscf total gas sold (846mmscf seven months to 31 December 2014)

· Both ENEO power stations consuming gas for grid power for the whole period

· Well design and drilling programme planning progressed for completion of one twin-well and one step-out well at Logbaba site

· Phase 1 processing plant expansion to 25mmscf/d capacity designed with further phased expansion planned pending drilling results

· Gas sales agreements signed with eleven new customers ahead of 13.5km, two phased expansion of the Bonaberi pipeline

· New seismic reprocessing project on Logbaba commenced to acquire and reinterpret historic data

Financial Highlights

· $21.4 million revenue (prior period: $27.9 million)

· $8.5 million adjusted EBITDA (prior period: $8.4 million)

· $13.2 million cash balance at period end (prior period: $16.0 million)

· $22.2 million Group liabilities (prior period: $34.2 million)

· $6.0 million net cash position at period end (prior period: $5.1 million)

Corporate Highlights

· Ahmet Dik and Iain Patrick appointed to the Board of VOG as Directors

· Change in accounting reference date to 31 December

Post Period

· BGFIBank debt facility of $26.0 million put in place in April 2016 to support the Group's expansion plans in 2016

· Matanda licence assignment of 75% interest in 1,235km2 neighbouring block completed

· Executive Director changes: Robert Palmer and Grant Manheim to retire from Board and Andrew Diamond appointed as Finance Director

http://www.moneyam.com/action/news/showArticle?id=5350673

Preliminary Results for the seven-month period ended 31 December 2015(Continued)

Chairman's Statement

Dear Shareholder,

I am very pleased to report to shareholders on the corporate and operational progress we have made during the period. This report and financial statements cover the seven-month period to 31 December 2015. This follows the change in our Company's accounting reference date from 31 May to 31 December.

Strong revenues of $21 million lead to the Group recording its first profit for the period and a positive earnings per share. Operating cash flows were strong, which the Group has used to reduce debt.

During the period, our gas sales doubled when compared to the equivalent seven months in 2014. Our research shows that the demand for gas in Douala, Cameroon and the surrounding areas remains far in excess of our ability to supply. Our two-year gas supply agreement with ENEO, the local power grid operator has had a very positive impact on our business. The ENEO project has been the proof-of-concept for a gas- to-power solution in Cameroon. To build on this and sign up other grid power customers, we need to expand our reserves, produce greater volumes of gas and increase our process and delivery capacity.

The share price performance during the period was disappointing. However, when compared to the FTSE AIM Oil & Gas Index, VOG's market valuation has generally tracked the global downturn in the sector. We believe that our business is unique and, as an integrated gas producing utility, we will continue to explain to the market why we are different and why we deserve a higher valuation than at present.

We have an ambitious plan for 2016 aimed at expanding our reserves and resources and significantly increasing our ability to deliver more gas to more customers. It remains our longer term plan to replicate this model in other African locations and we continue to look for the right opportunities.

The Report and Accounts to be published contains an Objectives and Performance table which demonstrates how the Group has delivered on the objectives set out in our Annual Report to 31 May 2015.

Our Company is an integrated gas producing utility and as such has a fundamental task to match demand with supply in a way that minimises risk, capital outlay and operating costs.

In Cameroon, we enjoy a unique position that has been created by our willingness to take measured risks to achieve great gains and we are now preparing to add significantly more reserves to Logbaba so that we can consider increases in production to thermal and grid power customers.

The acquisition of a 75% interest and operatorship of the highly prospective 1,235km2 Matanda Block ("Matanda") post period will also help us feed this expansion potential and further strengthen our area of influence in Cameroon. Matanda, is over 60 times the current licence area of Logbaba and is estimated to hold P50 'gas-in-place' volume of 1.8tcf and 136mmbbl of condensate in place. In addition, Matanda is adjacent to Logbaba and geologically very closely connected to it.

As for our drilling programme, by December 2015 SPD Petrofac, our drilling consultants and our internal team had delivered a drilling strategy for one twin-well and one step-out well at the Logbaba site, both to be completed during 2016. The tendering process and negotiations on all contracts including the main drilling contract have been successfully managed by the Company and we have taken full advantage of the downturn in the oil and gas field services sector to bring the total budget for the two- well programme to below $40 million.

Increased revenues during the period enabled Gaz du Cameroun S.A. ("GDC") to build on our relationship with BGFIBank and the $26 million debt facility for GDC announced post- period end is a result of this. This facility, coupled with GDC's share of revenue generated and contributions from our 40% partner in the Logbaba project, is expected, at this stage, to enable GDC to complete the 2016 capital expansion programme without recourse to any equity funding.

What we have achieved in Cameroon is exceptional turning a small 'stranded gas' deposit in Douala into a significant gas utility business that is a key element of the local energy supply equation. We control the upstream, gas processing and gas distribution systems and operate in a lightly regulated environment which is supported by Government to ensure growth in industry.

Your Board feels that it is now appropriate to consider other opportunities within Africa that can be leveraged by our experience in Cameroon. We continue to assess projects that broadly meet our selection criteria. Our plan is to focus on the development phase of projects and enter at a point post discovery of gas and prior to development of the field. Our skills in executing field development plans and creating businesses that are profitable and meet local market energy needs can be used to unlock 'stranded' onshore gas reserves.

In Russia, we continue to seek a partner or purchaser of the West Medvezhye oil and gas project.

Corporately we saw a number of changes within the Company. Our quarterly operational updates were initiated within the period to provide shareholders with much more detail on our performance in terms of gas supply and unaudited financial statistics.

I was also delighted to see the appointment of Ahmet Dik to the Board of VOG, in addition to being made Chief Executive Officer of GDC. Ahmet has worked with us since late 2013 and was instrumental in concluding our agreements with ENEO for first grid supply. James McBurney left the Board and Iain Patrick was appointed as a Non-Executive Director. Iain has significant experience in the oil and gas industry and provides us with sound advice. These Board changes have also been reflected in the audit and remuneration committee compositions which are detailed later in this report.

Further changes to the Executive Directors of the Company will take place after the date of the Report and Accounts. Grant Manheim, Deputy Chairman, retires from the Board with effect from 31 May 2016. Robert Palmer, has been part-time Finance Director of the Company since it listed on AIM in 2004. The Board feels that it is now time that with increased activities within the Group that a full time position is required. Robert is unable to take on this increased role given his commitments outside of VOG. He retires by rotation and will not be standing for re-election at the Company's Annual General Meeting on 29 June 2016. Andrew Diamond, the Company's Financial Controller, has been appointed as Finance Director of the Company with effect from 30 June 2016.

Grant and Robert were foundation members of the Board since the start of the Company 12 years ago and on behalf of the Board, I would like to thank them for their unfailing dedication and valuable contribution to building the excellent Company we have. Their departure is a natural evolution of a growing and maturing company. Andrew has been an outstanding addition to the team since he joined us last year and I am delighted that he has accepted the role of full time Finance Director.

During the period, PricewaterhouseCoopers LLP has continued to advise the Company in completing a peer review of executive remuneration and this will be detailed in the Directors' Remuneration Report section of the Report and Accounts.

I would like to especially thank our partners RSM Production Corporation of Denver Colorado for their staunch financial support and sound guidance on the Logbaba project and The National Hydrocarbons Corporation of Cameroon ("SNH") for their invaluable in-country support and counsel.

Finally, I should like to thank our Board and the operating teams in Cameroon, London and FSU for their tireless work in keeping our Company moving forward and building the business to where we are now.

I believe 2016 will be an outstanding year for VOG.

Kevin A. Foo

Executive Chairman

29 May 2016

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