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
    

Video from the '121 investment conference' (above) which took place 30th-31st October 2017 and from their website have Kevin Foo presenting.

What we actual see is Laurence Reed doing the 10 minute presentation and Ahmet Dik taking part in the 'African Power panel':

10:10 am Victoria Oil & Gas Laurence Reed 10 minute Presentation

Laurence Reed Interview

and

African Power Panel-Ahmet Dik

General interest

Cameroon: 60,000 vehicles use the 2nd Wouri Bridge daily
November 02, 2017

The second Wouri bridge temporarily opened to traffic last October has a daily traffic of 60,000 vehicles per day, according to statistics compiled by the Urban Community of Douala (CUD) and which APA obtained a copy Thursday.



800 meters long, this bridge has five lanes, two sidewalks and a railway viaduct.

This density of traffic shows the importance of this road infrastructure not only in the Cameroonian economy, but also in that of the Economic and Monetary Community of Central Africa (CEMAC), as it is true that many goods leave the port Douala for the riparian countries, in particular the Central African Republic and Chad, which do not have a maritime facade.

Still, the figure of 60,000 vehicles contrasts sharply with that of the first bridge when it was built in 1954, and whose daily traffic was estimated at 2,000 vehicles.

And besides servicing the Bonaberi industrial zone (ZIB), and the upstream port of Douala, the second bridge over the Wouri regulates the activities in the Southwest region where is based the National Refining Company (SONARA), the regions northwestern, western and southwestern agricultural, not to mention a significant amount of goods to or from neighboring Nigeria.

With a total value of 139.5 billion FCFA, following an extension for additional facilities, this second bridge over the Wouri river, whose work was launched in November 2013, was initially financed to the tune of 120 billion FCFA, of which 86 billion francs of loans granted by the French Development Agency (AFD) and a share of 34 billion FCFA from Cameroon.

Cameroon makes significant strides in social services and infrastructure, new AfDB report shows
02/11/2017



As the most robust economy in Central Africa, Cameroon, has in the past decade taken steps to further boost growth, making major advances in providing health, education, and clean water, and launching an ambitious infrastructure investment programme to become a middle-income country by 2035, according to the AfDB’s Cameroon Country Brief released on 2 November 2017.

The report highlights the country’s efforts towards achieving this objective, with the Bank’s support, by aligning its development actions to AfDB High 5 strategic pillars.

“Progress has been impressive, but a big leap in business competitiveness is required, to create a more diverse, inclusive, regional economy,” said Simon Mizrahi, Director of the Delivery, Performance Management and results.

Light Up and Power Cameroon: With abundant sun, rivers, and natural gas reserves, Cameroon could potentially be an electricity exporter to the Central African Economic and Monetary Community (CEMAC). But for now, the country must address domestic power shortages, strong annual demand growth of 8%, and low electricity access in rural areas. As of next year, however, 2.7 million Cameroonians will have better electricity access, due to a national plan to expand production and transmission with AfDB’s support.

https://www.afdb.org/en/news-and-events/cameroon-makes-significant-strides-in-social-services-and-infrastructure-new-afdb-report-shows-17499/

Cameroon - Country results brief 2017
Publishing Date 02/11/2017

Description
Cameroon is the economic powerhouse of the Central African Economic and Monetary Community (CEMAC), accounting for nearly 40% of the region's gross domestic product (GDP). It has abundant natural resources, a diversified economic and industrial fabric and a prominent geographical location. With these potentialities, the country meets the challenges that arise on a daily basis and aims to reach the level of emerging countries by 2035. Produce and distribute more energy, modernize agriculture, develop the industrial sector, strengthening regional integration and improving the quality of life of Cameroonians by providing them with access to basic services are at the forefront of these challenges.

AfDB, one of Cameroon's first partners, has been supporting its development efforts since 1972 and has funded more than US $ 2 billion worth of projects.

The objective of this country brief on Cameroon is to present the country’s development progress over the past 10 years and AfDB’s contribution to the achievement of these results. In particular, the report focuses on the Bank’s High 5s: to light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality of life of the people of Africa. This report reviews these five priorities in the context of Cameroon using on a series of indicators from the AfDB Results Measurement Framework (RMF). Each of the first five chapters reviews one of the High 5s from the standpoint of Cameroon’s progress and more specifically in terms of AfDB support. Finally, Chapter 6 assesses how effectively the Bank manages its operations in Cameroon.

https://www.afdb.org/en/documents/document/cameroon-country-results-brief-2017-98639/

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

"The country also has substantial solar energy potential due to abundant sunshine in the north of the country, wind energy potential (Gulf of Guinea), and abundant natural gas reserves."

"The Bank is also financing a study on the Cameroon-Chad Interconnection Line, one of the biggest electric power infrastructure projects to be implemented in the
Economic Community of Central African States (ECCAS). This study will assist the Ministries of Energy of the two countries in laying the foundations for this major regional project."

"Similarly, the extension of the Dibamba thermal plants is planned (the environmental and social analyses are ongoing"

"Under the Bank’s 2015-2020 Country Strategy Paper (CSP) for Cameroon, the aim is to help Cameroon tap its vast potential, particularly in renewable energy, to increase its generation capacity so that it can become a major regional electric power actor as part of a regional energy market."

Cameroon - Country results brief 2017 (2.2 MB)

8th November 2017
Victoria Oil & Gas Plc

Logbaba Drilling Update - La-108 Reaches Target Depth and Encounters 84.5m of Net Pay

Victoria Oil & Gas Plc today is pleased to provide an update on the Group's drilling operations, which are managed by Gaz du Cameroon S.A. ("GDC"), a wholly owned subsidiary of VOG.

· Well La-108 has successfully reached target depth of 2,865m measured depth (MD)
· Indicated 84.5m net gas sand encountered in Upper and Lower Logbaba Formations, exceeding pre-drill expectations and significantly more than La-107 net sands
· Liner to be run and cemented to case off well to depth of 2,859m
· Flow tests planned and La-108 expected to be a producing well by end November

Logbaba Drilling Update

On 7th November, well La-108 has been successfully drilled to its planned TD of the 6" hole section at 2,865m MD (2,463 m TVD). The 4½" liner will now be run and cemented to case off the Logbaba Formation. The production completion will then be installed after which the rig will be released from the well.

Preliminary analysis of the La-108 logs indicates that 84.5m net gas sands have been encountered in the Logbaba Formation, exceeding pre-drill expectations with significantly more net sands than La-107, which encountered 58m of net pay and subsequently flow tested at 54 mmscf/d maximum flowrate through a 70/64ths inch choke.

The production test through the Logbaba production facility is expected to commence during November. This will mark the end of drilling operations for the two well Logbaba drilling campaign that started in November 2016.

The additional reserves from La-107 and La-108 will allow GDC to conclude longer term contracts with Douala based high-usage gas customers.

Ahmet Dik, CEO, said: "La-108 has now successfully reached target depth, which is an excellent result for the company with over 84.5m of net gas sands encountered. This net pay exceeds those of the successful La-107 well, brought into production during September. La-107 has already delivered us a significant increase in available gas supply and we look forward to releasing flow test results from La-108 by the end of November. Our objective is to build scale from our gas production, to be in a position to deliver gas to high usage customers. We estimate that there is demand for over 150 mmscf/d of gas in the Douala Basin and GDC is presently the sole provider to the region."

http://www.moneyam.com/action/news/showArticle?id=5734604

Victoria Oil & Gas reports very pleasing initial results from La-108
14:32 08 Nov 2017

Ahmet Dik, chief executive of Victoria Oil & Gas plc (LON:VOG), discusses with Proactive the better-than-expected initial results from the drilling of the La-108 well in Cameroon.

It was drilled down to a target depth of 2,865 metres and encountered some 84.5 metres of net gas intervals, across the upper and lower Logbaba formations – which exceeded expectations and is significantly more than the 58 metres seen in the successful recent La-7 well.

http://www.proactiveinvestors.co.uk/companies/stocktube/8341/victoria-oil-gas-reports-very-pleasing-initial-results-from-la-108-8341.html

1200 participants registered at the 2nd edition of the Cameroon investment forum
( APA 10/11/17)

Marthe Angeline Minja, General Manager of the Investment Promotion Agency (API)


APA-Douala (Cameroon) - More than 1,200 participants from local business and foreign companies from Africa, America, Asia and Europe have been participating since Thursday in Douala the second edition of the Cameroon Investment Forum (CIF), noted APA on the spot in the economic metropolis of Cameroon.

On the central theme "Linking project leaders and technical and financial partners for the promotion of local industry and investment attraction", it is a question for participants from state companies and institutions public, consular chambers, development partners, financial and banking institutions, economic operators and domestic and foreign investors, to seek ways and means to improve the business environment, with a particular focus on the new Master Plan of Industrialization (PDI).

In his speech, the Director General of the Investment Promotion Agency (API) Marthe Angélique Minja, recalled the development of an incentive framework for private investment, granting tax exemptions to companies as well during the investment phase. installation only production.

In this wake, she insisted, API has signed 134 partnership agreements with companies with investments projected at 3000 billion CFA francs for 47,000 direct jobs expected.

In any case, "Cameroon is a good risk for investors," said the IPA CEO, especially as it is a "dynamic process, a synergy that requires constructive consultation" She added.

While it is true that all sectors of the economy are concerned in this framework of incentives for private investment, in the said conventions, the focus is on the promotion of agribusiness, social housing and the chemical industry.

Opening the business forum on behalf of Cameroon's head of state Paul Biya, the Minister of Mines, Industry and Technological Development (MINMIDT) Ernest Gwaboubou, said the development of a new IDP in force since January 2017, is a framework "to promote the visibility and readability of the measures taken by the government for the promotion of business in Cameroon".

The objective being by 2025, to make Cameroon "the factory of the new Africa", "nurturer of the Economic and Monetary Community of Central Africa (CEMAC), the Economic Community of the States of the Central Africa (ECCAS), and Nigeria.

For forty-eight hours, business is about building and strengthening business partnerships through B to B and B to G meetings, thematic exchanges, panel discussions, exhibitions, and award ceremony at the investor ceremony.

Invest in Cameroon magazine reveals the country's public debt issues in its November 2017 issue
Friday, 10 November 2017

(Invest in Cameroon) - As every month, for the past 5 years, the new edition of the magazines Invest in Cameroon and Business in Cameroon has just been published. For this month of November 2017, this magazine in which beats the heart of the Cameroonian economy makes a big zoom on the public debt of the country, which is the subject of several debates.

What is the volume of this debt? Who are the main lenders in Cameroon? Why has the country fallen into debt with some speed in recent years? The answers to all these questions are contained in the file of the month.

Downloadable free of charge from the website www.investiraucameroun.com , the last issue of this magazine also gives an overview of local economic news with Célestin Tawamba, the new president of the Cameroonian Employers' Association (Gicam), the oldest and most important group of bosses in the country.

In this new edition, you will also find the latest national news in sectors as varied as public management; telecoms, including the Orange-Camtel dispute, and the reduction in MTN's subscriber base in the third quarter; industry; finance, with the appointment of Cameroonian Kammogne Fokam as focal point for Chinese investments in Africa; agriculture, energy, transport, infrastructure, etc.

http://www.investiraucameroun.com/media/1011-9768-le-magazine-investir-au-cameroun-revele-les-ressorts-de-la-dette-publique-du-pays-dans-son-edition-de-novembre-2017

This was published April/May 2017 and well worth a read with many articles relating to Globeleq (Dibamba Power Plant) along with Dangote and the general Energy mix for Cameroon:

Cameroon 2017

"Leading Edge Cameroon 2017 was born out of our conviction that Cameroon holds great potential as a destination for investment capital. With the largest and most diverse economy in the Central African Economic and Monetary Community (CEMAC), the nation exhibits immense, untapped sources of wealth across multiple sectors. We have been honoured to meet first-hand with government officials and industry heavyweights in the country, a welcoming microcosm of Africa with its ethnic, linguistic and geographic diversity comparable to that of the continent at large.

This, our inaugural Cameroon guide, is the first in a planned series that will delve deep into the country’s competitive advantages for investment. In this edition, we get the ball rolling with three of the most important sectors: energy, agriculture, and water and sanitation."

Globeleq

"And the government has just confirmed that it is to go ahead with a project to extend production at Dibamba by some 200MW. We are fully on board and prepared to take these projects further, as we enter into new agreements with the government of Cameroon.

In terms of our progress so far, in both cases we have had nothing but positive feedback from all stakeholders.We have already built the new engines for Kribi Power Station, which are currently in Italy awaiting transportation to Cameroon. The final stage will be the supply of gas, which is an issue that we are still discussing with the Cameroonian national oil and gas company,Société Nationale des Hydrocarbures (SNH).

As far as Dibamba is concerned, here we see an exciting opportunity to introduce a completely new technology in Cameroon. We would like to implement the combined cycle. This technolgy is an assembly of heat engines that work in tandem from the same source of heat, converting it into mechanical energy, which in turn drives electrical generators. It would represent an innovative means of producing energy for Cameroon. We are engaged in ongoing discussions with the government in terms of these new developments and agreements. We have a clear and shared goal which is to work together in partnership to drive economic growth and help meet the objectives of the 2035 initiative — to transform Cameroon’s economy."


A simple energy equation

The Government of Cameroon’s Vision 2035 strategic development plan recognises that “the energy production situation in Cameroon is characterised by volatile and unequal supply for a growing demand”. In its plan, the government has pledged to offset the energy deficit by acting across four areas: “Improving the production of electricity by better exploiting hydroelectric and gas potential; increasing the exploration and exploitation of oil resources; exploiting alternative sources of energy; expanding and modernising transport and distribution infrastructure.” The plan also states that “the energy sector will be one of the main areas where there will be partnerships between the state and the private sector”.



Information regarding Combined Cycle Power Plants

https://www.gepower.com/resources/knowledge-base/combined-cycle-power-plant-how-it-works

https://www.energy.siemens.com/br/en/industries-utilities/power/processes/combined-cycle.htm

13 November 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")

Result of General Meeting ("GM")

On 25 October 2017, Victoria Oil & Gas Plc (AIM: VOG) announced the successful completion of a proposed placing and subscription with new and existing shareholders, raising gross proceeds of US$23.5 million (£17.78 million). The Company also proposed to raise up to US$3.0 million (£2.25 million) by way of the Open Offer. The Fundraising, comprising a Placing of 30,893,660 Placing Shares, a Subscription of 294,096 Subscription Shares and an Open Offer of up to 3,948,991 Open Offer Shares, was conditional upon, inter alia, the passing of the Resolutions at the General Meeting.

Full details of the Fundraising were set out in the circular dispatched to Shareholders on 26 October (the "Circular").

General Meeting

The Company is pleased to announce that, at the General Meeting held this morning, all of the resolutions that were proposed in the Notice of General Meeting, were duly passed.

Open Offer

Under the Open Offer, Qualifying Shareholders were able to subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 28 Existing Ordinary Shares held on the Record Date (being 24 October 2017). The Open Offer closed for acceptances at 11.00 a.m. on 10 November 2017.

The Open Offer Shares were not placed subject to clawback nor were they underwritten. Qualifying Shareholders applied for, in aggregate, 2,073,700 Open Offer Shares pursuant to their Open Offer Entitlements and all Qualifying Shareholders who validly applied for Open Offer Shares pursuant to their Open Offer Entitlements will receive the full amount of Open Offer Shares for which they applied.

As a result, 1,875,291 Open Offer Shares were available under the Excess Application Facility and valid acceptances were received in respect of 1,226,510 Excess Open Offer Entitlements. Accordingly, each Qualifying Shareholder applying for Excess Open Offer Entitlements will receive 100 per cent. of their excess application pursuant to the Excess Application Facility.

Accordingly, the Company has received valid acceptances in respect of 3,300,210 Open Offer Shares from Qualifying Shareholders, which represents 83.57 per cent. of the Open Offer Shares offered.

Admission
Application has been made to the London Stock Exchange for up to 35,136,747 New Ordinary Shares to be admitted to trading on AIM pursuant to the Fundraising. It is expected that Admission will occur at 8.00 a.m. on 14 November 2017.

Following Admission, the Company's total issued share capital will comprise 145,059,728 Ordinary Shares with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the FCA's Disclosure and Transparency Rules. The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions declared.

Interests in Ordinary Shares
The Directors' interests following completion of the Fundraising are as follows:

***via link below***

http://www.moneyam.com/action/news/showArticle?id=5740933

15 November 2017
Victoria Oil & Gas Plc ("VOG" or "the Company")

Director Subscription and change in PDMR Shareholdings

http://www.moneyam.com/action/news/showArticle?id=5743475

LINK-Historic Shareholder Information

Securities in Issue
Number of shares in issue: 145,059,728
Percentage of shares not in public hands: 3.26%
Free Float: 96.74%

Holdings of Significant Shareholders
As of November 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:

Forest Nominees Limited (GC1)---------6,635,305-------4.574%
Majedie Asset Management Ltd---------6,154,761-------4.243%

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

UBA Assisting Cameroon in Its Development Drive
November 20, 2017

"UBA better understands the need for an economy to have available energy needed for development and the wellbeing of people.

The Bank did not hesitate to make available US$ 12,500,000 (over 7 FCFA) to Gaz Du Cameroun to finance its 2017 capital expenditure program.

The amount which cover the sum required for the project will be used in laying more pipes, connection of customers, production enhancements, expansion of gas plant, amongst others.

Part of the production is meant for power grid to enable the plant increase Cameroon’s power generation capacity.

The other part is meant to help companies operate by replacing fuel with gas."

Translated via Google:

Kribi Power Development Company reveals Eneo's payment arrears have reached a "critical threshold"
Wednesday, 22 November 2017

(Invest in Cameroon) - Kribi Power Development Company SA (Kpdc), a company controlled by Globeleq which operates the Kribi plant, confirms that it has had to reduce the production of the 100 MW plant since 1 November 2017, more " The increase in the arrears of payment of electricity supply bills to its sole customer Eneo Cameroon ".

In the words of Kpdc CEO Hans Francis Simb Nag (photo), the arrears of Eneo, a subsidiary of Britain's Actis, have reached " a critical threshold ". Mr. Simb Nag does not give a precise figure. The DG adds: " the depletion of the resources necessary for the operation of the plant, no longer allows Kpdc to finance its operations adequately ".

Kpdc said it continues to work closely with Eneo and the Cameroonian government to find a solution to the crisis affecting the entire power sector. The company is ready to restore the usual level of production of the Kribi gas plant as soon as a satisfactory solution to the problem of arrears is found.

On the side of Eneo, authorized sources explain that the financial challenges of the company are related to the fact that the State also owes him an amount of 100 billion FCFA.

http://www.investiraucameroun.com/electricite/2211-9835-kribi-power-development-company-revele-que-les-arrieres-de-paiement-deneo-ont-atteint-un-seuil-critique

Translated via Google:

Eneo announces rationing of electric power throughout the north of Cameroon
Thursday, 23 November 2017



(Invest in Cameroon) - The electrician Eneo Cameroon informs that the continuous supply of the electrical service is disrupted in the North Network interconnected (RIN) of the country. Thus, all the northern part of Cameroon is experiencing load shedding: Adamawa, North and Far North.

" Due to the increased demand for electric power in recent weeks, and the lowering of the water level at the Lagdo hydroelectric dam, the current production capacity is not enough to cover the demand, " says Eneo. The concessionaire of the electricity sector adds: " Therefore, the localities of the RIN will experience temporary interruptions of supply of electric power from 2 to 3 days maximum per week, in the hourly slots going from 06h to 22h ". In order to manage this low water period, Eneo announces that it will establish a rotating energy distribution program.

To end the power cuts in the RIN, the Cameroonian government must rehabilitate the aging Lagdo hydroelectric power station (72 MW) commissioned in 1983. In May 2017, the Minister of Water and Energy, Basile Atangana Kouna had indicated that it had commissioned a complete rehabilitation study of the plant, with the option of increasing its capacity from 72 MW to 80 MW. The estimated cost of this operation is 100 billion FCFA.

http://www.investiraucameroun.com/electricite/2311-9845-eneo-annonce-le-rationnement-de-lenergie-electrique-dans-tout-le-septentrion-du-cameroun

AfDB supports Cameroon’s Economic reforms with €180 million loan
23/11/2017

The African Development Bank Group’s Board of Directors has approved a loan of €180 million to the Republic of Cameroon to finance the first phase of the government’s Competitiveness and Economic Growth Support Programme (PACCE).

PACCE is the first of a three-year programmatic general budget support operations to be implemented from 2017 to 2019 in order to shore up public finances in the wake of dwindling oil prices exasperated by security and related humanitarian challenges within the country and across the CEMAC region.

“The program aims at preserving macroeconomic and budgetary stability and contributing to laying the foundations for robust, resilient and inclusive economic growth by improving the public finance management framework and strengthening the governance and competitiveness of productive sectors (transport, energy and agriculture),” Ousmane Dore, Director General of the Bank’s Central Africa Hub said while presenting the project to the Board.

The reform package of this operation is organised around two interdependent and complementary components: (i) streamlining the public finance management framework; and (ii) strengthening the governance and competitiveness of productive sectors. Both components are expected to help streamline the public the finance management framework, reinforce macroeconomic stability, create fiscal space, as well as prioritize public investment projects and stimulate growth.

Furthermore, the program’s focus on enhancement of governance and competitiveness of productive sectors is expected to reduce production costs, particularly in transport and electricity. This will help attract private investments and stimulate growth through the development of agro-industry and fiscal consolidation measures.

Leveraging funding for agriculture, electricity and transport sectors will significantly accomplish the Bank’s High 5 priorities including the improvement of the quality of life of the population. The programme is aligned with the two pillars of the 2015-2020 Country Strategy Paper with regards to strengthening infrastructure for inclusive and sustainable growth; and strengthening sector governance to ensure the efficiency and sustainability of transformative investment programs. It is aligned with the Bank’s 2013-2017 Private Sector Development Strategy, among others.

In approving the program, Board members were convinced that providing support to Cameroon, the economic giant of Central African Economic and Monetary Union (CEMAC) zone, PACCE will impact the entire sub-region, which is perfectly in line with the strategy defined in December 2016 by the Heads of State of CEMAC member countries and the managers of regional institutions. The overarching objective for the region is to achieve: (i) sustained public finance re-adjustment; (ii) restoration of sound monetary policy; and (iii) launching of major structural reforms to support economic diversification.

https://www.afdb.org/en/news-and-events/afdb-supports-cameroons-economic-reforms-with-eur180-million-loan-17589/

1 December 2017
Victoria Oil & Gas Plc

Logbaba Drilling Update - La-108 Well Completion

Victoria Oil & Gas Plc today provides an update on the Group's drilling operations, which are managed by Gaz du Cameroon S.A. ("GDC"), a wholly owned subsidiary of VOG.

· Liner has been run and cemented to case off well to depth of 2,859m
· Flow tests planned and La-108 expected to be a producing well by mid-December

As previously announced, well La-108 was successfully drilled to its planned Target Depth (TD) of the 6" hole section at 2,865m Measured Depth (MD) (2,463m TVD) on 7 November.

After reaching TD, the drilling rig experienced electrical problems that delayed progress by 14 days. The problems have been rectified and the 4½" liner has been run to TD and cemented in place. Current operations involve installation of permanent production equipment in the well.

As soon as the completion equipment is run the drilling rig will be skidded off La-108 and released. The production tree will then be installed and the well perforated and flow tested prior to connecting it to the Logbaba gas processing facilities. Preliminary analysis of the La-108 logs indicates 84.5m of net gas sand in the Logbaba Formation.

The flow testing is expected to commence during December and the well will then be put on production around mid-December.

http://www.moneyam.com/action/news/showArticle?id=5764395

Victoria Oil & Gas preparing latest Logbaba well for production
15:20 01 Dec 2017

The recently drilling La-108 well is expected to be in production by mid-December



Victoria Oil & Gas PLC (LON:VOG) has completed drilling operations for the La-108 well at the Logbaba gas field in Cameroon, after electrical problems were rectified.

A production tree will soon be installed prior to testing and the production well’s start-up, the company said in a statement on Friday.

READ: Victoria Oil & Gas reveals better-than-expected Logbaba-8 well result

The company expects to start flow testing during December, with production due to start by mid-December.

In a note to clients today, analysts at joint house broker Shore Capital commented: “As the dominant gas producer in the Douala region, VOG is targeting delivery of 100mmcfd by the end of 2021 and, ahead of the release of flow test results from La-108, we continue to believe that VOG is superbly positioned to achieve this objective, given the strong results currently being achieved at the flagship Logbaba field.”

http://www.proactiveinvestors.co.uk/companies/news/188101/victoria-oil-gas-preparing-latest-logbaba-well-for-production-188101.html

Translated via Google:

Cameroon: The La-108 gas well is expected to go into production in the next two weeks
Friday, 01 December 2017

(Invest in Cameroon) - Friday, Gaz Du Cameroun (GDC), the local subsidiary of British junior Victoria Oil & Gas (VOG), announced that it plans to launch production on its La-108 gas well, mid-December. The announcement was made in an update relayed on Energy Pedia .

This well had been the subject of a major discovery in early November 2017. The production tests should start before the end of the first week of December and be completed before the start of production, says the company that had planned, previously , that they would be cordoned off at the end of November.

In any case, the company has specified that the flow of La-108 will be greater than that of the La-107 well, which is 54 million cubic meters per day. La-107 went into production at the end of last September.

After testing, La-108 will be connected to Logbaba's gas processing facilities.

In addition, the document indicated that a 4½-inch coating was installed at the target depth of 2865 meters and that the well was cemented. Operations are underway to prepare the installation of production equipment in the well.

Once this step is completed, the drilling platform will be returned to the owner.

Translated via Google:

On a total debt of about 100 billion FCfa, the Cameroonian state makes a 15 billion FCfa advance to the electrician Eneo
15th December 2017



(Invest in Cameroon) - The Ministry of Finance has recently released, in favor of Eneo, the concessionaire of the public electricity service in Cameroon, a sum of 15 billion CFA francs, as an advance on its estimated debt to about 100 billion FCFA, we learn from sources close to the case.

The electricity generation and distribution company has, according to our sources, immediately dispatched this envelope to its own suppliers, with whom it is heavily indebted.

These include the petroleum distribution company, Tradex, of the National Refining Company (Sonara) - two companies that often supply thermal power plants with fuel - and especially the company Kpdc, owner of the gas plant. Kribi whose production capacity has been reduced by 100 MW (out of 216 MW), since last November, because of the heavy debt of the main client that is Eneo.

As a reminder, the State's outstanding payments to Eneo represent both the consumption of electricity billed to the State and its dismemberments, as well as the shortfall accumulated over the last several years (since 2012, the tariffs electricity is blocked, whereas according to the concession contract, they must be readjusted each year, according to the investments made by the concessionaire).

http://www.investiraucameroun.com/electricite/1512-9974-sur-une-dette-globale-d-environ-100-milliards-fcfa-l-etat-camerounais-fait-une-avance-de-15-milliards-fcfa-a-l-electricien-eneo