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
    

July 2016 Logbaba Rig Assembly

Victoria Oil and Gas ‏@victoriaoilgas · 51m51 minutes ago
July 2016 Logbaba Rig Assembly

Gaz du Cameroun will connect 12 new companies to its Douala distribution network “before the end of the year”
Wednesday, 27 July 2016



(Business in Cameroon) - The oil and gas operator Victoria Oil & Gas (VOG), parent company of Gaz du Cameroun (GDC), the company operating the Logbaba gas field in the suburbs of Douala, the Cameroonian economic capital, announced on 25 July 2016 that it is currently running a pipe-laying programme, to supply twelve new companies in gas.

According to this British operator, “the works are progressing well”. Ultimately, these works will enable GDC to add twelve new clients to its gas distribution network (which already includes about twenty companies) via pipeline in Douala, “before the end of the year”, we learn.

Moreover, VOG announces that its subsidiary GDC had a volume of “solid sales” during the 2nd quarter of 2016, period during which the gas production of this operator increased again.

Indeed, thanks to an ever-increasing demand from companies, GDC’s production is in constant increase, officially reaching 8.85 mmscf per day as at end November 2015, against 3.91 mmscf per day for the same period a year prior.

In order to meet the demand from the increasing number of customers, GDC just offloaded 2,500 tons of equipment at the Douala Port. This equipment, we learn from the company, will enable the drilling of two new gas production wells, starting from the 3rd quarter of 2016.

Brice R. Mbodiam

Bubbling up
By Alex Newman,
29 July 2016

We’ve highlighted 27 oil and gas fields – producing and developing – that have been sufficiently compelling to attract institutional and retail investment in recent years. We’d caution that many of these assets make up just a portion of the owner’s total prospects, and as such none should be taken as a full assessment of the company or companies they are connected to. Nevertheless, this guide is intended as a visual tool for any investors searching for a new energy project to back.

11. Exploration companies focused on West Africa are well represented in London. One member of that group, Victoria Oil & Gas (VOG) – which has built and operates a fully integrated gas producing and distribution facility in Cameroon – is more ambitious than its £38m market capitalisation might suggest. That’s because through its licence areas in and around the industrial city of Douala, Victoria supplies gas to two government-operated stations for the generation of up to 50 megawatts of power. Drilling is currently focused on its existing onshore Logbaba plant and well site to boost the company’s reserves.

Type: gas, resource builder.

http://www.investorschronicle.co.uk/2016/07/29/shares/news-and-analysis/bubbling-up-zIzcKwTZeG3V4VY08ZSyIM/article.html

    

8 August 2016
Victoria Oil & Gas Plc
("VOG" or "the Company")

Appointment of Joint Broker

Victoria Oil & Gas Plc today announces that FirstEnergy Capital LLP and Shore Capital Stockbrokers Limited have been appointed as joint brokers to the Company, with immediate effect.

Strand Hanson will continue to act as Nominated Advisor to the Company.


About Victoria Oil & Gas Plc

Victoria Oil & Gas (VOG.L) is a gas utility company.

The Company's subsidiary, Gaz du Cameroun S.A. ("GDC") owns a 60% participating interest and operates the onshore Logbaba Gas Project. The Logbaba Gas Project supplies cost effective, clean and reliable natural gas to industries in the Douala region of Cameroon. RSM Production Corporation, an affiliate of Grynberg Petroleum Company of Denver, Colorado holds the remaining 40% participating interest. In addition, VOG has recently been assigned a 75% participating interest in the Matanda block, which neighbours the Logbaba block. The remaining 25% participating interest is held by AFEX.

http://www.moneyam.com/action/news/showArticle?id=5393779

From Report & Accounts December 2015 (6th June 2016)

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.

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

Just for clarification the 'Magzi 2 Industrial Estate' and Magzi:

MAGZI=Mission d' Aménagement et de Gestion des Zones Industrielles
A public company in charge of the development of industrial zones (Which there are 10 such zones in Cameroon circa 2012)


MAGZI Magazine from 2011 with a piece on the Magzi 2 Industrial Estate
http://en.calameo.com/read/000946653ba843415481e

Interesting read but possibly a bit out of date:
2012- DIRECTORY OF CAMEROONIAN COMPANIES
http://www.cameroonhighcommission.co.uk/docs/Liste_des_Entreprises.pdf

Victoria Oil and Gas Plc added 2 new photos.
6 hrs ·

Rig Assembly progressing at Logbaba

Victoria Oil and Gas ‏@victoriaoilgas · 1 hour ago

Logbaba Rig Assembly Continues

18 August 2016
Victoria Oil & Gas Plc

Logbaba Field Reserves Report


Victoria Oil & Gas Plc announces the publication of its updated Logbaba Field Reserves Report ("LFRR"), setting out the reserves and resources of the Company as at 30th June 2016, as evaluated by Blackwatch Petroleum Services Limited ("Blackwatch"). The reserves and resources are stated in accordance with "Petroleum Resources Classification and Definitions", based on the SPE, WPC, AAPG, and SPEE guidelines.

The Company's subsidiary, Gaz du Cameroun S.A. ("GDC") owns a 60% participating interest and operates the onshore Logbaba Gas Project under its C38 Exploitation Licence. The Logbaba Gas Project supplies cost effective, clean and reliable natural gas to industries in the Douala region of Cameroon.

The results of the LFRR are summarised in the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4848H_-2016-8-17.pdf

A full copy of the LFRR can be found on our website at the following: http://www.victoriaoilandgas.com/investors/presentations-reports

The definitions for the reserve and resource classifications in this announcement are set out in the LFRR.


http://www.moneyam.com/action/news/showArticle?id=5400282

Report

http://www.victoriaoilandgas.com/sites/default/files/160815%20Blackwatch%20Logbaba%20Reserves%20Report%20August%202016%20Final_0.pdf

Initial reserves estimates confirmed at VOG's Logbaba field
08:45 18 Aug 2016

The field performance to-date is in line with the consultant's prior expectations and there is no change to its initial reserves estimates.



Shares in Victoria Oil & Gas plc (LON:VOG) nudged higher after an "as you were" updated reserves report for the Logbaba field in Cameroon.

The report set out reserves and resources as at 30th June 2016 as independently evaluated by consultancy Blackwatch.

Gross proved + probable (2P) reserves stood at 202.3bn cubic feet (bcf), with 2.8mln barrels of condensate, while gross mean prospective resources were put at 752 bcf with 10.5mln barrels of condensate.

“Blackwatch’s updated reserves assessment reflects production from Logbaba which commenced in 2012; field performance to date is in line with Blackwatch’s prior expectations and there is no change to its initial reserves estimates,” noted Victoria’s joint house broker, Shore Capital Markets.

“We therefore see a high level of confidence in the reserves base at Logbaba, in addition to considerable potential for future growth as VOG undertakes an ambitious work programme to expand reserves, production and process/delivery capacity,” the broker added.

John Harrington

Rig Assembly at Logbaba continues

26 August 2016
Victoria Oil & Gas Plc

RSM and VOG Arbitration

VOG notes a recent media article in Cameroon and can confirm that on 22 July, 2016, RSM Production Corporation ("RSM") filed a request for arbitration with the International Chamber of Commerce ("ICC") regarding the rig and drilling contractor selected by VOG to conduct the drilling of two new wells at the Logbaba project. Separately, on 29 July, 2016, RSM filed a complaint and application for injunction with the U.S. District Court for the Southern District of Texas in which RSM sought a temporary court order to halt the drilling operations while the arbitration proceeds. On 12 August 2016, VOG and its subsidiary, Gaz du Cameroun, responded to RSM's application for injunction, pointing out that RSM has approved the operations (including the rig and drilling contractor), the rig was in Cameroon being assembled, and therefore an injunction was not warranted. On 16 August, 2016, RSM withdrew the request for injunction and dismissed its complaint.

The arbitration is still pending. Arbitration in the ICC is a confidential process, VOG is not permitted to comment on it, beyond saying, as it did in its response to RSM's application for injunction, that RSM approved the 2016 Work Program and Budget including the drilling program in question and there is no basis to challenge the choice of the rig or drilling contractor.


Activity on the approved 2016 Work Program and Budget continues with spudding of the two wells imminent. GDC is well placed to continue funding these operations and the drill program with project revenue and bank debt until such time as the arbitration with RSM concludes.

http://www.moneyam.com/action/news/showArticle?id=5404216

A few updates to the VOG website have been added recently:

Douala – Our Market (Whole page updated


Gaz du Cameroun has completed two gas supply wells within the city of Douala and operates a wellhead-to-customer connection 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. 35km of pipeline has been laid, as at the end of April 2016, 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 grid powered small-scale electricity generation to customers.

Customers in Douala

Our gas operations supply customers across a range of diverse industries. Douala is a major production hub for goods supplying both Cameroon and the surrounding region.

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

February 2016
VOG secures 75% interest in Matanda Block

VOG secures 1,235 square kilometre Matanda Block adjacent to current Logbaba Licence.

The North Matanda Field has estimated P50 'gas-in-place' volumes of 1.8Tcf and 'condensate-in-place' of 136Mmbbl.



April 2016
US$26m debt facility secured
GDC secures a US$26m debt facility with BGFIBank to help build the business in Cameroon without recourse to the equity markets.

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

8 September 2016
Victoria Oil & Gas Plc

Reserve Bonus and 1.2% Contingent Payment Agreements Extinguished

Victoria Oil & Gas today is pleased to announce that its wholly owned subsidiary Gaz du Cameroun S.A, a BVI company ("GdC") has entered into a confidential settlement that resolves all outstanding issues concerning the previously disclosed Reserve Bonus Payment Agreement ("Reserve Bonus") and a 1.2% royalty due pursuant to the Contingent Payment Agreement ("CPA") agreed prior to VOG's involvement with the Logbaba Gas Project ("Settlement").

As previously reported in the Report and Accounts to 31 December 2015, GdC was in arbitration over the timing and quantum of the Reserve Bonus. The Company is pleased to announce that during a formal mediation process with its counterpart GdC agreed not only a global Settlement, including all claims in arbitration and termination of the Reserve Bonus, but also took the opportunity to negotiate termination of the CPA. The commercial terms are subject to a confidentiality undertaking, but are not materially different from the combined provision and contingency announced in the Report and Accounts to 31 December 2015.

Commenting today Ahmet Dik, CEO of VOG, said; "We are very pleased with the Settlement, which draws to a conclusion an area of uncertainty within the business, without putting undue pressure on the Group's financial resources. The termination of the CPA as part of the Settlement is a significant benefit to shareholders in terms of future profitability. The Board and I continue to look for areas to take costs out of the business and improve returns for shareholders."

http://www.moneyam.com/action/news/showArticle?id=5411246

From the Report and Accounts to 31 December 2015:

Current liabilities

There has been a $6.6 million reduction in trade and other payables and borrowings as the Logbabagas and condensate project became cash generative during the period, and these funds have been used to reduce payables and borrowings.

The increase of $1.0 million in provisions relates to a reclassification of part of the reserve bonus provision as current.

31 December 2015 ($’000) 9,093
31 May 2015 ($’000) 14,728

Non-current liabilities

There has been a $1.3 million reduction in borrowings as the Logbaba gas and condensate project became cash generative during the period.

Provisions have decreased by $4.6 million owing largely to a $4.2 million reduction of the reserve bonus provision (see Note 20), and $1.0 million of the reserve bonus provision being disclosed as a current liability, reflecting the expected outflow of cash.

31 December 2015 ($’000)13,060
31 May 2015 ($’000) 19,470

20. PROVISIONS
Reserve Bonus Provision

Reserve bonus provision
31 December 2015 ($’000) 4,241
31 May 2015 ($’000) 8,200

The Group is liable to pay a bonus determined four years after commencement of hydrocarbon production by reference to the reserves of the field, as assessed at that time. The Directors have previously provided $10.0 million, being the bonus payable based on the expected reserves four years from first production.

During the current period the counterparty has initiated arbitration proceedings over the timing of the reserve bonus payments. Based on proceedings to date and legal advice, management are of the opinion that the reserve bonus provision should be $5.0 million, not $10.0 million, and the provision has thus been adjusted accordingly.

A portion of the reserve bonus provision ($1.0 million) is reflected as a current liability reflecting the Directors’ judgement of the date of first production. The provision represents the present value, as at the Balance Sheet date, of the amounts payable each period discounted at a rate that reflects both the time value of the money
and the risks inherent in the liability.

A contingent liability of $5.0 million exists should the arbitration ruling favour the counterparty, of which $1.0 million would be a current liability.
*****************************************************************************************

Regarding the "1.2% royalty due pursuant to the Contingent Payment Agreement ("CPA") agreed prior to VOG's involvement with the Logbaba Gas Project ("Settlement")."

28. ROYALTY OBLIGATIONS AND CONTINGENT LIABILITIES

􀀀 1.2% of the value of oil and gas produced, net of certain deductions, which was assumed on acquisition of Bramlin Limited. The royalty expense recorded in the current period was $0.2 million (prior period: $0.3 million)

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

Victoria Oil clears a couple of legacies at Logbaba in Cameroon
08:37 08 Sep 2016

The settlement resolves all outstanding issues relating to the reserve bonus and also ended a 1.2% royalty from a contingent payment agreement



Victoria Oil & Gas PLC (LON:VOG) has negotiated the cancellation of its reserve bonus agreement over the Logbaba gas field in Cameroon.

The settlement resolves all outstanding issues relating to the reserve bonus and also ends a 1.2% royalty from a contingent payment agreement prior to its involvement at Logbaba.

Details of the settlement are confidential but Victoria Oil & Gas the terms were not materially different to the reserve bonus and contingency provisions.

In the 2015 accounts, the reserve bonus provision was around US$8.5mln.

Ahmet Dik, VOG’s chief executive, said he was very pleased with the settlement.

The termination of the CPA as part of the settlement was also a significant benefit to shareholders in terms of future profitability, he added.

Philip Whiterow



Also:

Victoria Oil and Gas (LON:VOG – 36p) – Royalty and Reserve Solution Declutters Asset: News that some of the legacy issues relating to the Company’s Logbaba asset have been resolved should provide a fillip to the shares, especially as it’s been one of the issues that has dogged the long term profitability of the upstream business. That said, it is less of an issue for the midstream business which we continue to believe is where in Cameroon at least, the Company’s future lies.

We continue to believe that the separation of the upstream in the downstream business will allow for a far higher valuation, and if both are run at arm’s length from each other, we believe that the full value for both will be achieved. That said, the Company continues to make headway and with this news, it should be able to accelerate the rollout of its midstream business.

http://www.proactiveinvestors.co.uk/columns/sp-angel/25963/today-s-market-view-enquest-ascent-resources-victoria-oil-and-gas

INVESTMENT OVERVIEW

Victoria Oil positions itself to meet Cameroon's need for power
10:00 08 Sep 2016

GDC is currently the only supplier of natural gas to Douala, Cameroon’s rapidly growing second city



Victoria Oil & Gas (LON:VOG) has substantial gas assets in Cameroon, a country crying out for power.

At present, Gaz du Cameroun, Victoria's local subsidiary, estimates demand for gas in Cameroon for thermal and power generation is in excess of 150mmscf (millions of standard cubic feet) per day.

At the Logbaba gas field, where it has a 60% stake, production is currently running at 15mmscf/d and a 'primary objective' in 2016 is to exceed 3.7 Bcf of annual production, a 30% increase over 2015.

GDC is currently the only supplier of natural gas to Douala, Cameroon’s rapidly growing second city, and in its own words it manages the whole value chain from the wellhead to customer connection.

Long-term supply contracts have been established with customers at prices from $9/mmbtu (millions of British thermal unit) to $16/mmbtu and with prices not subject to regulation.

Infrastructure plans include designs for the gas treatment plant capacity to rise to 40mmscf/d, adding 13km to the pipeline network and to develop new product areas such as compressed natural gas (CNG).

Matanda can dwarf Logbaba

In addition, taking a 75% stake in the Matanda block earlier this year has given Victoria Oil control of an asset potentially 60 times larger than Logbaba.

The North Matanda field alone is estimated to hold 1.8trn cubic feet (Tcf) of gas and 136mln barrels of condensate on a p50 (50% probability) basis.

That compares with 208bcf of gas and 3.1mmbls of condensate at Logbaba.

The North Matanda Field is an extension of the Logbaba structure and wells drilled already alongside extensive 2D and 3D seismic data have shown a strong geological continuation between the two.

Next steps are a work programme to be agreed by the Cameroon government.

The work programme plan initially is to explore onshore licence areas within a few kilometres of Logbaba and send any discoveries through the pipeline network operated by Gaz Du Cameroun or GDC, Victoria’s Cameroon subsidiary.

Move into profit

Victoria posted a pre-tax profit of US$1.6mln in the seven months to December 2015, a period that reflected a change of year end.

Since then it has been tying up some of the loose ends of the ownership structure of its assets.

The latest of these was to negotiate the cancellation of its reserve bonus agreement at Logbaba.

A settlement resolved all outstanding issues relating to the reserve bonus and also ended a 1.2% royalty from a contingent payment agreement (CPA) prior to its involvement.

Ahmet Dik, VOG’s chief executive, said he was very pleased with the agreement. The termination of the CPA as part of the settlement was also a significant benefit to shareholders in terms of future profitability, he added.

-updates for September legacy settlement --

Philip Whiterow