this will go soon. 2p was 46p now with good news

Not good news ..........Long wait on this I feel now!

News Report on Victoria Oil and Gas

Victoria Oil and Gas (LON:VOG) Today's update provides some disappointment in the first instance but presents ground reality of the Cameroon gas market. Gas being the new source of energy in the country, Victoria has set development of "From Well Head to Burner Tip" gas infrastructure as its first priority. Against this backdrop, the Company has revised 2012 year end gas production forecast to 5.0mm cfpd from 8.0mm cfpd. Importantly it maintains production forecast of 20mm cfpd by the end of 2013. The current market in Douala does have sufficient demand (44.0mm cfpd) to warrant lifting entire peak plateau gas production. However regional industrial growth has been hampered by the lack of availability of reliable electricity. Consequently, and in order to grow demand and production, VOG is also working with the government and industrial customers to set up onsite new gas fired power plants. Management announced that it has signed two Letters of Intent ('LOIs') for power generation for 2012 which we believe is a significant achievement given gas demand from Independent Power generation units are essential for growing production beyond 20mm cfpd. The Logbaba project will be cash positive in October 2012 implying sales of less than 3.6mm cfpd as breakeven point. We estimate net free cash flow in excess of $1bn over the life of the Logbaba project. On West Medvezhye - the Company announced that it has received approval from Russian Ministry of Natural Resources for Early Production Scheme from Well 103 which has 'C1 plus C2' reserves of 14.4 mmboe. In this news:

Logbaba Highlights:

Continuous production operations at Logbaba of 1.0 mmscf/d

Focus on installations and new customers around the existing Phase 1 pipeline before completing Phases 2 and 3

17 thermal Gas Sales Agreements ('GSAs') signed

13 on-site Power Generation Proposals offered totalling 29MW (5.5mmscf/d)

Two Letters of Intent ('LOIs') signed for power generation for 2012

Total gas production forecasts revised to reach 5.0 mmscf/d by the end of 2012

West Medvezhye Highlights:

Early Production Scheme at West Medvezhye approved by Ministry of Natural Resources; Award of the drilling design project to CJSC Tyumennipineft

Two well drilling programme to be postponed until Q4 2013

Farmout partner being sought to facilitate a free carry for VOG through the next drilling programme

This is what I like.....Fighting Talk from The CEO!


Foo comes out fighting for Victoria Oil & Gas




By Darshini Shah | Thu, 16/08/2012 - 09:54






Shares in Victoria Oil and Gas (VOG) jumped almost 9% after chairman Kevin Foo stressed that the company had "huge upside" in the coming months.

In a letter to shareholders, Foo said that he understood their frustration with the share price, which has halved since the peak in March.

"We have witnessed a very difficult and volatile period for the markets in recent months, the worst I have seen in my career," Foo said. "I understand and share your frustration with our share price but I believe that we have passed the inflection point and with continuous production from Logbaba and positive cash flow expected in November this year, we can now see the huge upside that this company offers."

At Logbaba, Cameroon, Victoria confirmed continuous production operations of one million standard cubic feet per day (mscfpd), adding that its focus was on installations and new customers around the existing phase 1 pipeline before completing phases 2 and 3.

However, the company revised its total gas production forecast to reach five mscfpd by the end of 2012, down from eight mscfpd.

"Today's update provides some disappointment in the first instance but presents ground reality of the Cameroon gas market," said analysts at FoxDavies. "Gas being the new source of energy in the country, Victoria has set development of "from well head to burner tip" gas infrastructure as its first priority.

"Importantly, it maintains production forecast of 20 mscfpd by the end of 2013."

The company has signed 17 thermal gas sales agreements, along with two letters of intent for power generation for 2012, which broker FoxDavies said was a "significant achievement", given that gas demand from independent power generation units were essential for growing production beyond 20 mscfpd.

Victoria Oil and Gas has become the first onshore gas and condensate producer in Cameroon supplying the industrial market in the city of Douala. While the current market in Douala does have sufficient demand of 44 mscfpd to warrant lifting entire peak plateau gas production, regional industrial growth has been hampered by the lack of availability of reliable electricity. Consequently, and in order to grow demand and production, the company is also working with the government and industrial customers to set up onsite new gas fired power plants.

The Logbaba project will be cash positive in October 2012, implying sales of less than 3.6 mscfpd as breakeven point. FoxDavies estimated that the net free cash flow would be in excess of $1 billion (£0.6 billion) over the life of the Logbaba project.

At West Medvezhye, Russia, the company announced that it has received approval from Russian Ministry of Natural Resources for an early production scheme from Well 103 which has C1 (reserves tested and lie within proven and probable) plus C2 (reserves contiguous to C1 and substantiated by geological data and lie within probable, possible and contingent) reserves of 14.4 million barrels of oil equivalent (mmboe).

However, the two-well drilling programme is to be postponed until the fourth quarter of 2013. The company is also seeking a farm-out partner to facilitate a free carry through the next drilling programme.

"I am confident our company's maturity level and investment profile will be significantly enhanced by the end of the year," Foo stated. "The markets will eventually improve but in the meantime, we will continue to market the Victoria Oil and Gas story and look to raise awareness with institutions and funds about the value proposition and exciting outlook both in Cameroon and Russia."

.........Must be working.........Shares climing again = 5.3%

Sector peer Victoria Oil & Gas (LON:VOG) predicted this week that its Logbaba gas project in Cameroon’s second city, Douala, will be cashflow positive in October, while the group as a whole will reach this financial position a month later.

VOG ships gas from the project to industry in the area via a pipeline, which is being developed in three phases, with the first of those already complete.

So far VOG has continuous production of 1 million standard cubic feet a day and expects that figure to rise to 5 million by the year-end, which represents a downgrade from the previously forecast 8 million standard cubic feet.

However this appears simply to be a timing issue as chairman Kevin Foo is confident of reaching the next landmark of 20 million cubic feet of gas by the end of 2013.

The company will focus on plugging users into the existing pipeline before then moving into the second and third expansion phases, Foo said in a letter to investors.

Certainly, demand seems to be there. The company reported it has signed 17 thermal gas agreements and 13 proposals for onsite power generation have also been made, which would use the equivalent of 5.5 million cubic feet of gas a day. Two letters of intent have been signed for power generation 2012

still can not understand the price
mike

foo has conned the shareholders so often that they are rightly disinclined to trust him now

Don't understand it myself mike. I think I said I bought in after years of being out for 3p and all it has done is go down since. So be it not a great loss but still a loss and with what we would suggest good news!!

market cap £66m they certainly need to sell a load of gas.

Foo think we are fools.



Victoria Oil & Gas' Cameroon gas business remains an astounding opportunity, says Kevin Foo " - Pro


Victoria Oil and Gas Plc

Today at 3:57 PM


Proactive Investors published a new article about VOG today View this email in your browser



Proactive Investors new article:
Victoria Oil & Gas’ Cameroon gas business remains an astounding opportunity, says Kevin Foo

Victoria Oil & Gas’s (LON:VOG) last trading update was notable for chairman Kevin Foo’s mea culpa as he took full responsibility for missing “a number of deadlines and targets”.

But as the group approaches some important, value-crystallising milestones, he is unashamedly bullish about the long-term potential of the company’s gas operation in Cameroon.

“We will be fairly careful of making bold, arm-waving projections in the future,” said the chairman after the group failed to meet some fairly punchy production guidance.

“Nevertheless the fundamentals remain the same and this is an astounding opportunity.”

In fact, what VOG has done in the past-three-and-a-half years would, in normal circumstances, be applauded.

It has drilled two wells on the Logbaba gas condensate field within Cameroon’s largest city, Douala; built its own pipeline, and is in the process of weaning local businesses off expensive and dirty diesel or heavy oil and onto cheaper, cleaner gas.

This has involved laying its own 22-kilometre pipeline, which will expand by a further five kilometres by the year-end, and importing the generators required to power local plants and factories.

It has done this in the face of some of the most difficult funding conditions for growth companies.

Where the group has fallen down is over-promising and under-delivering when it has come to hooking businesses up to its new, expanding gas network.

Not that the locals are eschewing the benefits VOG’s gas has to offer – far from it. It is simply taken a little longer to turn from contacts on paper to gas flowing than had been anticipated.

The latest stock market missive from Victoria is a case in point. The headline suggests, rightly, that the group will miss a short-term production landmark of 12mln standard cubic feet of gas a day.

But if you delve more deeply into the body of the text you realise this is the result of delays at the customer’s end, rather than a lack of demand for the gas.

In fact, there are three contracts that had they occurred when first slated would have utterly transformed VOG’s performance, and when they do materialise they will turn the AIM-listed group into a cash generative, profitable business, making a mockery of the current share price.

“The projection of 12mln standard cubic feet of gas a day was based on all manner of discussions with customer and projections,” said Foo.

“Yet suddenly we have 8-8.5mln scuffs (standard cubic feet) that are not there, but will be in the first quarter of next year. All [the delays] are due to delays on their own projects.”

The last update revealed production of 2.4mln standard cubic feet a day, although this is set to increase to 2.9mln in the next few weeks when its latest customer, a local brewer, is hooked up.

And this is a crucial juncture for the local company RDL as it’s the point it hits break-even.

Beyond 4mln standard cubic feet a day the group can claim to be cash generative, hopefully putting the challenging times behind it.

The current backlog of projects, including a large foundry, cement plant, power station and river crossing, will add a further 9.6mln standard cubic feet a day of production that will transform the company’s revenue and earnings line.

“With a significant infrastructure installed, it [VOG] is set to benefit from positive operational gearing as the ramp up is progressed,” said Andrew McGeary, analyst at City broker Northland Capital.

As well as production landmarks, there are a couple of other potential share price catalysts in the pipeline, analysts say.

Investors are looking out for an update on the group’s highly prospective West Med oil and gas assets in Russia after running what it called a “limited auction” following a strategic review by Renaissance Capital.

And there is the promise of a ruling on the International Chambers of Commerce arbitration case involving RDL and former partner RSM, which is due by the end of the month.

A favourable decision would see RDL maintain its 95% interest in Logbaba. However, even an adverse judgement would be “neutral” for RDL and its parent Victoria, says Northland’s McGeary.

That’s because RSM will have to stump up US$20mln to cover missed cash calls and allow RDL to recover a further US$65mln of drill costs.

“On those projections it will be the end of 2016 before they [RSM] sees much money from us at all,” said chairman Foo.

The major pre-occupation among investors (who can sometimes be quite vociferous on the bulletin boards), is not the outcome of the arbitration but the direction of the share price.

However, as a major shareholder Foo has suffered as the stock has declined and diluted as VOG has raised much needed funds to get the Logbaba project over the finish line.

“Our duty is to get the share price up,” said Foo. “My average price is 6p – so it would be nice in the short-term to get it back there.

“The fundamentals are the same as they have ever been. We are the only game in town in terms of a gas play; we are hooking up customers and within a month we will be cash break-even.

“A couple of months after that we will be in profit. What we have achieved so far in Cameroon has been outstanding.”

To read the article on Proactive Investors click here


For further information visit www.victoriaoilandgas.com


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http://www.ogj.com/articles/print/volume-111/issue-11a/general-interest/victoria-expands-cameroon-industrial.html

Hiya mate :-)

What times choir practise ?

Ffs buy something tidy :-)

big buys today this will double before xmax

ICC International Court of Arbitration Award
RSM Production Corporation (U.S.A.) vs VOG and Rodeo Development Ltd ('RDL')
The Company announces that the Secretariat of the International Chamber of Commerce ("ICC") has informed it that, pursuant to Article 24(2) of the Rules of Arbitration, the ICC International Court of Arbitration has extended the time limit for the above case until 31 December 2013.

Oi Lambert ... which fecking Christmas ????

i cant belive my cost was 305 and bought some more to reduce to 180 and still its going down despite having income coming in , if you know why this happening dec 31st is due to annuale report and same day icc court hearimg?????????? hope it go up rather than going down

12 December 2013



Victoria Oil & Gas Plc

('VOG' or 'the Company')



ICC International Court of Arbitration Award



RSM Production Corporation (U.S.A.) ("RSM") vs VOG and Rodeo Development Ltd ("RDL")



The Company announces that the Secretariat of the International Chamber of Commerce ("ICC") has informed VOG, late last night, that it has reached a decision in this matter (the "Award").



However, until that review is complete, the Company will not be in a position to issue an RNS (the "Award RNS") clarifying the position. Accordingly, the Company has agreed that the Company's stock will be suspended from trading on AIM until the Award RNS is released.

The Company announces that the Award in the ICC Arbitration proceedings brought by RSM has now been handed down to the parties. Whilst numerous RSM claims were either withdrawn or rejected, the Tribunal has determined that the cure period for RSM's "unequivocal default" should have been 30 days and not the 15 days contended for by the Company. Consequently the automatic contractual forfeiture of RSM's interest in the Concession has not been upheld.

Commenting on the Arbitration Kevin Foo, Chairman, of Victoria Oil and Gas; "We had a dispute with RSM and it is now resolved. The Company now has a contributing partner responsible for 40% share of all costs going forward and who is obliged to pay an outstanding cash call of approximately $4 million. Additional cash calls of approximately $20m are also due to be issued imminently. Under Agreements with RSM, RDL expects to recoup the majority of its $65m capital expenditure on wells 105 and 106 before any profit distribution is due to RSM. Furthermore, VOG's subsidiary RDL is entitled to apply for an additional 44 sq. km area exploration area that borders our existing 20sq km Exploitation License on three sides."

http://www.moneyam.com/action/news/showArticle?id=4724313

VICTORIA OIL & GAS PLC
The trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 13/12/2013 8:45am, an announcement having been made.

http://www.youtube.com/watch?v=q_4Hq-46hPw&feature=youtube_gdata_player