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
    

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

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

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

Operations Report

Dear Shareholder,

I am pleased to report on operational matters at GDC, where focus during the period has progressed from delivery of grid power to planning for expansion. Our operations are both upstream and downstream, so obtaining the optimal expansion strategy requires us to balance reserves and processing capacity against demand for our gas in and around Douala and having the infrastructure in place to reach the market.

During the period, we sold 1,736mmscf of gas (846mmscf for the seven months to 31 December 2014). The average daily rate of gas production for the whole of the reporting period was 8.57mmscf/d (3.95mmscf/d for the seven months to 31 December 2014). Condensate offloaded during the period was 26,055bbls (13,598bbls for the seven months to 31 December 2014).

Thermal Gas Connections and Gas Sales Agreements ("GSAs")

Dangote was commissioned in June 2015. Sic Cacaos and New Foods were both commissioned at the end of May 2015, and June 2015 was their first full month of consumption, and all three of the aforementioned have been consuming consistently ever since. New Foods and Sic Cacaos are consuming at their expected levels and Dangote continues to increase production at its new clinker plant.

Our newly established marketing and sales team is focused on increasing our reach into the Bonaberi area and during the period, eleven new GSAs were signed.

Pricing

GDC has a contract price bracket of $9 to $16/mmbtu for its gas sales and a sales price for its condensate based on the Brent oil price. The fall in the market price of alternate products to our gas has made them more price competitive than previously, resulting in a small number of customers switching to alternative fuels.

We market the benefits of using gas, including uninterrupted supply, time and effort saved on deliveries and logistics, no contamination of final products, cleanliness and environmental benefits and the vast majority of our customers recognise the strength of this argument.

Grid Power

The seasonal nature of our business has been demonstrated since the grid power customer ENEO started consuming gas in line with the wet/dry season and the take-or-pay conditions of their contract.

GDC has maintained continuous and uninterrupted gas supply to both the Bassa and Logbaba power stations and has proved its ability to deliver on supply commitments in accordance with the agreements we have signed.

During the period, the short-term Genset equipment rental contracts with our industrial power customers came to an end as did the related GDC contract with the provider of the Gensets. GDC remains a gas supplier to these customers under GSAs.

Bonaberi Pipeline Extension

Towards the end of 2014, GDC completed Phase I, approximately 2.2km, of the Bonaberi line to its pipeline network after successfully laying pipe and delivering gas under the Wouri River. During this reporting period, our sales team has identified new potential customers and has obtained signed commitments from a number of them to support a subsequent two-phase expansion of the pipeline.

Phase II Bonaberi line extends the existing pipeline from Magzi 2 Industrial Estate to Maya Oil factory, a distance of approximately 8km. The two material customer connections on this phase are Maya & Cie and SMS Shal. The larger of the two is Maya & Cie; a cooking oil and soap producing company located on the Bonaberi Road. Their initial estimated consumption is expected to be 380,000scf/d but we are factoring in a higher pipeline capacity in anticipation of increased demand from Maya.

The delivery of earthworks for this Phase II Bonaberi extension has been outsourced to and coordinated with SOGEA SATOM Succursale Cameroun, the company contracted by the Government of Cameroon to lay bitumen along the Bonaberi road. By contracting their services to carry out the trenching work simultaneously with the construction work on the major road, a significant cost and time saving has been achieved. At the time of approval of the financial statements 3.7km of pipe has been laid and commissioned and an additional 1.3km of pipe has been welded and is ready to be laid. The customers on Phase II Bonaberi are expected to come online during Q3 2016.

Bonaberi is a new and fast growing industrial area in Douala building out to the new Magzi 3 Industrial Estate. Bonaberi is a less densely populated area of Douala than the port side of the Wouri River, which makes the pipe laying and testing less complicated. With ease of access to Bonaberi through the new bitumen road and access to GDC's gas distribution pipeline network we believe using our gas will be significantly more attractive for prospective industrial companies.

Beyond Maya Oil, upon completion of Phase II Bonaberi pipeline, the Phase III Bonaberi pipeline will commence. This is planned to add an additional 5.5km to five new customers with 130,000scf/d of expected consumption. These customers are anticipated to be online in late 2016.

Cost Reduction

Having gone through an initial production and sales growth phase, the Group aims to increase profitability in 2016, both through increased revenues and via operational and corporate cost reductions.

During the period, we have reduced our salary bill and renegotiated a number of supplier contracts, and expect further cost savings to materialise throughout 2016.

Drilling Programme

During the period, GDC has been preparing to drill two wells onshore at the Logbaba Field to supplement the two existing Logbaba production wells. The new wells are required to meet the 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 add to our Probable reserves. Both of the wells will be drilled directionally from the one 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 optional additional objective of an 'exploration tail.' This could be drilled from the base of the Logbaba Formation (approx. 3,200m) down to 4,200m below the surface to test the hydrocarbon potential of the Mundeck Formation which had gas shows in well La-104.

GDC has sourced a drilling rig from Savannah Oil Services Cameroon S.A., an independent private Cameroon company and the rig is currently being shipped to Cameroon. Savannah has supplied a rig in accordance with the specifications determined by GDC subsurface team and SPD Petrofac, taking into consideration high pressure and high temperature drilling conditions. The rig will be mounted on rails between the two well locations, allowing efficient batch 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, leveling for drilling rig tracks and drilling pad preparation. New warehousing for rig supplies, storage and camp civils are also under construction. Long-lead orders have been placed.

During the period GDC carried out a security review on its operations in Douala. A number of the priority items have been implemented in order to be completed in time for the drilling programme such as improved security fencing, CCTV and lighting, improved access controls and new security offices.

The budget for the two-well drilling programme totals less than $40 million, excluding the optional exploration tail, and at the time of approval of the financial statements, GDC is still expected to remain within budget and on schedule.

Logbaba Gas Plant Capacity Expansion

Following the purchase of the gas processing plant in May 2015, Expro International BV has completed the process plant expansion study. Stage one of the gas plant expansion to 25mmscf/d capacity (from 20mmscf/d) is in the preliminary engineering phase. Further expansion phases will tie in with the well results.

Matanda

Negotiations during the period resulted in the announcement of the assignment of a 75% interest in the Matanda Block, adjacent to current Logbaba gas production operations, and the subsequent Cameroon Government approval of the assignment. Matanda covers an area of approximately 1,235km2, over 60 times the area of the GDC Logbaba concession and is highly prospective for significant natural gas and gas condensate resources. The North Matanda Field is estimated to hold an estimated P50 'gas-in-place' volume of 1.8tcf and 'condensate- in-place' of 136mmbbls.

Gaz du Cameroun Matanda S.A., a subsidiary of VOG, and AFEX, a Bahrain based company which has the remaining 25% interest, have submitted a new work programme to the Government of Cameroon for approval and expect to commence the first phase of seismic data acquisition in Q4 2016 after completion of the Logbaba drilling programme. The assignment of the Matanda Block complements the Group's current plan to increase its operating footprint in Cameroon. The existing Logbaba gas network infrastructure will also allow for fast-track development of any new discoveries made on Matanda to deliver additional natural gas to local industrial users in Cameroon.

During the period, the Company undertook an initiative to collate all existing seismic data on the Logbaba Field in order to reprocess it using modern techniques. By coordinating with SNH, the Company succeeded in locating 152km of 2D seismic data from three separate surveys. Post period a reprocessing services tender was run and a successful bidder selected to commence test processing of three 10km segments. With the information attained from this newly reprocessed data, the Company will be able to define the parameters for any additional seismic (2D or 3D) acquisition programme in the urban areas of Logbaba with a much greater level of accuracy, as well as expanding the underlying data-set for future reserves calculations. The addition of new subsurface information will also assist in de-risking future wells beyond the 2016 two-well programme.

All of the achievements of GDC in recent months would not have been possible without the hard work, dedication and loyalty of the team on the ground in Douala and I want to express my sincere gratitude and thanks to each one of them for making GDC a success.

Ahmet Dik
Chief Executive Officer,
Gaz du Cameroun S.A.
29 May 2016

****Further details from link below****

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

Victoria Oil & Gas seeks further opportunities after first profit in Cameroon
Tuesday, 31 May 2016

(Ecofin Agency) - Victoria Oil & Gas has announced that its first profit as revenues from its Logbaba field in Cameroon for the seven-month period ended December 31, increased extremely as it is planning to boost its reserves and produce more gas in the country.

Initial results for the seven months were $1.63 million, while revenues increased to $21.4mln.

The company has changed its end of the year to December and income for that 12 months to May 2016 is at $27.9 million.

“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,” Kevin Foo, Victoria Oil’s Executive chairman said.

Victoria Oil is seeking for industrial customers in Douala and due to this it sold 1.736 Mmscf for the seven months.

Per day output was 8.57 Mmscf/d at contract prices between $9 and $16 per Mmbtu for its gas.

According to Foo, Victoria Oil is beginning to seek for other opportunities within Africa that can be leveraged by its experience in Cameroon.

“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,” he told Energy Voice.

Nice bit of coordination, from the Preliminary Results for the seven-month period ended 31 December 2015 (31 May 2016):

"The delivery of earthworks for this Phase II Bonaberi extension has been outsourced to and coordinated with SOGEA SATOM Succursale Cameroun, the company contracted by the Government of Cameroon to lay bitumen along the Bonaberi road.

By contracting their services to carry out the trenching work simultaneously with the construction work on the major road, a significant cost and time saving has been achieved.

At the time of approval of the financial statements 3.7km of pipe has been laid and commissioned and an additional 1.3km of pipe has been welded and is ready to be laid. The customers on Phase II Bonaberi are expected to come online during Q3 2016."

Edit:

Victoria Oil & Gas helps grow a booming Cameroon
The largest economy in central Africa is seeing growth thanks to popular utility company

(PR NewsChannel) / June 6, 2016 / DUALA, Cameroon

Many westerners are overjoyed with the fact that gasoline and energy costs have been relatively low over the past few months. As a result, consumers are seeing their wallets grow fatter and their utility bills shrink. However, this is not only a new development in the western world but even parts of Africa as well.

Victoria Oil & Gas (VOG), which is a major energy utility in the west central region of Africa, has been building gas pipelines all over the city of Douala in Cameroon. For the past few years they have been seeing unprecedented success. Their newest development has been the construction of the Logbaba pipeline project. The pipeline is based in the major city of Douala which is considered to be the “business hub” of central Africa. This project alone generates countless dollars in revenue each year.

In addition, Victoria Oil & Gas is expected to lay 13 kilometers of new pipeline this year, expanding out into the Bonaberi industrial area.

The company has seen such enormous success that not only are investors moving into the stock, but local citizens in Cameroon have enjoyed careers and utility contacts with the company. Due to the incredible economic development driven by VOG, the people of Cameroon are experiencing prosperity that is rare in the rest of the continent.

While many countries in the region battle famine and terrorism, Cameroon, which is tucked away into the coastal region of central west Africa, has made great economic strides recently due to private investment from foreign companies like VOG.

The sunny economic conditions that Cameroon is enjoying are the direct result of abundant natural resources and the encouragement of international investment. Currently, Cameroon has seen a healthy GDP growth rate of 6% and a steady inflation rate of 3%. Hoping to build on the recent economic gains, long serving President Paul Biya invited nearly 100 foreign journalists and businessmen to the “Invest in Cameroon” conference last month. Biya, who is “determined to encourage private investment” emphasized that in order to maintain the improving economic conditions the Cameroonian government must work with foreign companies, so that they might bring their business to their nation.

Kevin Foo, Chairman of Victoria Oil & Gas could not be more delighted with the progress his company has seen in the region. “I have been very uplifted recently with the success that our company has achieved in Cameroon. It is always encouraging to me when we come into a country, help them develop a resource and help put local citizens to work all while expanding our own business.” He added “One of the major reasons why Cameroon is a staple of success in the central African region, while a lot of its neighbors are experiencing hardship, is because the national government understands the need for and supports private investment.”

In a publication last month by Cross-border Information, the author focused on Victoria Oil & Gas and how it helps drive the Cameroonian economy because it believes in the stability of the nation. Despite the fact that “Boko Haram is still a threat, Cameroon believes it scores well when compared to potential rivals blighted with greater security concerns and economic volatility.”

Report & Accounts December 2015 (Released today)

A Unique African Gas Utility

http://www.victoriaoilandgas.com/sites/default/files/160531%20VOGAR%20DEC15_WEB_2.pdf

I'm pretty certain this is the first time we have heard that 'Discussions are ongoing'

From todays Report & Accounts December 2015:

West Medvezhye
Project, Russia

"It remains VOG’s objective to find a buyer or partner for this project. Discussions are ongoing with several groups to this end."

http://www.victoriaoilandgas.com/sites/default/files/160531%20VOGAR%20DEC15_WEB_2.pdf

***************************************************
06 Jun 2016

Report & Accounts December 2015

West Medvezhye
Project, Russia

"It remains VOG’s objective to find a buyer or partner for this project. Discussions are ongoing with several groups to this end."

31 May 2016
Results for the 7-month period ended 31 December 2015

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

19 Apr 2016
Q1 2016 Operations Update

Notes to Editors
About Victoria Oil & Gas Plc
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. Given the challenging economic environment in Russia, The Group has fully impaired the West Medvezhye assets.

13 Apr 2016
US$26m Debt Facility to Support Logbaba Expansion

Notes to Editors
About Victoria Oil & Gas Plc
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. Given the challenging economic environment in Russia, The Group has fully impaired the West Medvezhye assets.

29 Feb 2016
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2015

Notes to Editors
About Victoria Oil & Gas Plc
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. The field has C1 plus C2 reserves of 14.4MMboe (under the Russian resource classification system, analogous to proven and probable reserves under Western conventions) in addition to best estimate prospective resources of 1.4Bnboe. Given the challenging economic environment in Russia, The Company has fully impaired the West Medvezhye assets.

28 Jan 2016
Operations Outlook 2016

Notes to Editors
About Victoria Oil & Gas Plc
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. The field has C1 plus C2 reserves of 14.4mmboe (under the Russian resource classification system, analogous to proven and probable reserves under Western conventions) in addition to best estimate prospective resources of 1.4bboe. Given the challenging economic environment in Russia, The Group has fully impaired the West Medvezhye assets and is seeking a farm in partner or sale of this asset.

28 Oct 2015
Results for the year ended 31 May 2015

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

27 Feb 2015
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2014

Concerning our 100% owned Russian property, West Medvezhye, we have continued to pursue ways to derive value for this asset, through farm-out, joint venture or sale. West Medvezhye has significant gas and gas condensate reserves but the current state of relations between Russia and the West, combined with a low oil price, makes near-term development of the asset challenging and we believe divestiture is a more prudent course. With our focus on Cameroon, the Board has taken the decision to fully impair the Russian asset, writing it down by $49.8 million. We shall of course continue to seek partners to derive full value from the asset.”

28 Feb 2014
Interim Financial Report for the Six Months Ended 30 November 2013

At West Medvezhye, Russia, the Company is looking at a number of ways to derive value from West Medvezhye through farm-outs, joint ventures or mergers.

10 Oct 2013
WEST MEDVEZHYE OIL AND GAS PROJECT, RUSSIA

Our 100% owned West Medvezhye (“West Med”) block lies adjacent to the Yamal Peninsula in North West Siberia. It is one of the most prolific oil and gas producing regions in the world and neighbours the giant Medvezhye and Urengoy fields. West Med covers 1,224 km², and has a discovery well, Well-103, with “C1 plus C2” reserves of 14.4 million barrels of oil equivalent (“boe”) under Russian resource classification system.

In addition, the West Med acreage is assessed to have best estimate prospective resources of 1.4 billion boe comprising 670 million barrels of oil and 730 million boe of gas and condensate.

Best time to make a deal?

Russia to Maintain OPEC Relations, Plans Autumn Meeting
Published in Oil Industry News on Sunday, 5 June 2016

"REBALANCING

Having been pessimistic over the timing of the market's imbalance receding, energy ministers, including Novak, have started to note signs of it heading back towards rebalancing.

The International Energy Agency said in May that unplanned disruption to output in Canada, Nigeria and Libya could help run down a global overhang of unused crude this year, while demand will benefit from growing gasoline usage.

"It was a successful meeting, it was full harmony among members. We reviewed thoroughly market's status of oil supply and demand. The worst was over," Qatari Energy Minister Mohammed Al-Sada told reporters in Moscow, referring to the OPEC meeting."

""The market is heading towards rebalancing."

Al-Sada said he saw "huge shrinkage in investments" in the oil industry because of the recent price weakness - down to as low as $27 per barrel in January - "which can lead to shortage down the road."

"Investment is needed to come back so that we can sustain production and satisfy the market medium to long term," he said.

On Thursday, OPEC decided unanimously to appoint Nigeria's Mohammed Barkindo as its new secretary-general after years of friction over the issue.

Novak, who was meeting al-Sada on Friday in Moscow as a part of a regular inter-governmental commission, told reporters that he saw the appointment of a new secretary general as a key OPEC decision.""

He reiterated that Russia did not expect any new actions from the cartel and said he kept his forecast of an average oil price for 2016 at between $40 and $50 per barrel.

http://www.oilandgaspeople.com/news/8739/russia-to-maintain-opec-relations-plans-autumn-meeting/