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
    

27 February 2015 (@15:03)


Victoria Oil & Gas Plc

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2014

Victoria Oil & Gas Plc, the Cameroon energy utility company, today announces its unaudited interim results for the six months ended 30 November 2014.



Financial Highlights



· Revenue for the period of $11.6 million (six months to 30 November 2013: $6.0 million; twelve months to 31 May 2014: $14.7 million)

· EBITDA net of RSM arbitration/impairment adjustments of $1.4 million (six months to 30 November 2013: $0.2 million; twelve months to 31 May 2014: $5.8 million loss)

· Revenue during the period was derived from the Logbaba gas and condensate field in Cameroon:

- gas sold was 716mmscf (six months to 30 November 2013: 323mmscf; twelve months to 31 May 2014: 809mmscf)

- condensate produced was 13,221bbls (six months to 30 November 2013: 5,335bbls; twelve months to 31 May 2014: 14,107bbls)

· Capital Reorganisation, including 40 to 1 share consolidation

· West Medvezhye - decision taken to fully impair asset, write down of $49.8 million



Operational Highlights for Accounting Period and to Present



· Gas to power proof of concept established - first customer installations June 2014

· Pipe laying and network infrastructure work outsourced under a cost per metre fixed price agreement from July 2014

· Completions of first thermal gas connections on the Bonaberi shore in December 2014 after the gas pipeline network was extended under the Wouri River

· Legally binding term sheet signed with ENEO Cameroon S.A. ("ENEO") to supply two major power stations under a two year minimum 'take-or-pay' contract at a fixed price of $9/mmbtu

· Successful remediation of Well La-106 and perforation in the upper horizons of Well La-105

· Gas pipeline to two ENEO power stations completed and successfully tested

· Total pipeline laid in Douala to date 31.3km

· $17.0 million of cash received from RSM Production Corporation post period end



Corporate


· Appointment of two Independent Non-Executive Directors with significant industry experience

· Appointment of Numis Securities as sole broker



Kevin Foo, Executive Chairman, said: "The VOG and GDC teams excelled during 2014 and achieved all our stated objectives. I am proud to confirm that GDC has substantially completed its scope of work for the ENEO project construction phase and safely built and tested gas pipelines to both stations. We have issued a completion certificate for the Bassa power station and expect to complete the Logbaba power station within two weeks. The project is scheduled to be online by the end of Q1 2015 and if this is achieved, as we expect, it will represent a remarkable success for the GDC, ENEO and Altaaqa teams. Progressing from signing legally binding terms sheets in late December 2014 to delivering 50MW to the grid approximately three months later is outstanding.



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."

More from link below:

http://www.moneyam.com/action/news/showArticle?id=4985672

Victoria Oil writes off Russia as Cameroon earnings climb
By Philip Whiterow
February 27 2015, 4:16pm

African utility group Victoria Oil & Gas (LON:VOG) is writing off its Russian gas operation amid political tension between Russia and the West.

VOG has decided to fully impair its West Medvezhye asset by US$49.8mln to focus on its gas supply operations in Cameroon.

The company has considered a potential farm-out, joint venture or sale for West Medvezhye, which it said had significant gas and gas condensate reserves.

But it added: “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. We shall of course continue to seek partners to derive full value from the asset."

VOG posted revenue for the six months to November 30 of US$11.6mln against US$6mln a year ago while net pre-tax earnings before interest, depreciation and amortisation were $1.4mln versus $200,000 last time.

The company's subsidiary, Gaz du Cameroun (GDC), supplies gas to industries in the Douala region of Cameroon from its onshore Logbaba gas project. It expects to complete development of a power station at the scheme within a fortnight.

Executive chairman Kevin Foo said: “The project is scheduled to be online by the end of the first quarter of 2015 and if this is achieved, as we expect, it will represent a remarkable success.”

CHAIRMAN'S STATEMENT

Dear Shareholder,

On behalf of the Board I am pleased to report our unaudited results for the six months to 30 November 2014 and to update you on company developments beyond the financial period.

During the six months to 30 November 2014, the Group's objectives were to:


· Increase gas production and to make Gaz du Cameroun S.A. ("GDC") operationally cash positive;

· Strengthen our Board and corporate profile;

· Stabilise operations and processes and develop our people within the Group;

· Build strong working relationships with our Logbaba partners RSM Production Corporation ("RSM") and Société Nationale des Hydrocarbures ("SNH");

· Secure major new supply contracts involving power generation for the National Grid in Cameroon.

The management teams of Victoria Oil & Gas Plc ("VOG" or "the Company") and GDC excelled during 2014, meeting all of the above objectives for the reporting period and delivering positive results in the areas of engineering, sales and corporate developments.



Logbaba Gas Project, Cameroon

Following extensive planning and negotiations during the reporting period, GDC signed a legally binding term sheet with ENEO Cameroon S.A. ("ENEO"), Cameroon's integrated utility company, in late December 2014, to supply gas to two power stations, located in the city of Douala. Logbaba and Bassa power stations will generate up to 50MW from Gensets, supplied by Altaaqa Alternative Solutions Projects DWC‑LLC ("Altaaqa"). The agreement includes 'take-or-pay' consumption rates and allows GDC to establish a secure level of gas sales at an attractive price of $9/mmbtu. The power stations' minimum gas consumption will be approximately 9mmscf/d in the January-June dry season and 3mmscf/d in the July‑December wet season. The contract is for two years and extendable by mutual agreement. This project could treble GDC's current gas production. We expect average annual production for the 2015 calendar year to be about 10.4mmscf/d.



In the release of our 2014 Annual Report we quoted our 7 day week July 2014 production of 3.9mmscf/d at GDC. Since then, from August 2014 to January 2015 inclusive, our monthly average daily rate based on a 7 day week has ranged from 3.9 to 4.4mmscf/d. For the same period our monthly average daily rate based on a 5 day working week has ranged from 4.1 to 4.6mmscf/d and the monthly daily peak production rates have ranged from 4.5 to 5.3mmscf/d.



I am proud to report that GDC has substantially completed its scope of work for the ENEO project construction phase and safely built and tested gas pipelines to both stations. We have issued a completion certificate for the Bassa station and expect to complete the Logbaba station within two weeks. The project is scheduled to be online by the end of Q1 2015 and if this is achieved, as we expect, it will represent a remarkable success for the GDC, ENEO and Altaaqa teams. Progressing from signing legally binding terms sheets in late December 2014 to delivering 50MW to the grid approximately three months later is outstanding.



The period was not without its challenges, such as securing the release of gas-fired electricity generations sets ("Gensets") from the local customs and the delay on the Wouri River crossing. However GDC now has access to a wide base of thermal gas customers on the Bonaberi side of the river. GDC is also in the process of making final connections to the Dangote cement plant, a business located on the Douala shore and a major thermal supply customer. Total pipe laid to date in Douala is now 31.3km.



During the period, VOG maintained a good working relationship with Logbaba Field development partners RSM and SNH. Following a settlement agreement between VOG and RSM in January 2014, a cost review process overseen by Akintola Williams Deloitte, Nigeria was undertaken to look at retrospective development expenditure. The review resulted in RSM paying significant development contributions ($10.1 million) and both companies are now working together to unlock the full potential of the Logbaba Field. An additional $6.9 million was received from RSM in February 2015.



One of the most important tasks undertaken during 2014 was the development of our people. At the beginning of the reporting period, we appointed a business-training company, Gallop Solutions International Ltd, to work with us to create an effective workforce with the right skill sets to deliver value for VOG. Our teams within VOG and GDC are now a cohesive, effective team working to build cash flow and a brand synonymous with safe, reliable gas supply.





Post period, in January 2015, the GDC subsurface team successfully conducted a rigless workover of Well La-106. The work utilised specialist coiled tubing, high-pressure pumping and wireline equipment to perform cement remediation work on the well. Initial well flow-tests of Well La-106 were at 5 to 6mmscf/d and the well can provide back-up for Well La-105.



In February 2015, we took the opportunity to utilise the specialist equipment and personnel used on the Well La-106 workover to add perforations to Well La-105. We perforated the sands above the Upper Logbaba D Sand, which has been our main producing reservoir in La-105 since start-up. In total, 57 metres of additional perforations were shot. After shooting the perforations, a production log was run in Well La‑105 to determine the contributions of the new zones to flow and a baseline for future logs. The newly perforated zones are performing well and will significantly contribute to production in the future as the lower sands deplete.



The Company is also making plans for the drilling of future wells at Logbaba that are aimed at increasing reserves and production to meet the growing gas demand in Cameroon.



In operations, VOG will make a number of key decisions over the next six months concerning where best to allocate gas supply. With strong increased demand rates expected in the first half of 2015, through the ENEO deal, the Board is now looking at the most effective ways to increase both margin and consumption within GDC.

http://www.moneyam.com/action/news/showArticle?id=4985672

Just to highlight that further news/updates on the two power stations and the Dangote cement plant should be forthcoming during March:


Logbaba Gas Project, Cameroon

Following extensive planning and negotiations during the reporting period, GDC signed a legally binding term sheet with ENEO Cameroon S.A. ("ENEO"), Cameroon's integrated utility company, in late December 2014, to supply gas to two power stations, located in the city of Douala. Logbaba and Bassa power stations will generate up to 50MW from Gensets, supplied by Altaaqa Alternative Solutions Projects DWC‑LLC (“Altaaqa”). The agreement includes ‘take-or-pay’ consumption rates and allows GDC to establish a secure level of gas sales at an attractive price of $9/mmbtu. The power stations’ minimum gas consumption will be approximately 9mmscf/d in the January-June dry season and 3mmscf/d in the July‑December wet season. The contract is for two years and extendable by mutual agreement. This project could treble GDC’s current gas production. We expect average annual production for the 2015 calendar year to be about 10.4mmscf/d.

In the release of our 2014 Annual Report we quoted our 7 day week July 2014 production of 3.9mmscf/d at GDC. Since then, from August 2014 to January 2015 inclusive, our monthly average daily rate based on a 7 day week has ranged from 3.9 to 4.4mmscf/d. For the same period our monthly average daily rate based on a 5 day working week has ranged from 4.1 to 4.6mmscf/d and the monthly daily peak production rates have ranged from 4.5 to 5.3mmscf/d.

I am proud to report that GDC has substantially completed its scope of work for the ENEO project construction phase and safely built and tested gas pipelines to both stations. We have issued a completion certificate for the Bassa station and expect to complete the Logbaba station within two weeks. The project is scheduled to be online by the end of Q1 2015 and if this is achieved, as we expect, it will represent a remarkable success for the GDC, ENEO and Altaaqa teams. Progressing from signing legally binding terms sheets in late December 2014 to delivering 50MW to the grid approximately three months later is outstanding.

The period was not without its challenges, such as securing the release of gas-fired electricity generations sets (“Gensets”) from the local customs and the delay on the Wouri River crossing. However GDC now has access to a wide base of thermal gas customers on the Bonaberi side of the river. GDC is also in the process of making final connections to the Dangote cement plant, a business located on the Douala shore and a major thermal supply customer. Total pipe laid to date in Douala is now 31.3km.


http://www.victoriaoilandgas.com/investors/news/interim-financial-report-six-months-ended-30-november-2014

General interest article on Aliko Dangote and his empire which includes the new cement plant in Cameroon:

http://www.forbes.com/sites/abrambrown/2015/03/04/the-little-known-15-billion-empire-of-africas-richest-man/

Pictures posted over on LSE appear to be genuine:

madvoger
"Power station.
Sat 12:51

Some pictures I have just been sent of the Generators being installed at Bassa and Logbaba power plants."

http://tinypic.com/2mpmk54y

Edit

and more http://tinypic.com/useralbum.php?ua=ECnRiazvia%2BnfQEwOcuzvQ%3D%3D

9 March 2015

Victoria Oil & Gas Plc

GDC-ENEO Pipeline Installation and Genset Update, Cameroon



· Gaz du Cameroun completes all pipeline and metering installation to Bassa and Logbaba power plants ahead of schedule, meeting all contractual obligations

· Pipeline now "gassed up" and completion certificates issued

· Twenty two Gensets with a combined capacity of 28.6MW arrived at Douala port and cleared customs - sixteen of these (20.8 MW) now onsite at Bassa power station and six (7.8MW) at Logbaba power station

· Seventeen Gensets (22.1 MW) scheduled to arrive in Douala on March 15 2015

· Target date for commissioning of both plants (50MW) remains end March 2015



Victoria Oil & Gas Plc announces that Gaz du Cameroun S.A. ("GDC"), its wholly owned subsidiary, has issued completion certificates to ENEO Cameroon S.A. ("ENEO"), Cameroon's power utility company, for all pipeline construction work and pressure reduction and metering stations ("PRMS") at both the Logbaba and Bassa power stations located in the port-city of Douala, Cameroon.



The work has been completed ahead of the scheduled 15 March 2015 target date and GDC is ready to connect to the gas-fired electricity generations sets ("Gensets") that are being installed by equipment partner, Altaaqa Alternative Solutions Projects DWC-LLC ("Altaaqa").



Approximately 1.4km of 400mm diameter pipeline was connected from the Magzi - Bassa valve station, of which 1.3km was open trenching and 100m horizontal directional drilling. Traffic management was the most challenging aspect of this work as the Logbaba road forms part of the main arterial route from Logbaba into the city of Douala. The two PRMS units, each weighing 5 tonnes, were supplied, assembled and tested by ELSTER UK, while all special components and instrumentation were engineered from ELSTER Germany.



The pipeline pressure tests, consisting of hydrostatic tests (10.5 bar for 2 hours) and pneumatic tests (7 bar for 5 days) were successfully completed and certified by Veritas. The pipeline is now "gassed up" and ready for delivery of gas. The completion of these milestones confirms that GDC has met all of its contractual responsibilities under the Construction Term Sheet signed by GDC and ENEO on 29 December 2014.



Twenty two Gensets with a combined net capacity of 28.6MW for the project have arrived and been cleared through Cameroon Customs by Altaaqa and ENEO at Douala Port. Sixteen of these Gensets (20.8 MW) are now onsite at the Bassa power station and six units (7.8 MW) at the Logbaba power station for installation by Altaaqa. The remaining seventeen Gensets (22.1 MW), are scheduled to arrive in Douala on 15 March 2015 and will be installed at Logbaba station. Target completion date for installation and commissioning of the total 50MW remains the end of March 2015.



Kevin Foo, Executive Chairman, said: "I am very pleased to announce GDC has completed construction of the gas pipelines and metering plant to the Logbaba and Bassa Power Stations, ahead of schedule. This is a significant milestone for us and represents the final step prior to actual delivery of gas to the power stations. I thank every member of our team who contributed to this effort. We look forward to the installation of the Gensets by Altaaqa and being online by the end of the month."

http://www.moneyam.com/action/news/showArticle?id=4991228

Victoria Oil completes pipe and meter work at Douala power stations
By Philip Whiterow
March 09 2015, 7:37am

Victoria Oil & Gas’ (LON:VOG) subsidiary in Cameroon has completed pipeline and metering work for the supply of gas to two power stations in Douala ahead of schedule.

Twenty three generating units are now on site at the Bassa and Logbaba plants with the remainder scheduled to arrive next week. Both plants are on course to be commissioned by the end of the month.

After testing, the pipeline from Victoria Oil & Gas’s Logbaba field is now "gassed up" and ready for delivery.

Gaz de Cameroun, Victoria’s Cameroon subsidiary, is contracted by local power supplier ENEO Cameroon to have the stations up and running and supplying 50Mw of power from March.

Kevin Foo, executive chairman, said construction of the gas pipelines and metering plant ahead of schedule. was a significant milestone.

“We look forward to the installation of the Gensets by Altaaqa and being online by the end of the month," he added.

VOG have updated their website with a few pictures from the Bassa and Logbaba power plants:

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

"GDC is also in the process of making final connections to the Dangote cement plant, a business located on the Douala shore and a major thermal supply customer."
Interim Results


General interest due to the Dangote cement plant and therefore the Africa's cement market:

7th Africa Cementrade Summit 14-15 April, 2015

The VOG/GDC website has been updated with Dec 2014 added to the 'Timeline':


December 2014

Signed term sheet with ENEO


GDC signed a legally binding term sheet with ENEO Cameroon S.A ("ENEO"), Cameroon's integrated utility Company, to supply gas to two Douala power stations with guaranteed minimum take or pay gas consumption at a fixed US$9/mmbtu over the 2 year contract term. The minimum take or pay levels are 9mmscf/d in the January-June dry season and 3mmscf/d in the July-December wet season.

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


Also the following page:

Douala – Our Market

Gaz du Cameroun has completed two gas supply wells within the city of Douala and operates a wellhead-to- burner tip gas business. Douala is a major port city serving Central Africa and, in addition to being an import hub, is host to a range of major industrial complexes serving Cameroon and surrounding countries. 31.3km of pipeline has been laid, as at the end of February 2015, within the urban areas of Douala. The Wouri River has been crossed and will provide gas to another of the city’s key industrial zones located on the Bonaberi shore. GDC currently provides thermal gas, condensate and gas for small-scale electricity generation to customers.

http://www.victoriaoilandgas.com/gaz-du-cameroun/douala-%E2%80%93-our-market

Dangote, Lafarge to gain as Africa now cement’s fastest growth market

http://businessdayonline.com/2015/03/dangote-lafarge-to-gain-as-africa-now-cements-fastest-growth-market/#.VQBmt1JyY1I

Recent news highlighted in Petroleum Africa:

VOG’s GDC Completes Work for Power Station Connections

Thursday, March 12, 2015

http://www.petroleumafrica.com/vogs-gdc-completes-work-for-power-station-connections/

Google translated:

British investors rush of energy sector in Cameroon
Tuesday, March 17, 2015

It is subtle and almost invisible. But the energy sector in Cameroon is now dominated by British investment, both prospective plan as effective in terms of production capacity. March 6, 2015, we learned that the Eranove group, formerly Finagestion, is planning to build in the city of Limbe in the South West Region of Cameroon, a thermal power plant with a capacity of 315 MW.

The project details are not yet clear and responsible within Eranove said the project was still at a preliminary stage, and that nothing could still be said about it. But the call for expressions of interest to hire a firm to carry out the project feasibility study is real and reveals indeed the subject of Eranove on Cameroonian electricity sector. What is more interesting though is the fact qu'Eranove is owned 57% by the investment fund Emerging Capital Partners (ECP). In this international investment fund, which manages $ 1.8 billion of assets in Africa, the Commonwelath Development Corporation (CDC), a development finance institution owned by the British government, has few assets.


More directly, the CDC announced on February 3, 2015, a plan to strengthen the Norwegian fund Norfund, as part of a strategic alliance that will allow him to buy Globeleq Africa, the secular arm of the British investment fund Actis in the independent production of electricity in Africa. This alliance should enable Globeleq Africa to boost its investment in the electricity sector in the countries of the African continent, including Cameroon, where the company is already present with a majority stake in the capital of companies that manage gas plants Kribi and oil Dibamba.

But the most remarkable presence in the area of electrical energy in Cameroon is certainly that Actis, the British investment fund that acquired the 47% stake which until then were owned by the American group AES Corporation in the concessionaire of the public electricity service in Cameroon (Eneo). It must be remembered qu'Actis, whose offices are based in London in the UK, had as first sponsor the Commonwealth Development Corporation.

A palpable dynamism, but still insufficient

More discreetly, there are companies like Victoria Oil and Gas (VOG), which has set up in Douala, the economic capital of Cameroon, the first natural gas processing unit in sub-Saharan Africa. VOG is also the majority shareholder of the company Gas Cameroon (GDC), which is now a pioneer in the distribution of industrial gases to companies established in the city of Douala. In its recent updates to investors, the leaders of this British petro-gas company have indicated that nearly 17 companies already use its services.

As discreet is the presence of the Scottish company Bowleven, which is found mainly in the capital of the oil & natural gas exploration company Euroil, which is pursuing the development of an oil project, but also gas, broad Cameroon, in the town of Etinde. Among the British companies present in the energy sector in Cameroon, found the company Joule Africa, which is on a major hydroelectric dam project on the river Katsina, in the north-west region.

For this project, feasibility studies are underway. But aside from this, the company signed June 2, 2014, an agreement with the Cameroonian Minister of Energy for the construction in Cameroon, a photovoltaic power plant with a capacity of 200 MW. In view of the above, the dynamism of companies from the United Kingdom in the Cameroon energy sector is a tangible reality. But only, it is still slow to turn into real opportunity for the economy, because energy is still inaccessible and too expensive for many households and businesses.

http://www.investiraucameroun.com/energie/1703-6174-ruee-des-investisseurs-britanniques-sur-le-secteur-energetique-camerounais

23 March 2015

Victoria Oil & Gas Plc

("VOG" or "the Company")

First Power Online at Bassa Power Station, Cameroon


Highlights

· 20MW of gas generated power now being supplied to grid from Bassa Power Station

· Total GDC gas production now approximately 8.5 mmscf/d

· 30MW Logbaba Power Station now expected online in April



Victoria Oil & Gas Plc announces that its 100% owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is now supplying approximately 4.5 mmscf/d of gas to the sixteen Altaaqa Gensets installed at Bassa Power Station. Following the pipeline connection to Bassa by GDC and the successful installation of the Gensets by Altaaqa, 20MW of power generated is now being fed into the grid. Total GDC gas production has risen from 4.5mmsc/d to approximately 8.5 mmscf/d.



With the Bassa power supply online, Altaaqa will now focus on completion of Genset installation at the 30MW Logbaba Power Station. The original schedule of having all 50MW online by the end of March 2015 is now expected in April 2015 due to shipping delays.



Kevin Foo, Executive Chairman, said: "4.5mmscf/d of gas from Logbaba to supply 20MW of power from Bassa to the National Grid is a proud achievement for GDC and an important step forward for Cameroon. Our partners Altaaqa and ENEO deserve hearty congratulations. All companies are now focussed on delivering the 30MW from the Logbaba Station."



Joel Nana Kontchou, CEO ENEO Cameroon, said: "The project addresses a shortage in the country's electricity supply due to a strong increase of demand combined with a lack of a reserve for the electric system; it will help to cover the demand of electricity and that's our way of feeling the pain of Cameroonians. We are pleased to work with GDC and Altaaqa, companies that share our deep commitment to responding to Cameroon's critical infrastructure needs."

http://www.moneyam.com/action/news/showArticle?id=5000219

Victoria Oil & Gas starts supply to first power plant in Cameroon
By Philip Whiterow
March 23 2015

Victoria Oil and Gas (LON:VOG) has started to supply gas to the first of two new power stations at Douala, Cameroon.

The Bassa power station is now producing 20Mw using approximately 4.5 mmscf per day of gas supplied by Victoria’s Cameroon subsidiary, Gaz Du Cameroun (GDC), from the Logbaba field.

GDC‘s total gas production has risen to 8.5 mmscf daily from 4.5mmsc/d as a result.

The second station, the 30MW Logbaba plant, is now expected to come online in April with the commissioning schedule put back slightly due to shipping delays.

Kevin Foo, Victoria Oil’s executive chairman, said: "4.5mmscf/d of gas from Logbaba to supply 20MW of power from Bassa to the National Grid is a proud achievement for GDC and an important step forward for Cameroon."

Joel Nana Kontchou, the chief executive of power group and GDC’s customer ENEO Cameroon, added: "The project addresses a shortage in the country's electricity supply due to a strong increase of demand combined with a lack of a reserve for the electric system.“

and a new picture:


Gensets on site at Bassa Power Station

VOG have updated the 'Share Information' page, there are no changes from last update on 27th November 2014:

Securities in Issue

Number of shares in issue: 108,713,809

Percentage of shares not in public hands: 4.90%

Free Float: 95.10%


Holdings of Significant Shareholders

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


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

The Capital Group Companies, Inc--------6,966,560------------------6.408%
GB Trustees Limited------------------------3,268,100-----------------3.006%


Capital Reorganisation

At the Annual General Meeting held on 26 November 2014, shareholder approval was received for a consolidation and sub-division of the Company’s share capital (“Capital Reorganisation”). The Capital Reorganisation was implemented effective 27 November 2014 and the shareholders received one consolidated ordinary share of 20 pence for existing 40 ordinary shares of 0.5 pence (“Consolidation”). Immediately following the Consolidation, each consolidated ordinary share was subdivided into one new ordinary share of 0.5 pence and one new deferred share of 19.5 pence. Prior to the Capital Reorganisation, the Company’s ordinary share capital consisted of 4,348,552,329 ordinary shares of 0.5 pence, and subsequent to the Capital Reorganisation, the Company’s ordinary share capital consists of 108,713,809 ordinary shares of 0.5 pence with voting rights listed on AIM and 108,713,809 deferred shares of 19.5 pence with no voting rights. (include a cross reference link to the 2014 AGM sub heading where the shareholder circular and the FAQs are available)

On 27 November 2014, 108,713,809 ordinary shares of 0.5 pence the new shares were admitted to trading on AIM.


http://www.victoriaoilandgas.com/investors/share-information

This is just part of the main article that covers Dangote Cement across the whole of Africa:

Dangote’s Pan-African Cement Drive
24 Mar 2015



Cameroun Operation Begins

As part of its pan-African expansion drive, the management of Dangote Cement Plc, has started production at its $150 million Cameroon plant, with the factory set to hit maximum production in August.

The 1.5 million tonnes per annum capacity plant, the company said, is ready and would commence initial production at one million tons per annum before productions would be stepped to maximum capacity level

General Manager, Abdulahi Baba, said the plant would revolutionalise the cement industry in Cameroun and help stimulate the Eastern African economy, by churning out its known quality grade of 42.5 at a very competitive price.

According to him, the plant is ready, adding that what remains to be completed are the final fine-tuning as well as access roads to the plant.

Baba explained that the plant would be the most modern in Cameroon because of the latest technologies used in the construction from Germany, USA, France and put together by the renowned plant engineers from Sinoma.

He said that production would be carried out in the most environmental friendly manner, pointing out that the dust emission by the plant would be lower than the 50mm international standard.

He noted that but for the soil test that was carried out showing that the entire plant areas needed to be piled, the factory would be have been ready now.

Baba said Cameroonians were eager to see Dangote Cement begin operations at the Douala plant because of the exploit of the company in other countries and that the Company had enjoyed cooperation both from the host communities and the government of the country.


He promised that Dangote Cement as a law abiding organisation would play by the rules of the land and that it would replace its robust Corporate Social Services in the host community.

On the economic benefit of the commencement of operation, Baba stated that over 1000 people would be employed directly by the plant while over 5000 would benefit from the indirect employment to be generated by production activities of the plant.
“We will produce 42.5 grade cement here in Cameroon and at a very competitive price. The Cement distributors here, the consumers are all eager to have our product and we will not disappoint them.
“They have been used to a particular product before, but we are offering them choices, quality choices at very reasonable price”
He also said plans were on for the construction of a jetty by the plant which is just by the water front and near the Douala sea port. This, he explained would make it easy to bring in raw materials and also help in the distribution of the product to other areas.

Baba said the management of the company looked forward to a mutual beneficial relationship with the government of Cameroun and that the start of production of cement will stimulate the industrial sub sector of Cameroon.

http://www.thisdaylive.com/articles/dangote-s-pan-african-cement-drive/204904/

Updated broker forecasts as of today......Numis are now quoted (VOG's own Broker) :


http://www.hl.co.uk/shares/shares-search-results/v/victoria-oil-and-gas-plc-ordinary-0.5p?tab=broker_forecasts


Edit-Worth adding this from the HL site:


One or more of the brokers quoted may make a market in the shares or be broker to the company and therefore receive a fee. This means they may have a conflict of interest.

Target prices are generally the price a broker expects the share to reach at some time over 12 months from when it is issued.

Broker breakdown, consensus and notes provided by MoneyAM.