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
    

LINK-Historic Shareholder Information

Securities in Issue

Number of shares in issue: 110,571,762

Percentage of shares not in public hands: 3.90%

Free Float: 96.10%

Holdings of Significant Shareholders

As of June 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-----------------5.566%
Forest Nominees Limited (GC1)----------- 5,541,000-----------------5.011%


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

21 June 2017
Victoria Oil & Gas Plc
 
Update re significant shareholder
 
As of 16 June 2017, The Capital Group Companies, Inc. ("CGC") is no longer a shareholder in the Company.   
 
CGC have also advised the Company that it was not required to file any further TR1 notifications following its most recent notification of 17 April 2017. 
 
The significant shareholder section on the VOG website has been updated accordingly.
 
http://www.moneyam.com/action/news/showArticle?id=5571028

Translated by Google

Eneo, a subsidiary of the British firm Actis, extends the collaboration of eight months with the Saudi Altaaqa and the British Gaz of Cameroon
Thursday, 22 June 2017

(Investing in Cameroon) - Eneo, a subsidiary of the UK-based Actis, said it had just extended its contracts with Altaaqa (Saudi Arabia) and Gaz du Cameroun (a subsidiary of the operator) British Oil & Gas) until December 31 for the 50 MW of the Bassa-Logbaba gas plant.

The contract was originally signed in April 2015 for a period of two years. It was extended until the end of 2017. That is, eight months longer. The cost of this partnership between the two parties with Eneo at the beginning was 20 billion FCFA. " On the financial front, prorogation resulted in negotiations that resulted in reductions of around 16% on the price of gas and almost 33% on the rental price of the groups. Eneo retains these capacities as an emergency solution pending the commissioning of new works, in particular the Memvele dam (+200 MW). The 50 MW of installed capacity is available for the South Interconnected Network (RIS), "explains the Cameroonian subsidiary of the British Actis.

The Logbaba plant was developed at two Eneo technical sites in Douala. In Bassa, it is 16 groups with a capacity of 20 MW and in Logbaba, it is 24 groups with a capacity of 30 MW. Each has an installed capacity of 1,475 MW. Under the terms of the contract, Altaaqua has installed 40 turnkey machines for the production of electricity from the gas supplied to Eneo Gaz of Cameroon. Eneo Cameroon therefore pays for the rental of groups and the supply of gas.

Eneo estimates that between 71 and 73 GWh of energy it will inject into the RIS by December 31, 2017.

http://www.investiraucameroun.com/electricite/2206-9051-eneo-filiale-du-britannique-actis-prolonge-la-collaboration-de-huit-mois-avec-le-saoudien-altaaqa-et-le-britannique-gaz-du-cameroun

Translated by Google

Thanks to the Lom Pangar dam, Cameroon has just crossed "the quietest water in 10 years," according to electrician Eneo
Friday, 23 June 2017

(Investing in Cameroon) - Electricity demand in Cameroon increased by 9% this year, Eneo said in correspondence to the Minister of Energy and Water on 16 June. This increase in demand led to an additional production requirement of 50 MW, one learns.

Despite this increase in demand, however, electricity consumers did not feel the usual load shedding (particularly in the southern part of the country, as the situation in the three northern regions has worsened). Are often more intense during the low-water period due to the decline in production, which is itself induced by the reduction of water levels in the country's dams.

At the origin of this improvement in the electricity supply observed in the South interconnected network, Eneo supports a combination of two major factors. First, according to the firm controlled by the British investment fund Actis, is the " impoundment of the dam at Lom Pangar, which made it possible to obtain a regulated flow of the Sanaga between 960 m3 / s and 1090 M3 / s , thus offering " the Songloulou and Edéa power stations to produce nearly 10% more energy than last year at the same time, ie 193 GWh ".

Then, it is officially learned that the work carried out in the plants has made it possible to obtain higher machine availability rates (from 91% to 93% in the hydro and from 66 to 83% in the thermal sector). For example, the rehabilitation of the Limbe plant in the south-west region has, for example, increased the production capacity of this 33 MW infrastructure, compared to an additional 6 MW for the Bafoussam thermal power station And 12 MW for the Oyobang plant in the Central Region.

But, above all, the main catalyst of this upturn in electricity supply this year (even if grid failures continue to induce breaks in the distribution of electricity in several cities), stresses According to Eneo, is the regularization of flows on the Sanaga River (which accounts for about 75% of the country's hydroelectric potential), made possible by the impoundment of the Lom Pangar dam, built in the region of ballast.

Built by the Chinese company CWE, the Lom Pangar dam, with a water storage capacity of 6 billion cubic meters of water, is the largest ever built in Cameroon. Its partial watering in September 2015, when it had already retained more than 3 billion cubic meters of water, had already allowed a less painful management of low water 2016. This hydroelectric development also integrates the construction of a water- A 30 MW plant with a production capacity under construction by China Camc Engineering.

Brice R. Mbodiam

http://www.investiraucameroun.com/electricite/2306-9060-grace-au-barrage-de-lom-pangar-le-cameroun-vient-de-traverser-l-etiage-le-plus-calme-depuis-10-ans-selon-l-electricien-eneo

26 June 2017
Victoria Oil & Gas Plc
("VOG", "the Company" or "the Group")
 
ENEO Gas Supply Extension, Douala Cameroon
 
Victoria Oil & Gas Plc today announces that it has extended the current gas supply agreement with ENEO Cameroon S.A. ("ENEO"), the Cameroon energy joint venture between UK Group Actis and the Cameroon Government, until 31 December 2017.
 
The extension will enable ENEO and the Company's 100% owned subsidiary, Gaz du Cameroun S.A. ("GDC") to optimise all technical and financial elements of a long-term gas supply arrangement aimed at increasing the current contractual power supply of 50MW to beyond 100MW. The take-or-pay components will remain in place and, until year end, an interim gas price of US$7.50/mmbtu has been agreed.
 
The Group continues to prove its commitment to Cameroon and have been proud to help provide the Douala region with additional power to meet fast growing demands.
 
The drilling of the two new wells at Logbaba continues. The Company will provide the market with an update on drilling progress shortly.
 
Commenting today Ahmet Dik, CEO, said; "VOG and ENEO have agreed that gas supply will continue until the end of the year. We are working with ENEO to create long term solutions, using natural gas for power generation beyond 100MW. We believe there is demand for more than 150mmscf/d in Douala and we are in discussions with third party IPP licensees to supply gas."

http://www.moneyam.com/action/news/showArticle?id=5573200

Victoria Oil & Gas extends deal with Cameroon power partner pending long-term gas supply agreement
12:01 26 Jun 2017

The two sides want time to finalise the “technical and financial elements” of a contract that will lift supply “beyond” 100 megawatts from 50 megawatts currently



Victoria Oil & Gas plc (LON:VOG) said it has extended its gas supply deal with ENEO Cameroon to allow it to optimise the terms of a long-term agreement.

The two sides want time to finalise the “technical and financial elements” of a contract that will lift supply “beyond” 100 megawatts from 50 megawatts currently.

In the interim, VOG said the take-or-pay components will remain in place and, until year end, an interim gas price of US$7.50 per million British thermal units has been agreed. 

ENEO is an energy joint-venture between the Cameroon government and UK group Actis.

VOG chief executive Ahmet Dik said: "We are working with ENEO to create long term solutions, using natural gas for power generation beyond 100 megawatts.” 

WACTH: CEO on today's announcement

http://www.proactiveinvestors.co.uk/companies/news/179788/victoria-oil-gas-extends-deal-with-cameroon-power-partner-pending-long-term-gas-supply-agreement

Cameroon: VOG extends until 31 December 2017 its gas supply contract to ENEO
Monday, 26 June 2017

Victoria Oil & Gas (VOG) has signed an agreement with the electricity producer ENEO Cameroon to extend its supply of gas until 31 December 2017 To the latter.

As explained in a press release from Gaz de Cameroon, this extension will enable both parties to "optimize all the technical and financial aspects of a long-term gas supply aimed at bringing the current contractual supply of 50 MW Exceeding 100 MW " . In addition, Gaz du Cameroun and ENEO have agreed a price of mmbtu to 7.50 dollars.

Gaz Cameroon said it was proud to help supply more gas to its partner to generate more electrical power on behalf of the Douala region, which is plagued by a surge in demand for electric power.

"VOG and ENEO have agreed that the gas supply will continue until the end of the year. We are working with ENEO to create long-term solutions, using natural gas to produce more than 100 MW of energy. " Said Ahmet Dik, the boss of VOG. He also pointed out that demand in this region could exceed 150 MW.

The subsidiary of VOG plans to increase its natural gas production in Cameroon thanks to the progress it is currently making on the project to drill two new wells on the Logbada gas perimeter. Mr Dik pointed out that further updates will be made available in due course.

Olivier de Souza

http://www.agenceecofin.com/electricite/2606-48369-cameroun-vog-etend-jusqu-au-31-decembre-2017-son-contrat-de-fourniture-de-gaz-a-eneo

Translated by Google

Cameroon: production of Logbaba gas plant could double to 100 MW, according to VOG's DG

Tuesday, 27 June 2017

(Invest in Cameroon) - Following the recent renewal of the contract with its partners, Gaz du Cameroun (supply of natural gas) and Altaaqa Global (independent energy producer from thermal power stations), Eneo, Electricity in Cameroon could soon double the production capacity of the Logbaba plant in Douala to 100 MW.

At least that is what Ahmet Dik, director of Victoria Oil & Gas (VOG), the British oil and gas operator who owns 100% Gaz of Cameroon, whose CEO is also Dik. "We are working with Eneo to create long-term solutions, using natural gas for more than 100 megawatts of power generation," he told Proactive Investors UK , a UK-based financial reporting platform . For now, the two parties " need time ", in order to finalize "the technical and financial elements" of a contract on this increase in energy supply.

A total investment of CFAF 20 billion by Eneo, the Logbaba gas plant was inaugurated on 28 April 2015 in Douala, the economic capital of Cameroon, in order to meet a rapid increase in demand for Electricity in the country. Built in three months by Altaaqa Global, this energy infrastructure is supplied by Gaz de Cameroon (GDC), through which VOG develops the Logbaba gas field.

http://www.investiraucameroun.com/electricite/2706-9063-cameroun-la-production-de-la-centrale-a-gaz-de-logbaba-pourrait-doubler-a-100-mw-selon-le-dg-de-vog

28 June 2017
Victoria Oil & Gas Plc

Logbaba Drilling Update
 
Victoria Oil & Gas Plc ("VOG" or "the Company") is pleased to provide an update on the two well drilling programme at the Company's Logbaba gas production site, located in the industrial port city of Douala, Cameroon.
 

Highlights

·    Net sands encountered so far of 100m in La-108 and 35m in La-107 have exceeded expectations
·    Drilling to continue and is expected to increase net pays of both wells
·    300m high-pressure flowline from the La-107 well head to the gas processing plant has been installed
·    Flow testing and production from La-107 is expected in Q3 2017
 
The programme consists of well La-107, a twin of La-104, which was originally drilled in 1957; and a step out development well, La-108, both of which will be production wells. 
 
In well La-108, approximately 100m of net gas-bearing sands have been encountered between the top of the Logbaba Formation at 1,670m TVD (true vertical depth) and 2,702m TVD. La-108 has 9⅝" casing set to 1,597m TVD. The La-108 8½" side-track was deferred until an in-depth engineering review of the plan was completed and the rig was therefore skidded to drill well La-107. The La-108 side-track plan is now ready to implement.
 
On La-107, the 8½" hole section has been drilled to 2,445m TVD, wireline logs have been run and the 7" production liner has been run and cemented at 2,426m TVD. Well logs to this depth so far indicate net 35m of high permeability, high porosity gas bearing sands in the Upper Logbaba Formation.
 
Drilling on La-107 will continue, with a 6" hole targeting the base of the Lower Logbaba sands. On reaching this target, the well will be logged prior to running a 4½" liner, and, when completed can be put directly into production. A 300m high-pressure flowline from the well head to the gas processing plant has been installed. Production from La-107 is expected in Q3 2017.
 
It is then planned to skid the rig back to sidetrack and complete well La-108.
 
Net sands encountered so far of 100m in La-108 and 35m in La-107 have exceeded expectations and compare favourably to net sands of 54m encountered in primary production well La-105. 
 
Planned completion of both wells is now in Q3 2017. The Company anticipates that GDC's share of well costs will be covered by cash generation and existing credit facilities.
 
The Company, which is the only gas producer in the Douala region believes there is current demand for 150 mmscf per day in Douala.
 
 
Ahmet Dik, CEO, said; "Our success so far on La-107 in securing 35m of gas-bearing reservoir sands in the Upper Logbaba is very positive news. We shall continue drilling and completion work on La-107 through to production, before moving back to drilling and completing La-108.
 
The net sands encountered so far of 135m in both wells is very encouraging, especially when compared to the 54m of net sands encountered in our primary production well La-105, so our focus is getting all gas "behind pipe" and into production within Q3.  
 
This is a challenging drilling program, with two deep, high-pressure, high-temperature wells that have been slow and expensive to drill. Our drilling team have worked tirelessly to drill below 2,000m, a depth where only a handful of wells have been successfully drilled in the Douala Basin."

http://www.moneyam.com/action/news/showArticle?id=5574810

Victoria Oil & Gas hails double well success in Cameroon - results exceed expectations
28 Jun 2017

La-107 and La-108, next to the existing operation on the Logbaba production site, found a combined 135 metres net gas pay, which exceeded expectations.



Victoria Oil & Gas plc (LON:VOG) chief executive Ahmet Dik described as “very positive” the results from two new wells it is drilling at a site outside Cameroon’s second city, Douala.

La-107 and La-108, next to the existing operation on the Logbaba production site, found a combined 135 metres net gas pay, which exceeded expectations.

To put this latest data into context, the original producing well, La-105, found 54 metres of gas-bearing sands.

READ: Our Big Picture overview of VOG

La-107 has so far tapped into a section measured at 35 metres; however work is ongoing and this is expected to expand the net pay as the drill-bit nudges into the Lower Logbaba sands.

The Upper Logbaba is described as host to high permeability, high porosity sands, which should make it reasonably straightforward to flow gas.

La-108 uncovered 100 metres of net pay. A side-track planned for the well was deferred to allow La-107 to be drilled. Once this well has been completed the rig will be ‘skidded’ back to La-108 site for the side-track.

CEO Dik was full of praise for his team: “This is a challenging drilling program, with two deep, high-pressure, high-temperature wells that have been slow and expensive to drill.

“Our drilling team have worked tirelessly to drill below 2,000 metres, a depth where only a handful of wells have been successfully drilled in the Douala Basin."

VOG said completion of both wells will take place in the third quarter. It also revealed estimates demand for gas in Douala, where it supplies local businesses who use it to generate electricity, to be 150mln standard cubic feet per day.

http://www.proactiveinvestors.co.uk/companies/news/179948

Victoria Oil and Gas‏ @victoriaoilgas
4 minutes ago


GDC aims to meet 100 mmscf/d gross

https://twitter.com/victoriaoilgas

This chart was first shown 9th Feb 2017 Presentation slide show for One2One

Malcy's a bit positively biased so take it or leave it.........

Victoria Oil & Gas

A welcome drilling update from Logbaba which is very encouraging, drilling here is by its very nature slow and expensive but in more ways than one, groundbreaking. So far VOG has discovered net sands of 100m in La-108 and 35m in La-107 which has already ‘exceeded expectations’ with more drilling to come that should increase net pay. For La-107 a 300m high pressure flowline has been built (which was under way on my recent visit to site) and will deliver to the gas processing plant. After various consultations, La-108 is ready to side-track and after work is completed at La-107 the rig will be skidded back there and both wells are expected to complete 3Q 2017. The key now is in getting all the gas ‘behind the pipe’ and ready for production in the next quarter.

I know that I have been banging on about VOG and its potential market but this must not be underestimated, with demand in Douala alone of 150 mmscf/d the company is in a very strong position indeed. This drilling programme has indeed been long and expensive but it is incredibly rewarding. Assuming a new long term deal with ENEO, and the signing up with the plethora of industrial clients, some of which we met on the visit, the gas that will now be delivered from Logbaba will be truly value added. Combine that with potential future supplies from Bomono, which will also service the ever growing Douala and you have a true utility with a massive opportunity in Cameroon and beyond. The stock is way too cheap in my view.

28 June 2017
Victoria Oil & Gas Plc

Result of Annual General Meeting ("AGM")
 
 
Victoria Oil and Gas Plc, is pleased to announce that, at the AGM of the Company held this morning, all of the resolutions that were proposed in the Notice of Annual General Meeting which was sent to shareholders, dated 25 May 2017, were duly passed.
 
The presentation, given by Mr Dik, CEO, is available on the Company website www.victoriaoilandgas.com.

Direct link to presentation:
http://www.victoriaoilandgas.com/sites/default/files/presentations/170628%20VOG%20AGM%20Presentation%20FINAL.pdf

General interest regarding ENEO:

The staff takes control of 5% of the capital of the Cameroonian electrician Eneo
Monday, 03 July 2017

(Investing in Cameroon) - Since June 9, 2017, Eneo, an electricity company controlled by the British investment fund Actis, has officially sold 5% of its share capital to its employees, as stipulated in the concession agreement of Electricity utility in Cameroon in 2001. The information was revealed by the company and the trade union leaders during a press conference held in Douala on 30 June.

The negotiations leading to this transaction began in May 2015, when the concession holder of the electricity utility in Cameroon had made a new proposal for a 5% retrocession scheme for the capital of the company Employees. This decision had the gift of appeasing the fears of the staff representatives, fears that had occurred days after the takeover, at the end of 2013, of 100% of the assets of the American AES by the fund Actis , Within this power company.

At the time of the announcement of the departure of AES, the trade unions of the electricity sector had invited the Cameroonian authorities to pay particular attention to the transfer of 5% of the capital of the company to the staff, before Give the right to the transaction between AES and the Actis fund.

This request was based on the fact that since the acquisition of control of the national electricity company of Cameroon by the American AES in 2001, the concessionaire never transferred to the personnel 5% of the 56% of the shares of the company, As provided for in the concession contract.

Thanks to the repair of this damage by the Eneo managers, the geography of the capital of the concessionaire of the electricity utility in Cameroon now accounts for 44% of assets for the Cameroonian state, 51% for the British investment fund Actis, and 5% for staff.

http://www.investiraucameroun.com/entreprises/0307-9088-le-personnel-prend-le-controle-de-5-du-capital-de-l-electricien-camerounais-eneo

4 July 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")
 
Update on Logbaba Participation Agreement and Bomono Project
 
SNH Participation in Logbaba
 
Victoria Oil & Gas is pleased to announce that Societe Nationale des Hydrocarbures ("SNH"), RSM Production Company ("RSM") and Gaz du Cameroun S.A. ("GDC") have agreed and signed a Participation Agreement that will govern the relationship of the parties going forward on the Logbaba Project (the "Project").
 
Project participation, prior to the Participation Agreement, was split GDC 60% and RSM 40%. The Participation Agreement formalises the participation of SNH, acting on behalf of the Republic of Cameroon, alongside GDC and RSM. The Participation Agreement follows SNH exercising its right to participate in 5% of the Project and, accordingly, Project participation as a result of the execution of the Participation Agreement will be split GDC 57%, RSM 38% and SNH 5%.
 
SNH is entitled to a 5% share of revenues from the sale of all hydrocarbons from the Project and is also liable for 5% of exploitation costs of the Project. The parties have agreed, in accordance with the Participation Agreement, for SNH to conduct an audit of the exploitation costs for the Project to determine the Participation settlement.
 
Bomono
 
Victoria Oil & Gas Plc today announces that it has exercised its option to extend the termination date of the farm-out agreement ("Farm-out") with Bowleven Plc ("Bowleven") relating to the Bomono production sharing contract. The termination date has been extended to 28 September 2017. Bowleven and VOG wish to pursue the Farm-out and are working with the Government of Cameroon to progress the Bomono project.
 
Full terms of the Farm-out can be found on the RNS announcement of 6th March 2017 made by Bowleven and VOG.  
 
Ahmet Dik, CEO, said; "I am delighted that we can now formally share our energy success story on a commercial basis with the Cameroon Government.  The Cameroon Government has supported and set the conditions by which GDC has been able to operate and invest in excess of US$250m, and encouraged new investors into Douala to establish their businesses. Our team looks forward to building on the excellent working relationship we have with the SNH team and I thank and extend my gratitude to Mr Adolphe Moudiki, Executive General Manager of SNH for the contribution SNH has made to the oil and gas sector in Cameroon.

http://www.moneyam.com/action/news/showArticle?id=5579105

Cameroon takes stake in Victoria Oil and Gas's Logbaba project
04 Jul, 2017 

(ShareCast News) - Cameroon's state hydrocarbon company decided to tap directly into Victoria Oil&Gas's Logbaba project, exercising its right to take a stake via a participation agreement.



The deal formalised SNH's involvement on behalf of the government of Cameroon alongside Gaz du Cameroun, Victoria's wholly-owned subsidiary, and RSM production company in the Logbaba on shore gas project.

Under the terms of the agreement, Victoria would have a 57% interest in the sale of all hydrocarbons from Logbaba, compared to 60% previously, with RSM entitled to 38% and SNH to 5%.

Following an audit of the exploitation costs, SNH would also have to compensate its partners for a part of the funds invested thus far.

"The Cameroon Government has supported and set the conditions by which GDC has been able to operate and invest in excess of US$250m, and encouraged new investors into Douala to establish their businesses," said Ahmet Dik, Victoria's chief executive officer.

Analysts at Shore Capital concurred, telling clients they expected commercial state participation in Logbaba to be "very supportive" of further development of the flagship project.

GDC was supplying gas from Logbaba to businesses in Douala, Cameroon's main business hub, via an integrated gas supply network.

According to Victoria, those supplies were not only cost effective, reliable, safe and cleaner than liquid fuel alternatives, they also provided the entire economy of Cameroon with stable energy.

In the same announcement, VOG confirmed it had chosen to extend the termination date of its farm-in agreement with rival Bowleven for the Bomono project to late September 2017.

ShoreCap described Bomono as "highly accretive and provides an excellent strategic fit for VOG as the company consolidates its dominant position in the Douala region".

Dik, expressed excitement about the deal reached with SNH, saying "I am delighted that we can now formally share our energy success story on a commercial basis with the Cameroon Government".

"Our team looks forward to building on the excellent working relationship we have with the SNH team and I thank and extend my gratitude to Mr Adolphe Moudiki, Executive General Manager of SNH for the contribution SNH has made to the oil and gas sector in Cameroon".

http://www.hl.co.uk/shares/aim-and-small-cap-news/aim-bulletin/cameroon-takes-stake-in-victoria-oil-and-gass-logbaba-project

Victoria Oil and Gas‏ @victoriaoilgas
22 seconds ago

‘VOG share price continues to rise for the second day of sustained buying ahead of the companies gas supply expansion programme’

https://twitter.com/victoriaoilgas

10 July 2017 
Victoria Oil & Gas Plc ("VOG" or "the Company")

Purchase of shares by Directors and change in PDMR Shareholdings 
 
Victoria Oil & Gas Plc announces that the following Directors of the Company have bought shares in the Company through the London Stock Exchange:

1.    Kevin Foo
2.    Ahmet Dik
3.    Andrew Diamond
4.    John Bryant
5.    Iain Patrick

***See link below for full details***

http://www.moneyam.com/action/news/showArticle?id=5582441

14 July 2017
 Victoria Oil & Gas Plc ("VOG" or "the Company")

Purchase of shares by Director and change in PDMR Shareholding
 
 
Victoria Oil & Gas Plc announces that Ahmet Dik, Director of the Company has bought shares in the Company through the London Stock Exchange as follows:

Bought 19,220
Total 948,749 (0.86%)

http://www.moneyam.com/action/news/showArticle?id=5585744

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