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
    

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

Slideshow from yesterdays Investor Show presentation:

http://www.victoriaoilandgas.com/sites/default/files/presentations/170401%20UK%20Investor%20Show%20VOG%20Presentation.pdf

Also the VOG Factsheet has been updated:

http://www.victoriaoilandgas.com/sites/default/files/factsheets/170401%20VOG%20Fact%20Sheet%20Flyer.pdf

RE-UK Investor Show 1st APRIL 2017

Posted on LSE by dactions:

They can sell all their gas
Today 11:06

"I met Lawrence Reed at the Investor show several times Saturday. He was part of a panel on investing in Africa; he gave a 20 mins presentation for shareholders and would-be ones; and I had a long 1 to 1 nearer the end of the show.

He apologised that Kevin Foo was not present because he was standing by on the drilling site. I think LR was confident about the likely outcome. As a company they are now open about how concerned they were a few years back - we've spoken before on this BB about Ahmet Dik's role in coming to VOG to renegotiate previous poor supply contracts. That was fixed in 2015 and they have recognised the need to give the market regular progress reports. They feel better that their share presence is better managed following their Broker change. They can sell ALL the gas they can get.

Going forward, they continue to intend that no single customer will outweigh their intention to maintain pricing and are confident as to their standing in Cameroon politically.

Their confidence is genuine and It really is good news - it's just we're all eager for yet more news !"

Malcy’s 2017 Oil Bucket List
March 23, 2017

09:20 VOG discussion.

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

Malcy is on route to Cameroon, not sure if he will tweet any further regarding his site visit but link below just in case

"I'm at CDG heading south to Africa for an exciting company visit......But promise to be back just in time for HUR cap mkts day........"

https://twitter.com/mgrahamwood?lang=en-gb

RE-UK Investor Show 1st APRIL 2017

                                                                  


 

From Malcy's Blog today:


"I am just back from a trip to West Africa, Cameroon to be exact where I was fortunate to see the Victoria Oil & Gas operation in action and to visit Bomono and the Bowleven wells now mostly, part of VOG. Much more on that in due course but it is safe to say that I was most impressed with the whole set up."

http://www.malcysblog.com/2017/04/oil-price-cairnfar-amerisur-resources-president-energy-range-resources-sundry-finally/

Link-Cameroon-Industrialisation Master Plan (PDI)



The Cameroonian government has a rural electrification plan for 10,000 towns by 2035
Friday, 07 April 2017

(Business in Cameroon) - During the cabinet meeting in March, the Minister of Water and Energy (Minee), Basile Atangana Kouna, presented the rural electrification master plan (Pder) of Cameroon developed using a participative method based on the strategic orientations of the State.

The Minee pointed out that the rate of electrification presents huge gaps between urban areas (40%) and rural areas (18%), before highlighting that the Pder’s goals are, among other things, to enable the vast majority of the Cameroonian population to have access to the power grid. Moreover, this master plan emphasise renewable resources, to provide electricity to remote areas far from the power grid, and even, promote the development of production sectors.

Divided into four stages, each lasting five years, the Pder plans to have 10,000 towns not yet connected to the power grid be supplied in electricity by 2035. In this regard, 50,000 connections to the power grid per year are planned over a period of 20 years, thus a total of one million connections, for a global cost estimated at FCfa 805 billion.

http://www.businessincameroon.com/electricity/0704-7039-the-cameroonian-government-has-a-rural-electrification-plan-for-10-000-towns-by-2035

Not very often there's anything worth repeating from advfn but:



Getech Group plc - Interim report for the six months ending 31 January 2017
06 Apr 2017

"Any material recovery in discretionary exploration spending is likely to be a slow build. We do however take some cautious encouragement from recent trading.

Since 31 January 2017, our software and data sales have continued to grow. In March 2017, we signed an agreement with the OGA for them to license our UK MultiSat data across the North Sea. This is the third sale of our products and services to the OGA during FY 2017.

In parallel, the services market has shown signs of gradual improvement. Getech recently signed consultancy agreements with RAK GAS and Victoria Oil & Gas. We have also been engaged by the Government of Lebanon as a senior advisor to their offshore licencing activities."

From yesterday:

"Oil & Gas Sector authority Malcy talks about the following stocks: Victoria Oil & Gas #VOG Hurricane Energy #HUR Amerisur Resources #AMER Far Limited
(Interview starts at 24 minutes 24 seconds)"

12:36 12 Apr 2017

"And on Monday I did my usual Voxmarkets Podcast in which I talked about my trip to VOG, Hurricane, Amerisur Resources and FAR Limited, this link is below and I will be writing about VOG at more length shortly."

http://www.proactiveinvestors.co.uk/columns/the-pay-zone/27535/oil-price-providence-resources-hunting-thalassa-enteq-upstream-and-finally-27535.html

13 April 2017
 
Victoria Oil & Gas Plc ("VOG" or "the Company")
 
Q1 2017 Operations Update
 
Victoria Oil & Gas Plc, a Cameroon energy utility, is pleased to provide an update on the Group's operations for the three months ended 31 March 2017. During the quarter, production increased, the Company made encouraging progress drilling two new Logbaba wells and our asset portfolio has significantly developed.
 
Highlights

 Increased production
·     10.7% increase in average gas production from Logbaba to 14.57mmscf/d (Q1 2016: 13.16mmscf/d)
·     Gross Logbaba gas sales increased to 1,153mmscf for the quarter (Q1 2016: 1,131mmscf)
 
Drilling new wells
·     Significant progress made on drilling two Logbaba wells:
o  Well La-108 has encountered a gross pay of 125m of high permeability, high porosity gas bearing sands which the board of VOG ("Board") believes should result in a significant increase in Proven reserves
o  Well La-107 has been drilled and 9⅝" casing set to 1,618m
o  A well control incident on La-108 was safely managed and a side track to re-drill the 8½" lower 950m section of the Logbaba formation is underway.
o  Wells completion expected in Q3
o  Testing of both wells is expected in late Q2 and a high-pressure gas flowline to the existing gas processing plant to utilise gas produced during flow tests and enable early production is being installed
 
Developing new assets
·     Farm-out agreement with EurOil Limited ("EurOil"), a Bowleven Plc subsidiary, under which a VOG subsidiary  will acquire on completion an 80% working interest in the 2,237 sq.km Bomono license, adjacent to Gaz du Cameroun's ("GDC") Logbaba field.  This transaction is subject to Government approval
·     Seismic interpretation on Matanda field (75% participating interest) shows considerable gas in place potential and several drilling targets
 
Financial highlights
·     Q1 (unaudited) financial highlights:
o  $8.1 million net revenue (Q4 2016: $4.6million)
o  $10.5 million cash position at quarter end ($15.8 million as at 31 December 2016)
o  $10.7 million net debt position at quarter end ($1.3 million net cash as at 31 December 2016)
o  Current cash position $14.1 million
Note: Net cash is defined as cash equivalents less borrowings, where cash equivalents exceed borrowings
 
Ahmet Dik, Chief Executive Officer of VOG, commented:  
"We have significant momentum in the business following a very busy and productive quarter. Gas sales increased and record sales were achieved in March. The drilling of planned production wells La-107 and La-108 continued and the Board believes the discovery of 125m of gas sands in the Logbaba formation of La-108 is very encouraging. The Board believes that these sands will contribute additional Proven reserves and be at least as productive as well La-105.  
 
Our asset base has been transformed over the last twelve months with the signature of an agreement to acquire an 80% working interest in the Bomono licence, whilst very encouraging results from our initial Matanda evaluation enhance the possibility of early identification of drilling targets and updated gas inventory estimates. The additional acreage at Matanda and Bomono will allow VOG to help realise its plan for major gas production to meet the large unsatisfied energy demand in Cameroon."
 
Operational update
 
The quarterly, gross and net gas and condensate consumptions for the Logbaba Project are as follows; amounts in bold are gas and condensate sales attributable to VOG*: ***See link at BOP for table***

Customers and Pipeline
 
March 2017 saw record monthly gas sales for GDC at 411mmscf, 2% higher than its previous record in March 2016.  Q1 2017 thermal gas sales increased on Q4 2016 by 16% and by 36% compared to the same quarter last year.  Phases II & III of the Bonaberi pipeline extension programme were completed by the end of 2016 and six new customers are now online and consuming gas. Total pipeline laid in Douala now totals 50km. GDC have commissioned pipeline up to Pressure Reducing Metering Systems on two additional customers and is waiting on those customers to complete their own gas burner connections or complete high demand production cycles before they start consuming gas. 
 
Grid power sales for the quarter were higher than Q4 2016 with ENEO consuming above its take or pay levels for the period.  The dry season has continued into Q2 2017 so consumption is expected to remain at these levels.
 
The ENEO contract is a two-year gas supply agreement which expires on 22nd April 2017. Negotiations are well advanced with ENEO and Altaaqa and the Board expects a renewal of the contracts for the supply of gas to the Logbaba and Bassa power stations in Douala.
 
 
Logbaba Drilling Programme
 
Drilling operations on wells La-107 and La-108 in the Logbaba Gas Field commenced on 1 November 2016. These wells are intended to be production wells, completed in the Upper Cretaceous (Campanian and Santonian) Logbaba Formation, which is a thick sequence of interbedded sands and shales found at depths between 1,700m and 3,200m below the surface.
  
Gas-bearing sands identified
 
Significant gas-bearing sands have been identified in the La-108 8½" hole section using Logging While Drilling (LWD) equipment and by monitoring formation gases encountered whilst drilling. Approximately 125m of gross gas-bearing sands were encountered between the top of the Logbaba Formation at 1,670m TVD and at 2,702m TVD. The La-108 well, once completed, is expected to contribute to an increase in Proven (1P) reserves. For comparison, the main production well at Logbaba, La-105 encountered 84m of gross gas bearing sands when drilled in 2010.
 
La-107 is a twin of the Serepca La-104 well drilled in 1957 into an area that has proven gas in the Logbaba field and is intended to develop some of the Proven (1P) reserves. La-108 is a step out well into to an area of the Logbaba Field that is considered part of the Probable (2P) reserves and was intended to promote some of the Probable Logbaba reserves into the Proven Reserve category.
 
At the end of Q4, La-108 had been drilled and cased to 1,173m where the 13⅜" casing was set. The 12¼" hole section on well La-107 had been drilled to current depth of 1,618m.
 
In this quarter, the 9⅝" casing has been run and cemented in La-107 in preparation to drill the 8½" hole section through the Logbaba gas-bearing reservoir sections. The 9⅝" casing run into La-107 included a DDV (Downhole Deployment Valve), which was successfully set with the casing to assist in the MPD (Managed Pressure Drilling) technology that has been employed during the drilling of the over-pressured Logbaba Formation. This is the first time that a DDV has been successfully deployed in sub-Saharan Africa. 
 
Sidetrack drilling and drilling outlook
 
After setting the 9⅝" casing in La-107 the rig was skidded to the La-108 well and the La-108 12¼" hole section was drilled to its target depth of 1,953m MD (measured depth). The 9⅝" casing, including the installation of a DDV as per La-107, was run and cemented in La-108.  MPD equipment was rigged up and the La-108 8½" hole section was drilled through the Logbaba Formation to a depth of 3,076m MD (2,702m Total Vertical Depth (TVD)). At that point, a mechanical problem with the drill string led to a gas kick and the well control incident. While the well was being brought under control, the drill pipe became stuck in the well and the drill team was unable to retrieve it.
 
In late March, a cement plug was placed in the 8½" hole and preparations made to sidetrack the well to re-drill the Logbaba Formation and complete La-108. The side track drilling to a target depth of 3,563m MD (3,200 m TVD) is ongoing.
 
The well control and pipe issues, coupled with the side track have resulted in a schedule slippage of some five weeks and an estimated budget increase of approximately $8 million, taking the expected cost to complete both wells to approximately $56 million. Planned completion of the wells is now mid Q3, but it is expected that the wells will be under test before this. GDC's share of well costs will be covered by cash generation and existing cash and credit facilities.
 
Q1 Unaudited Financial Highlights
 
Net revenue for the quarter was $8.1 million (Q4 2016: $4.6million) and cash position at quarter end was $10.5 million ($15.8 million as at 31 December 2016).  The net debt position of the Group at the end of the quarter was $10.7m and the Group has remaining credit on its Cameroonian debt facility of $5.5m. As of 10 April 2017, the Group had $14.1 million cash position.
 
Process Plant Expansion
 
The gas processing plant expansion, aimed at increasing the plant's capacity from 20mmscf/d to 30mmscf/d, is progressing with the preliminary engineering phase underway. A 300-metre long, high pressure gas flowline is being installed from the new wells to the gas processing plant to utilise gas produced during flow tests and enable early production from wells La-107 and La-108. In addition, gas plant improvements such as installation of a heat exchanger and high and low pressure liquid separators are also being installed in anticipation of new production from La-107 and La-108.
 
Matanda Exploration Update (75% working interest and operator)
 
Following assignment of the Matanda licence from Glencore, which materially increased the Company's acreage position, work is ongoing to evaluate the gas potential of the block. The primary objective of this work is to identify prospects with a high chance of success which can be brought rapidly into production following drilling to meet growing gas demand. This work is benefiting from the proximity of the Bomono license and the experience of operating the Logbaba field; allowing a full integrated analysis to be conducted for the whole Douala area.
 
Whilst the analysis is at an early stage, we are encouraged by the indications of exciting onshore prospects in the Northern area of the license, near the boundary with Bomono, in structures like the Moambe discovery. Similarly, there appears to be significant onshore potential on the trend between the North Matanda discovery and the producing Logbaba field.
 
The evaluation is expected to yield an updated prospect inventory by Q3, from which drilling plans can be made. This will provide the opportunity to target the most attractive and lowest cost opportunities for early drilling with the aim of bringing further wells on production in 2018-2019.
 
Bomono Project (80% working interest)
 
The Company announced on 6th March that it had entered into a Farm-Out Agreement with EurOil in relation to the Bomono production sharing contract ("PSC"), subject to a number of conditions precedent, which will result in a VOG subsidiary having an 80% working interest in the 2,237 sq. km. licence.  The agreement is in line with VOG's objective to consolidate GDC's advantage as a fully integrated gas utility by securing additional sources of gas. The intention is for gas produced from the Bomono PSC to be fed into GDC's pipeline network.  GDC's current pipeline infrastucture is only 9.5km away from the drilled wells. The initial plan is that gas currently suspended at Moambe can be brought onstream and that further drilling be considered in the future.

At the start of 2016, 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 gas initially in place ("GIIP") in the Tertiary and deeper Cretaceous reservoir intervals respectively.

Following the execution of the agreement, Bowleven announced significant board changes following a General Meeting of the Company.  VOG is continuing its good relationship with the board of Bowleven and progressing the project as intended.

A map of the relevant geographical area is shown via the link below:
http://www.rns-pdf.londonstockexchange.com/rns/3951C_1-2017-4-13.pdf


http://www.moneyam.com/action/news/showArticle?id=5531547

Victoria Oil & Gas

A Q1 2017 operational update today from VOG which has been a stellar performer of late as the market tags on to just how much the stock is undervalued. The key features are, production up, again, two Logbaba wells currently drilling, the Bowleven farm-in under way and initial positive news from Matanda where early seismic shows ‘considerable gas in place potential’.

So, Logbaba gas production is up 10.7%to 14.57 mmscf/d as the dry season continues and thus sales remain on an upward track. Drilling two new wells continues and La-108 has encountered gross pay of 125m of high permeability, high porosity gas bearing sands which should result in a ‘significant increase in proven reserves’. ( Bear in mind that the La-105 well pay was only 84m) The well has since been side-tracked after a ‘well control incident’ that was safely dealt with but will add around five weeks and $8m to the overall cost of the well but will be recouped from revenue. La-107 has been drilled and casing set to 1618m, both wells will be tested in Q2 and complete in Q3. A high pressure gas flowline is being installed to enable early production.

The Q1 revenue was $8.1m (Q4 4.6m) and the current cash position is $14.1m. With record gas sales in March one can remain genuinely optimistic about the future, especially as the company has completed phases 11 and 111 of the pipeline making 50km in total and added six new customers with two more waiting to tap in. This confirms that there is large, unsatisfied energy demand in Cameroon and VOG is very well placed to profit from it.

I have just returned from a visit to see VOG in Cameroon and its subsidiary Gaz du Cameroun (GDC) where I was extremely impressed by the set up and its local management. We visited the Logbaba gas project including seeing the two wells currently drilling and saw the pipeline from Logbaba all the way through Douala. In the process we saw a number of GDC’s key clients, including the ENEO power stations using GDC gas. ( a contract that is shortly due to expire but I am convinced will rollover as negotiations are ‘well advanced’)   Other clients we saw were a palm oil factory, two huge brewing operations at Guinness and SABC as well as Chococam which is part of Tiger Brands, chocolate and beer, what more could you ask for?

Finally we visited Bomono which is intended to supply gas to the other end of the pipe in Douala where significant expansion is already under way. This would complete this part of the jigsaw and whilst subject to Government approval, should mean that either of the existing wells at Moambe and Zingana or even new wells, could supply gas to the rapidly expanding Douala customer base. The existing pipeline is only 9.5km away and most of the route could be constructed through a rubber plantation that has been untapped for several years making the infrastructure much easier.

The VOG format in Cameroon is rapidly becoming a significant money making operation, supplying gas to power projects and substantial commercial customers. There is no sign of any slowdown and the ‘cradle to grave’ utility model is proving to be a highly successful. Cameroon is seeing considerable inward investment, particularly from Chinese companies in the area and I see the total available market for gas to be growing faster than GDC can supply it. It would not be stupid to suggest that some such clients might even help finance the pipeline construction in order to be at the front of the queue for gas. Accordingly, providing the Bomono deal completes, then further gas supplies can be easily and cheaply brought on stream ensuring considerable increases in revenue and profitability.

The longer term but potentially huge opportunities provided by the Matanda block can only add to the model which already looks in very good shape. Recent operational problems aside, I continue to view VOG as a significant opportunity and remain with my current target price of 200p.

'It's been a terrific year and a great quarter', says Victoria Oil & Gas' Kevin Foo (video)
14:37 13 Apr 2017

As part of an operational update for the three months to the end of March 2017, Victoria Oil and Gas Plc (LON:VOG) executive chairman Kevin Foo tells Proactive: ''It couldn't have been better''.

As part of the update Foo mentioned they've hit a large gas pocket at one of two development wells drilled recently at its Logbaba field in Cameroon.

The well, La-108, hit 125m net pay of high permeability, high porosity gas bearing sands that should result in a significant increase in proven reserves.

http://www.proactiveinvestors.co.uk/companies/stocktube/7284/-it-s-been-a-terrific-year-and-a-great-quarter-says-victoria-oil-gas-kevin-foo-7284.html

This was reported on back in February but this a new article:

A Cameroonian Poultry Hatchery Is Benefiting From GE’s Gas Engine Technology
Posted by vera on April 11, 2017



Power generation is one of the most significant challenges facing Sub-Saharan Africa and the shortage of essential electrical infrastructure often means that social and economic development can be negatively affected.

The repercussions of an inadequate power supply are felt by many in the region and particularly by business owners and farmers such as Agrocamin Cameroon, which is a leading poultry hatchery in the central African region.

Given the nature of poultry hatcheries, even a 30-minute power outage can cripple a business as all the eggs in the incubators would perish due to improper storage temperature control. Agrocam, located in Douala, previously used a diesel generator as a backup to ensure the smooth running of its hatchery, but this proved costly given the prolonged outages.

The company has now purchased a GE Jenbacher J316 gas engine from Clarke Energy, GE's distributor of Jenbacher gas engines in Cameroon. According to the International Energy Agency, natural gas will be the fastest growing fuel in use for power generation in Africa.

"GE's natural gas-fired Jenbacher 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 to realise substantial annual savings," said Philippe Noutchogouin, Agrocam managing director.

The Jenbacher J316 gas engine will produce 813Kw of power for Agrocam. Heat will be recovered from the generator's exhaust gases 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 being used for this process and will therefore increase efficiency, and allow for the optimum use of the gas generator.

"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 paralysed poultry farmers in Douala and the surrounding areas. Energy currently represents 50% of our operational costs," said Jean Samuel Noutchogouin, Agrocam board chairman.

GE's Jenbacher Type 3 gas engines offer proven savings on service and fuel consumption as well as excellent efficiency. 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. "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, Clarke Energy Africa business development director.

Africa is home to many of the fastest growing economies in the world and while this growth is being hindered by unreliable power generation, there are companies such as GE, which are offering solutions to these problems with a range of power products and services.

Video from the recent UK Investor Show of VOG's presentation:

https://www.youtube.com/watch?v=qVi3RBpsrfQ

and the slideshow to accompany it:

http://www.victoriaoilandgas.com/sites/default/files/presentations/170401%20UK%20Investor%20Show%20VOG%20Presentation.pdf

Victoria Oil and Gas‏ @victoriaoilgas
20 minutes ago

New First Energy GMP research out this morning: ‘BUY with target price increased from £1.15 to £1.20 per share’ #vog

https://twitter.com/victoriaoilgas/status/854596759854755840

Victoria Oil and Gas‏ @victoriaoilgas
20 minutes ago

New GMP First Energy research out today: “A new contract with ENEO is expected to be signed imminently..”

https://twitter.com/victoriaoilgas/status/854597551131119616

Serge Betsen, former French rugby internationa­l, with GDC Head, Eric Friend supporting SB Academy night in Douala

LINK-Historic Shareholder Information

Securities in Issue

Number of shares in issue: 110,193,098

Percentage of shares not in public hands: 3.90%

Free Float: 96.10%

Holdings of Significant Shareholders

As of April 2017 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

Majedie Asset Management Ltd----------- 6,154,761-----------------5.585%
Forest Nominees Limited (GC1)----------- 5,541,000-----------------5.028%
The Capital Group Companies, Inc-------- 4,815,758-----------------4.370%

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