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
    

Malcy is certainly doing the rounds this week! Yesterday was an interview for TipTV (above) and today for IG:

Malcy’s 2017 Bucket List

VOG get a mention from 11:22:

https://www.youtube.com/watch?v=0hlkgsRoV3E

Big revival on a lot of oilies and miners lately.....missed out on a lot of these.....

Link to the slide show from the One2One Forum last Thursday:

http://www.proactiveinvestors.co.uk/upload/SponsorFile/File/2017_02/4---VOG.pdf

Has to be pointed out that this is just a pundits view:

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


Shares in Victoria Oil & Gas could now move “significantly higher” says Zak Mir
Share
12:22 20 Feb 2017

Victoria Oil & Gas plc (LON:VOG) is on the front foot, in terms of its fundamentals, according to Tip TV’s Zak Mir and on a technical basis the share has hit the chartist’s prior target (between 50p and 60p).

Looking again at VOG, Mir now describes the chart as being in a ‘mid-move consolidation’ pattern and he says the price may go significantly higher – his new target is now “towards the 90p area” over the next three months.

http://www.proactiveinvestors.co.uk/companies/stocktube/6946/shares-in-victoria-oil-gas-could-now-move-significantly-higher-says-zak-mir-6946.html

Not 100% sure if they are using VOG/GDC natural gas (I assume they are) and only a relatively small amount but all adds up along with highlighting one of the various uses of natural gas!

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

GE's Gas Engine Technology Provides Cost-Effective, Grid-Stability Solution for Cameroon Poultry Hatchery
22 February 2017

AGROCAM, a leading poultry hatchery in the central African region, located in Douala, and a member company of the JS NOUTCHOGOUIN Group, has purchased one of GE's (NYSE: GE) (www.GE.com) Jenbacher J316 gas engines from Clarke Energy, GE's distributor of Jenbacher gas engines in Cameroon, to address the fundamental challenges related to long-term power outages, which have a great impact on poultry breeding in Cameroon.

A severe shortage of essential electrical infrastructure in sub-Saharan Africa is making it difficult for efforts aimed at achieving more rapid social and economic development. According to the International Energy Agency, natural gas will be the fastest-growing fuel in use for power generation in Africa [1] . Given the critical nature of poultry hatcheries, a half-hour power outage can completely cripple a business, leading to a complete overhaul of the hatchery installations—since all eggs in the incubator would perish as a result of improper storage temperature control and ventilation.

To help meet the demand for alternative energy supply to stabilize and rebuild, AGROCAM previously used a diesel generator for backup to the grid to ensure routine operation of its hatchery, which proved to be costly given the prolonged hours of grid power outages in addition to the environmental pollution associated with diesel generators.

"More than ever before, AGROCAM believes that a stable, reliable and cost-effective source of power is crucial to revive the poultry business in Cameroon, which suffered a big hit from the 2016 avian influenza (or bird flu) outbreak that paralyzed poultry farmers in Douala and the surrounding areas. Energy currently represents 50 percent of our operational costs," said Noutchogouin Jean Samuel, board chairman, AGROCAM.

"GE's natural gas-fired Jenbacher gas engine will produce a nominal electrical output to power the hatchery and egg tray production facility, providing a highly efficient, economical solution to meet our needs and realize substantial annual savings," said Noutchogouin Philippe, managing director, AGROCAM.

GE's Jenbacher J316 gas engine will produce 813 kilowatts of power. Heat will be recovered from the hot exhaust gases of the generator in the form of hot air and will be injected into the ovens of the egg tray production machines for drying. This will save the cost of fuel currently burned for drying and therefore, it will increase the efficiency and allow for the optimum use of the gas generator.

"The technical maturity and high degree of reliability of GE's Jenbacher Type 3 gas engines make them a leader in their range. Long service intervals, a maintenance-friendly engine design and low fuel consumption ensure a high operating efficiency, while enhanced components prolong service life," said Ali Hjaiej, business development director—Africa, Clarke Energy. "As AGROCAM battles local power outages from Cameroon's unstable grid, GE's proven, cost-effective, Jenbacher gas engine technology provides AGROCAM with a solution to help meet the growing energy needs of the region while increasing the efficiency and reliability of the customer's grid."

GE's Jenbacher Type 3 gas engines offer proven savings on service and fuel consumption as well as excellent efficiency. Two-stage mixture cooling enables high flexibility, while the turbocharger bypass evens out extreme operating conditions. They are also suitable for a range of applicable gas types including natural gas, associated petroleum gas, propane, biogas, sewage gas, landfill gas, coal mine gas and other special gases such as coke, wood and pyrolysis gases. In addition, the gas engines increase efficiency levels and reduce industrial emissions. The gas engines are designed for 80,000 full-load operation hours before a major overhaul.

"GE's distributed power portfolio is perfectly suited to support the huge demand for reliable and uninterrupted power in sub-Sahara Africa. With an installed base spanning several countries in Africa, we are powering the continent with our scalable and modular solutions across various applications—particularly renewable and waste-to-energy, industrial power generation and cogeneration/CHP (combined heat and power) and oilfield power generation. In a CHP configuration, our Jenbacher gas engines can deliver electricity and heat at efficiencies of more than 90 percent," said Oluwatoyin Abegunde, sales director for the sub-Saharan Africa region for GE's Distributed Power. "By working with Clarke Energy on this important project, we are able to meet the needs of our customer and Cameroon for a more sustainable supply of electricity."

Dangote use VOG/GDC gas for thermal use so interesting to read their annual report:

Cameroon

Cameroon is expected to have increased GDP by 5.6% in 2016, with slightly higher growth forecast for 2017, according to estimates published by the World Bank in January 2017. Inflation has been falling since May 2015, reaching 1.1% for the first nine months of 2016.

Key drivers for cement demand are infrastructure projects focused upon port development, power generation, new roads and dams. The country has begun to enforce a ban on imported bulk or bagged cement, introduced at the start of 2016, presenting an opportunity for our 1.5Mta grinding plant to gain market share quickly by selling cement made in Cameroon from imported clinker.

During 2016 we sold nearly 1.1Mt of cement, a 90% increase on the 0.6Mt sold in 2015 despite maintenance in June and heavy rains from July to October. With total market sales at about 2.5Mt in 2016, this gave us a market share of 43%. Cement pricing was about $103 on average, after rebates and discounts.

A significant development for our factory was the opening of its dedicated unloading jetty in August. Previously, we unloaded clinker and gypsum in the Port of Doula and conveyed it to the factory by truck, which obviously increased its cost.

Additionally, building our own dedicated jetty eliminated the need to queue ships or compete for space in the port. This also helped to reduce the cost of importation slightly. Clinker can now be offloaded from the ship directly onto conveyor belts that take it to the clinker silo.

As with 2015, we experienced problems with the quality of imported clinker, obliging us to use more for each tonne of cement we ground at the plant. We used approximately 0.85Mt of clinker to produce 1.1Mt of cement, at a clinker-cement ratio of 1.23. Our plan is to make more use of higher-quality clinker imported from our plants in Nigeria, once export facilities have been put in place there. We have
a fleet of more than 200 trucks for cement distribution in Cameroon, but these handle only 20% of dispatches from the factory. The remaining 80% of cement sold is collected by customers.

http://www.dangotecement.com/wp-content/uploads/reports/2016/Q4/Dangote%20Cement%20Audited%20Results%20for%20the%20Year%20ended%2031st%20December%202016%20%20.pdf

6 March 2017
 
Bowleven plc ('Bowleven') and Victoria Oil & Gas plc ('VOG')

Bomono farm-out transaction agreed between Bowleven and Victoria Oil & Gas

Bowleven plc, the Africa focused oil and gas exploration group and Victoria Oil & Gas Plc, an integrated energy company with operations in Cameroon, both trading on AIM, are pleased to announce that they have signed a farm-out agreement ("the Agreement") relating to the Bomono production sharing contract ("Bomono PSC").
Gas produced from the Bomono PSC will be fed into the customer distribution network owned and operated by Gaz du Cameroun S.A. ("GDC"), a wholly owned subsidiary of VOG.

First gas supply to the GDC network is anticipated to start following granting of a Provisional Exploitation Authorisation ("PEA") and other approvals.
 
Strategic rationale:

This Agreement, which has been negotiated by the parties over several months, aligns Bowleven's intention of realising near term value from Bomono through commercial production of its Bomono gas deposit with VOG's business of commercialising local onshore gas deposits using its established gas infrastructure and customer network.
The transaction provides the ability to minimise the timescale to first production and optimises the proven advantages of Bowleven's upstream expertise and VOG's established gas supply business that feeds a diverse range of industries and the local power grid.

The initial plan is that gas currently suspended at Moambe be brought onstream and that further drilling be considered to supply the growing domestic market in and around the Douala area.


 
Farm Out Highlights

·     On completion, EurOil Limited ("EurOil"), a Bowleven subsidiary, will have a 20% working interest in the Bomono PSC and GDC Bomono S.A. ("GDC Bomono"), a wholly owned VOG subsidiary, will have an 80% working interest.

·     Bowleven will remain as operator of the project.

·     Gas from Bomono PSC will be sold to GDC less a tolling fee. The gas price paid will be a weighted average received by GDC for its total domestic sales less a tolling fee for use of the pipeline network.

·     The pipeline connection from the Bomono PSC to the main network will be managed and funded by GDC. GDC Bomono will complete the civil engineering works necessary for the gas processing plant installation at the Bomono site. The estimated capital cost for these works is US$6 million.

·     Bowleven has agreed to pay GDC Bomono 50% of any deficit, limited to a maximum payment of US$2 million, if the first 3 years of net income received by GDC Bomono is less than the development expenditure incurred.

·     EurOil will receive a 3.5% royalty from GDC Bomono's production share of hydrocarbons, with an aggregate cap limiting the total royalty payments to US$20 million.

·     Bowleven will, on completion, also receive £100,000 worth of new ordinary shares in VOG based on the volume weighted average share price 10 days preceding the date of the Agreement, being 69.23 pence per share. It is the intention of Bowleven to retain these shares initially, but keep that decision under regular review as there are no restrictions on their disposal.

Asset Details:

The farm-out transaction relates to the Bomono PSC, onshore Cameroon. EurOil is operator of the Bomono PSC.

Bowleven completed extended well flow tests on the Moambe well that exceeded 7mmscf/d. The Moambe and Zingana exploration wells drilled at Bomono were then suspended as future producers.

As previously announced by Bowleven, the detailed prospect inventory prepared indicates there is 146bcf and 263bcf of mean un-risked GIIP in the Tertiary and deeper Cretaceous reservoir intervals respectively.

Additional Transaction Details:

·     The economic effective date of the transaction is 1 January 2017.  

·     The above interests are expressed prior to the exercise of any back-in rights by the Cameroon State. Under the terms of the Bomono PSC, the Cameroon State has the right to take a 10% participating interest in development activity undertaken under an exploitation authorisation. 

Completion is subject to, amongst other things:

Ø The grant of a PEA over the Bomono PSC. The PEA application was submitted by Bowleven to the Cameroon authorities as requested following Ministerial approval for the award of a two-year extension to the Bomono PSC (to 12 December 2018); 

Ø The approval by the Cameroon Government of the assignment of the equity interest from EurOil to GDC Bomono; and 

Ø Should these conditions precedent not be satisfied by 30 June 2017, both Bowleven and VOG have the right to terminate the Agreement. 

·     In the event that any of the resolutions requisitioned by Crown Ocean Capital P1 Limited at the forthcoming Bowleven General Meeting on 14 March 2017 are passed, VOG has the right to terminate the Agreement.
 
Kevin Hart, Chief Executive Officer of Bowleven plc, commented:
"We are delighted to be working together with VOG to unlock the potential of Bomono by accelerating the monetisation of the existing resources, whilst gaining access to VOG's extensive infrastructure and gas marketing experience. This deal offers shareholders the opportunity to access VOG's robust commodity pricing framework, which offers attractive returns relative to a gas to power option, and requires minimal further investment by Bowleven to reach first production. Retaining a 20% interest allows Bowleven to participate in the further upside potential identified on the acreage with a clear evacuation route to the attractive growing local gas market.
We are pleased to have reached this mile-stone for Bomono and look forward to working together with both VOG and the Cameroon authorities to realise the maximum potential this asset has to offer."
 
Ahmet Dik, Chief Executive Officer of Victoria Oil & Gas plc, commented:
"This is a mutually beneficial deal, which provides additional gas sources to our pipeline and considerable exploration upside, some 146 bcf and 263 bcf of un-risked GIIP. It also delivers an additional 2,327km2 of onshore license area and early production potential from the Moambe well that will help meet the expanding gas market in Douala. Our gas infrastructure pipeline is only 9.5km from Moambe well and on the Bonaberi side of Douala where we see considerable industrial growth potential.
VOG's commitment to building and expanding further Cameroon gas infrastructure is being cemented and we are grateful for the support from SNH and the Government with our continued contribution to the growth of the Cameroon economy".

http://www.moneyam.com/action/news/showArticle?id=5506957

Farm-out deal 'a really good strategic move' for Victoria Oil & Gas, says chairman Kevin Foo (Video)
11:05 06 Mar 2017


Kevin Foo, executive chairman at Victoria Oil & Gas plc (LON:VOG) speaks to Proactive about the farm-out deal they've struck with Bowleven PLC (LON:BLVN).
A complex tie-up will see a VOG subsidiary take an 80% stake in the Bomono production sharing contract (PSC), with Bowleven keeping the remainder and continuing as operator.
http://www.proactiveinvestors.co.uk/companies/stocktube/7041/farm-out-deal-a-really-good-strategic-move-for-victoria-oil-gas-says-chairman-kevin-foo-7041.html

Victoria Oil & Gas/Bowleven

Bowleven has farmed-out most of its stake in the Bomono PSC to VOG, where its gas is currently shut-in, but under the agreement will go into the VOG pipeline with some modest expenditure to connect it to the existing infrastructure. For Bowleven it solves a number of problems, primarily monetising an asset previously holding back growth but by retaining 20% and a modest royalty will keep some of the upside and simplifies the structure. The deal is dependent on a number of criteria not least the failing of the COC resolutions at the meeting next week, shareholders who were thinking of giving the board a bloody nose may now reconsider such actions. Apart from that it is good, approvals should be a formality and production in the last quarter of this year is a realistic thought.

For VOG though I feel that this a much better deal, obviously the fact that it diversifies supply for its pipeline and sales business is good but the way that it does it makes even more sense. Once the Bomono gas is treated it will go via pipeline to the Bonaberi side of the river and serve customers there, whilst the other Douala customers will receive gas from the Logbaba field as they do at present.

With significant gas demand in country and at extremely rewarding prices VOG is set to move to another period of growth. It gets better, BLVN has spent a good deal of time and money creating a huge data pack in the area and there are prospect inventories in both the Tertiary and deeper Cretaceous reservoir intervals. With 2,327 km² there is massive exploration upside and that is just assuming that the shallow wells are drilled to start with, there are many more leads to be looked into after the low hanging fruit has been taken.

In conclusion, this deal is better news for VOG shareholders than has so far been given credit for, it gives almost immediate monetisation, whilst securing a long term value for shareholders at a stroke and for a modest outlay, there is a lot of upside in the share from here.

The shares, which have doubled in value in the year to date, advanced a further 12% in early afternoon trade to 68p each, valuing the business at £83.5mln. Broker Shore Capital thinks the stock is worth is 170p.

“The transaction will provide VOG with additional sources of gas for supply to end users via its pipeline network, whilst providing exposure to exciting un-risked potential,” Shore said.

http://www.proactiveinvestors.co.uk/companies/news/174275/victoria-oil-gas-and-bowleven-strike-cameroon-gas-deal-174275.html

Cameroon is part of the Central African Power Pool (CAPP) along with three other Power Pools cover the whole of Africa where basically power rich countries feed or 'pool' into one network.........

So, on that note this event might be of interest:

28-29 March

15 March 2017 (11:30)
Victoria Oil & Gas Plc
("VOG" or "the Company")

Bowleven General Meeting Result

Victoria Oil & Gas Plc notes the result of the General Meeting of Bowleven plc ("Bowleven"), requisitioned by Crown Ocean Capital P1 Ltd ("COC"), convened in Edinburgh on 14 March 2017 and announced this morning, which has resulted in several changes to the Bowleven board.  

VOG shareholders are also referred to the joint announcement by VOG and Bowleven on the 6 March 2017 which summarised the Farm-Out Agreement ("Agreement") signed between Victoria Oil & Gas Plc and Euroil Limited, a wholly owned subsidiary of Bowleven.

Specifically, as set out in the detail of the conditions precedent to closing of the proposed Farm-Out, it should be noted that only VOG has the option to terminate the Agreement as a result of Bowleven's General Meeting yesterday and resultant changes to its board.

VOG continues to look forward to developing the Bomono project with Bowleven and will shortly be in contact with the board of Bowleven in this respect.
 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

http://www.moneyam.com/action/news/showArticle?id=5513126

General interest:

DLA Piper advises Victoria Oil & Gas on Bomono farm-out agreement

DLA Piper has acted for integrated energy company, Victoria Oil & Gas Plc (VOG), on a complex farm-out arrangement with Bowleven Plc (Bowleven), the Africa focused oil and gas exploration group. The transaction related to the production sharing contract (PSC) for the Bomono Block, Cameroon.

The Bomono Permit is located in the onshore extension of the Douala Basin. The acreage is characterised by numerous surface oil seeps but is largely unexplored by modern exploration methods.

The farm-out, an assignment of part or all of an oil, natural gas or mineral interest to a third party, will see Gaz du Cameroun Bomono S.A, a wholly owned subsidiary of VOG, take an 80% stake in the Bomono PSC, with Bowleven keeping the remainder and continuing as operator.

DLA Piper advised VOG on the farm-out agreement, royalty arrangements and the structuring of the gas sales / tolling terms.

The transaction was led by Energy partner Charles Morrison, working with associates Lauren Kelsall and Andrew Burleigh.

Water Shortages Plague Major Cameroon Cities
March 16, 2017

"Others rely on rainfall, but dry seasons are now longer and rainy seasons shorter than they were 30 years ago. Augustine Njamshi of the environmental non-governmental organization Bio-Resource and Development Center in Cameroon says constant changes in weather patterns are impacting water supply.

"We have the issue of climate change which is making rainwater harvesting very, very difficult for communities that have been depending on rainwater harvesting to have their source of fresh water for use. So it is a big concern and we think that this has to be redressed as soon as possible. We are endowed with fresh water resources, but we do not have water to drink," Njamshi said"

Cameroon plans to increase Yaounde’s water supply to 500,000 cubic meters in two years by tapping into the Sanaga, one of the country's largest rivers.The move should increase potable water supply from more than 30 percent to 60 percent of the population.

New dedicated and updated page

Cameroon-Industrialisation Master Plan (PDI)

18th March 2017 Cameroon: Public administrations get acquainted with the new industrialisation master plan

25th January 2017 Cameroon plans to become “the factory of the new Industrial Africa by 2050”

10th June 2016 Cameroon: the master plan for industrialisation will prioritise the agro-industry, energy and digital sectors


Central African Power Pool (CAPP)

Equatorial Guinea
2014 Electricity regulation in Equatorial Guinea: overview

Africa Energy

Jan 2018 Power in Africa: Prospects for an Economic Foothold
May 2017 Atlas of Africa Energy Resources (pdf)
Apr 2017 UPDATED REGIONAL POWER STATUS IN AFRICA POWER POOLS REPORT (pdf)

https://cameroon-report.com/environnement/governments-efforts-at-reducing-the-effects-of-climate-change-on-the-environment-in-cameroon/

http://blog.worldagroforestry.org/index.php/2018/06/12/synergizing-climate-change-mitigation-and-adaptation-in-cameroon/

https://www.gwp.org/en/learn/KNOWLEDGE_RESOURCES/Case_Studies/Africa/cameroon-preparing-national-adaptation-plan-for-climate-change-napcc-and-its-investment-strategy-492/

Cameroon: Public administrations get acquainted with the new industrialisation master plan
18 March 2017



(Business in Cameroon) - Familiarise experts in the Cameroonian public administrations with the contents of the Industrialisation Master Plan (PDI) recently adopted by the Cameroonian government to turn Cameroon into “the factory of the new industrial Africa” by 2050. This is the objective of a seminar chaired in Yaoundé by the Minister of Industry, Ernest Gbwaboubou.

As a reminder, the PDI adopted by the Cameroonian government is based on the development of three priority sectors. These are the agro-industry, energy and the digital sector which, considering the impact that their development can have on the rest of the economy, were described as real industrial “sanctuaries” by the experts in charge of developing the PDI.

According to the Cameroonian public authorities, the implementation of the PDI should help increase by 11 points the contribution of the industrial sector to the creation of the country's GDP, taking it from the current 13% to at least 24% by 2035.

From III

Malcy’s 2017 Oil Bucket List

"very positive as usual........

slide at the start 38 secs in - VOG one of the highest risers

07:18 BLVN discussion

09:20 VOG discussion.

enjoy.

flyhigh. "

http://tiptv.co.uk/malcys-2017-oil-bucket-list-gushing-profits-party-just-begun/

UK Investor Show 1st APRIL 2017

•2,500+ people attended in 2016
•More than 120 PLCs to man stalls. present and explain their business

Kevin Foo will be speaking at this event:

https://www.ukinvestorshow.com/

https://www.ukinvestorshow.com/companies/

https://www.ukinvestorshow.com/speakers/

RE- UK Investor Show 1st APRIL 2017

"VOG are scheduled to speak for 20mins at 12.40pm (Winnifrith-Brittan room)." according to 'dactions' over on lse.

A little reminder:


Victoria Oil positioned to meet Cameroon's need for power
12:00 03 Feb 2017

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 energy.

At present, Gaz du Cameroun (GDC), 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.

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 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 GDC.

Gas production up by 26%

January 2017 was a record month for gas sales from its Logbaba as a new pipeline to Bonaberi came on-stream.

Three new customers began taking gas during December after the Bonaberi extension. This new supply and increased consumption from state energy company ENEO as the dry season starts had a beneficial impact in January, said Victoria.

“GDC [its local subsidiary] has set a record in monthly supply figures averaging 14.5mmscf/d and peaking at 17.1mmscf/d up to 31 January.”

Bonaberi is an industrial part of Douala, Cameroon’s second city.

In the three months to December, gas sales were a gross 654mln cubic feet (mmscf), up 5% on the previous year, with average production of 7.64mmscf per day. Revenues eased slightly to US$4.6mln (US$4.7mln).

For 2016 in total, sales rose 24% to 3,566mmscf at a daily average rate of 10.23mmscf, up 26%.

Ahmet Dik, chief executive, said: "The Bonaberi pipeline extension provides gas to the western industrial area of Douala, which is fast becoming a new hub for future developments looking to access Douala's port, power and road networks.

Broker upbeat

House broker Shore Capital added that with Phases Two and Three of the Bonaberi pipeline extension completed and new customers coming on stream, Victoria Oil & Gas has made a highly encouraging start to the current,

The ENEO contract is a two year gas supply agreement that expires in the second quarter of 2017. Negotiations are underway to renew the contract.

Exploration at Logbaba drilling programme is progressing well, though costs have risen, while net cash at the end of 2016 was US$1.3mln against Shore’s expectation of debt.

The broker has retained a very punchy 170p share price target set last year and sees lots of potential as it adds reserves, expands customer supply and delivers higher earnings.
 
- updates for sales in 2016 --

Philip Whiterow

http://www.proactiveinvestors.co.uk/companies/news/163676/victoria-oil-positioned-to-meet-cameroon-s-need-for-power-163676.html