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
    

5 January 2018 @ 16:31

Victoria Oil & Gas Plc

Gas Supply Contract with ENEO Not Extended

Victoria Oil & Gas Plc ("the Company") announced on 26 June 2017 that it had extended a 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, whilst negotiations to agree a new long-term contract continued.

ENEO has informed Gaz du Cameroun S.A. ("GDC") that it is not currently in a position to extend the gas supply agreement and has ceased taking gas from GDC. ENEO is actively discussing potential solutions to this situation with the Government of Cameroon and the Power Regulator in Cameroon. VOG believes this is a temporary issue and expects a resolution in the short to medium term.

ENEO has advised the Company that it faces considerable uncertainties in terms of generation costs that can be passed on as tariffs to end users, large payment arrears from the Cameroon Government and doubts over long term power payment security. Until such issues are resolved, the Company does not believe that ENEO will be able to underwrite the financial aspects of the extension of the contracts with GDC and Altaaqa Global Solutions ("Altaaqa"); the providers of the gas fired generators, or enter into long term financial commitments at this time. ENEO has advised that it is very pleased with the service provided by GDC and Altaaqa and that the suspension is as a result of factors beyond GDC's and Altaaqa's control.

Whilst the suspension of the ENEO supply will clearly directly affect GDC in the short term (it represents an estimated 53% of Logbaba project gas sales revenues for the year ended 31 December 2017), the Company supplies gas to a diverse customer base and will continue working with these customers and other investors in the region to place the newly available gas.

ENEO currently owes GDC approximately $8.7 million gross, which the Company expects will be paid in due course.

As a result of ENEO ceasing to take the gas from VOG, the Company will immediately undertake an assessment of the Company's capital projects and its wider budget and cash flow forecasts, in order to best position the Company to deal with this outturn. The Company intends to provide a comprehensive update of 2017 performance and outline the strategy for 2018, later this quarter.


Ahmet Dik, CEO of VOG commented, "Cameroon has a very important industrial hub in Douala that has seen significant growth and cross border investment over the last five years, both into manufacturing and the power sector.

We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.

Cameroon is an area that is in critical need of more power, with an estimated demand in excess of 150mmscf/d of gas in the Douala basin. We remain focused on increasing thermal customer demand in Douala whilst also continuing to supply gas to our 30 other customers, building non-grid solutions for its industrial customers and advancing the compressed natural gas business whilst maintaining our strong position as the sole provider to the region."

http://www.moneyam.com/action/news/showArticle?id=5805688

I don't hold VOG but I have considered it a few times. I think the company has done well getting into production and can't be blamed for the current situation. It did the right thing in releasing the information when it did and has taken sensible holding actions in the meantime. Good luck to all holders. There may be some panic selling come Monday but I suspect the price will recover somewhat over the coming weeks. May even buy some myself if I consider the selling over done.

Victoria Oil & Gas hit as major gas customer deal expires
08:09 08 Jan 2018

“VOG believes this is a temporary issue and expects a resolution in the short to medium term.”



Victoria Oil & Gas plc (LON:VOG), in a statement after Friday’s market close, revealed that an arrangement with one of its gas customers in Cameroon has expired.

The company told investors that ENEO Cameroon informed VOG subsidiary Gaz du Cameroun (GDC) that it is not currently in a position to extend a gas supply agreement which expired at the end of 2017, and as such the customer has stopped receiving gas from the company.

“ENEO is actively discussing potential solutions to this situation with the Government of Cameroon and the Power Regulator in Cameroon,” VOG explained.

“VOG believes this is a temporary issue and expects a resolution in the short to medium term.”

“ENEO has advised the company that it faces considerable uncertainties in terms of generation costs that can be passed on as tariffs to end users, large payment arrears from the Cameroon Government and doubts over long term power payment security.”

VOG added that it does not believe ENEO will be able to underwrite the financial aspects of a contract extension at this time.

ENEO had been taking some 53% of the gas from VOG’s Logbaba field, and as such the AIM-quoted company noted that the suspension of supply to ENEO would “clearly directly affect GDC in the short term” though it added that the remainder of its customer base is diverse and it continues to work with those customers to place newly available gas.

VOG has been advancing new drilling to expand its supply capacity in Cameroon, with the recent La-108 well at Logbaba beating expectations.

The company added that ENEO currently owes GDC some US$8.7mln gross, and it said it expect to be paid in due course.

It is now anticipated that VOG will immediately carry out an assessment of the Company's capital projects and its wider budget and cash flow forecasts, in light of the ENEO news.

VOG told investors that it will update on its 2017 performance and its strategy for 2018 later in the current quarter.

Ahmet Dik, VOG chief executive, said: “Cameroon has a very important industrial hub in Douala that has seen significant growth and cross border investment over the last five years, both into manufacturing and the power sector.

“We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.”

Dik added: “Cameroon is an area that is in critical need of more power, with an estimated demand in excess of 150mmscf/d of gas in the Douala basin.

“We remain focused on increasing thermal customer demand in Douala whilst also continuing to supply gas to our 30 other customers, building non-grid solutions for its industrial customers and advancing the compressed natural gas business whilst maintaining our strong position as the sole provider to the region."

http://www.proactiveinvestors.co.uk/companies/news/189637/victoria-oil-gas-hit-as-major-gas-customer-deal-expires-189637.html

Electrician Eneo suspend supplies from Gaz du Cameroun
Monday, 08 January 2018


(Invest in Cameroon) - Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), a British company that markets gas produced on the Logbaba field in the Littoral region of the country, announced on 5 last January to have been notified of the decision of Eneo to suspend its gas supply on behalf of the Logbaba plant (50 MW).

The concessionaire of the public utility of electricity in Cameroon was brought to make this decision, one learns in an official communique of VOG, because of the costs and, especially, of its financial difficulties which are consecutive to a debt of approximately 100 billion CFA francs claimed from the state.

From sources internal to the company, the half-masting of the Logbaba gas power plant, following the suspension of gas supplies from GDC, will have no impact on the balance between supply and demand for electricity in Cameroon.

"Logbaba is a temporary source, which is made not to last. This plant was an emergency solution, pending the commissioning of the Lom Pangar and Memve'élé dams. Lom Pangar is already there and can handle the situation, despite a slight drop in the water level recorded in its reservoir in 2017, "says an authorized source.

https://translate.google.co.uk/translate?hl=en&sl=fr&u=http://www.investiraucameroun.com/&prev=search

There may be long term silver linings for Victoria Oil & Gas - expert
15:08 08 Jan 2018

“Whilst losing 53% of one’s business overnight is hardly business school protocol, longer term there is much to be gained from this move,” Malcolm Graham Wood said in a note.



Looking at the longer term picture, oil companies expert Malcolm Graham Wood reckons there may be some positives to glean for Victoria Oil & Gas plc (LON:VOG) which, for the short-term at least, has lost its largest customer.

VOG, in a statement after market close on Friday, told investors that an arrangement with one of its gas customers in Cameroon has expired. ENEO Cameroon, the customer, informed VOG subsidiary Gaz du Cameroun (GDC) that it was not in a position to extend a gas supply agreement which expired at the end of 2017, and as such the customer has stopped receiving gas from the company.

“ENEO is actively discussing potential solutions to this situation with the Government of Cameroon and the Power Regulator in Cameroon,” VOG explained. “VOG believes this is a temporary issue and expects a resolution in the short to medium term.”

“ENEO has advised the company that it faces considerable uncertainties in terms of generation costs that can be passed on as tariffs to end users, large payment arrears from the Cameroon Government and doubts over long term power payment security.”

VOG added that it does not believe ENEO will be able to underwrite the financial aspects of a contract extension at this time.

ENEO had been taking some 53% of the gas from VOG’s Logbaba field, and as such the AIM-quoted company noted that the suspension of supply to ENEO would “clearly directly affect GDC in the short term.”

It added, however, that its remining customer base is diverse and it continues to work with those customers to place newly available gas.

VOG has been advancing new drilling to expand its supply capacity in Cameroon, with the recent La-108 well at Logbaba beating expectations.

The company added that ENEO currently owes GDC some US$8.7mln gross, and it said it expect to be paid in due course. It is now anticipated that VOG will immediately carry out an assessment of the company's capital projects and its wider budget and cash flow forecasts, in light of the ENEO news.

VOG told investors that it will update on its 2017 performance and its strategy for 2018 later in the current quarter.

“Hardly business school protocol”

“Whilst losing 53% of one’s business overnight is hardly business school protocol, longer term there is much to be gained from this move,” Malcolm Graham Wood said in a note.

He highlights that VOG must now focus on customers that will using the gas for heating to support the company now that the supply to the power generating customer is offline. He also notes that VOG’s subsidiary has so far grown its thermal customer base to over 30, and more are being sought.

“It will, as I have said, accelerate GDC’s move into the thermal customer market which it should be remembered carries a much higher margin, and in future lead to significantly less of a reliance on ENEO,” he said.

“After all the Douala and Cameroon energy blueprint envisages the use of not only Logbaba but Matanda gas for power generation and thermal supply to business customers, it is unlikely that this action will have been fully thought through and may yet prove unwise.

“Having said that it will increase to focus of GDC to engage with other customers across the board and lessen their dependence on a small number of power generators.”

Election year in Cameroon

The oil analyst also noted that it is an election year in Cameroon, and as such he expects the situation may become charged.

“Gas is still, after hydroelectric power, the cheapest fuel for power generation in country and in the dry season increasingly one upon which industry and business has become dependent.

“For this reason one must carefully consider whether the Government, by starving ENEO of money to pay for gas supplies and hence electricity through the grid, is making a wise choice.

“This will result in load shedding and blackouts which would be increasingly unpopular in what we must remember is election year.”

Douala is an important industrial hub

Ahmet Dik, VOG chief executive, said: “Cameroon has a very important industrial hub in Douala that has seen significant growth and cross border investment over the last five years, both into manufacturing and the power sector.

“We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.”

Dik added: “Cameroon is an area that is in critical need of more power, with an estimated demand in excess of 150mmscf/d of gas in the Douala basin.

“We remain focused on increasing thermal customer demand in Douala whilst also continuing to supply gas to our 30 other customers, building non-grid solutions for its industrial customers and advancing the compressed natural gas business whilst maintaining our strong position as the sole provider to the region."

http://www.proactiveinvestors.co.uk/companies/news/189676/there-may-be-long-term-silver-linings-for-victoria-oil-gas-expert-189676.html

Cameroon has suddenly become energy rich!

Cameroon - Central Logbaba: ENEO suspends gas supplies
By Josiane Rose NDANGUE 09-Jan-2018

According to a statement by Victoria Oil & Gas, the parent company of Gaz du Cameroun (GDC), the reason for the suspension is a debt of 100 billion CFA francs that Noo claims to the state.

It is an information that relays the newspaper Le Jour in its edition of January 9, 2018. According to a statement from Victoria Oil & Gas headquarters of Gaz du Cameroun (GDC), the company Eneo has decided to suspend its supplies on behalf of the Centrale de Logbaba. The UK company on January 5, 2018 reported that it had been notified of Eneo's decision. Our colleague reports that, according to this communiqué, the concessionaire of the public electricity service in Cameroon has been pushed to reach the point of suspension for the following reason. The costs and financial difficulties of Eneo which are consecutive to a debt of about 100 billion FCFA claimed to the State of Cameroon.

Our colleague recalls that in mid-December 2017, the Ministry of Finance (MINFI) had to release in favor of Eneo the sum of 15 billion FCFA in advance of its debt raised. " A real breath of fresh air for the power generation and distribution company currently on the brink of financial asphyxiation, " writes the newspaper. From its columns we learn that Enne, having received this money from MINFI, has paid its own debt contracted with its suppliers. The suppliers are Tradex Petroleum Distribution Company, SONARA National Refinery Company and KPDC.

It should be noted that the first two companies generated sometimes supply thermal power stations with fuel. The third company mentioned above is the owner of the Kribi gas station. Sources from our colleague reveal that however, this suspension will have no impact on the balance between supply and demand for electricity in Cameroon. This is because the Lom Pangar hydroelectric dam was commissioned.

https://translate.google.co.uk/translate?hl=en&sl=fr&u=http://www.cameroon-info.net/article/cameroun-centrale-de-logbaba-eneo-suspend-ses-approvisionnements-de-gaz-312510.html&prev=search

Trafelet Brokaw Capital Management, LP have entered the 'significant shareholders' list with 7,422,629 (5.12%)

http://www.moneyam.com/action/news/showArticle?id=5814742

VOG have updated their website with this new addition but haven't altered the "As of November 2017".........................

Translated via Google:

Cameroon: Victoria Oil & Gas Reaches 14.6 Million Cubic Feet / Day of Gas on Logbaba Field in H1 2017



(Invest in Cameroon) - The information is from the National Hydrocarbons Company (SNH), agent of the State of Cameroon in the oil sector. According to unaudited figures, published by Victoria Oil & Gas (VOG), the parent company of the Gaz du Cameroun (GDC) operator, the average gas production, over the first six months of 2017, is 14 , 6 million standard cubic feet (mmscf) per day, on the Logbaba field.

VOG also reports that gas sales amounted to 2,345 mmscf over the period under review, generating revenues of USD 15.4 million. SNH reports that Logbaba field production is expected to grow with the start of gas production at the LA-107 ST1 well on 22 September. This well drilled at more than 3,000 meters, was tested by GDC at a maximum flow of 54 million m3 of gas per day. He was also connected to the gas processing plant in Logbaba.

The drilling rig that performed the work was transferred to drill the LA-108 ST2 well. The operator hopes to reach, thanks to this well, a column of 100 meters net of gaseous sands, for a depth between 2 107 meters and 2 760 meters.

http://www.investiraucameroun.com/hydrocarbures/1801-10111-cameroun-victoria-oil-gas-a-atteint-14-6-millions-de-pieds-cubes/j-de-gaz-sur-le-champ-logbaba-au-1er-semestre-2017

When is the next update due?

The Q4 2017 Operations Update would be due over the next two weeks or so and still might be but from the 5th January:

"The Company intends to provide a comprehensive update of 2017 performance and outline the strategy for 2018, later this quarter."

http://www.victoriaoilandgas.com/investors/news/gas-supply-contract-eneo-not-extended

Thanks for the info

SNH have overhauled their website recently (days/weeks) and it's filled with updated information compared to the original which was mainly out of date with anything recent being in French!

In English
In French (Eating Hot Gossip in the morning or anytime is Really Good for You!)


I'll update later..........

Interesting article:

New dams in Africa could add risk to power supplies down the line
By: Declan Conway
15th Jan 2018

"In the 1980s and 1990s parts of Africa saw a surge in dam building for energy production. After a brief hiatus there has been renewed interested. Many new construction projects are planned and underway across sub-Saharan Africa."

http://www.bizcommunity.com/Article/196/693/172206.html

The Fall singer Mark E Smith dies aged 60

Mark E Smith, lead singer with the Fall, dies aged 60

Totally Wired

Cruiser's Creek

Big New Prinz

Mr Pharmacist

African Economic Outlook

https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/African_Economic_Outlook_2018_-_EN.pdf

Translated by Google:

Cameroon must produce between 2000 and 6000 MW of electricity by 2030, according to Minister Atangana Kouna
Thursday, 01 February 2018



(Invest in Cameroon) - After the energy infrastructure under construction in the country, since 2012, Cameroon will intensify its investments in this sector, so that it can produce between 2000 and 6000 MW of additional electricity by 2030.

At least that is the opinion of the Minister of Water and Energy, Basile Atangana Kouna (photo), who dwelt on the subject, January 30, 2018 in Yaoundé, at the opening of the conference of the heads of the central and decentralized services of the ministerial department for which he is responsible.

Clearly, over the next 12 years, Cameroon must be able to at least double its installed capacity in the electricity sector, which currently barely reaches 1500 MW. The potential exists, but the country will have to take up the thorny challenge of mobilizing funding.

http://www.investiraucameroun.com/electricite/0102-10196-le-cameroun-doit-produire-entre-2000-et-6000-mw-d-electricite-a-l-horizon-2030-selon-le-ministre-atangana-kouna

Translated by Google:

In 2017, the Cameroonian state has oxygenated the cash of SMEs, up to 14 billion CFA francs
Tuesday, 06 February 2018



(Invest in Cameroon) - During fiscal year 2017, the Cameroonian Treasury paid 14 billion CFA francs to local SMEs, for the payment of various benefits, supported the Minister of Finance, Alamine Ousmane Mey (photo ), during the Cabinet Meeting in January 2018.

This member of the government has also said that this envelope is up substantially (more than 60%) from the 8.6 billion CFA francs paid to SMEs in 2016.

This government effort, however, represents a tiny part of Cameroonian SMEs' claims on the State, which has become a bad payer, because of the financial difficulties it has faced for at least two years, because of the reduction in public revenue.

The debt demanded of the state by local businesses is so enormous that neither the government nor the companies themselves are able to give the exact volume of it. Hence the current audit announced recently by the Minister of Finance.

http://www.investiraucameroun.com/entreprises/0602-10223-en-2017-l-etat-camerounais-a-oxygene-la-tresorerie-des-pme-a-hauteur-de-14-milliards-de-francs-cfa

I doubt this article heralds the renewal of the ENEO contract but might speed up the Dibamba power station conversion from heavy fuel oil to natural gas:

Cameroon secures aid to stabilize electricity sector
Published on 06.02.2018



The government of Cameroon has secured a F CFA 16.7 billion loan from Societe Generale (SG) Bank to strengthen and stabilize electricity transmission networks in the city of Douala.

According to Apa, the country’s national gazette indicates that the decision by Cameroonian President, Paul Biya instructed the Minister of Economy, Planning and Regional Development (MINEPAT) to sign the agreement with Societe Generale. The project, going by reports, is part of preparations for the 2019 African Cup of Nations (AFCON), which Douala will not only partly host, but will be the gateway to the country through its main airport.

Local reports reveal that, the project seeks to improve the supply of electricity in the nation’s economic capital, and its surroundings, strengthening public lighting systems in peripheral neighborhoods grappling with insecurity at night.

Sources say works, to provide public lighting in the city of Douala, especially in strategic locations between Douala International Airport, and the Bonanjo administrative center are well underway.

https://www.journalducameroun.com/en/cameroon-secures-aid-stabilize-electricity-sector/

Translated via Google:

Cameroon is about to launch a bond loan
Tuesday, 06 February 2018



(Invest in Cameroon) - The President of the Republic, Paul Biya, signed on February 2 a decree empowering the Minister of Finance to use issues of government securities of up to 260 billion FCFA.

According to the presidential decree, these resources are intended for the financing of the projects included in the Cameroon Finance Act for the 2018 financial year. These include projects relating to the organization of the African Cup of Nations of Football. the country organizes between June and July 2019. The 260 billion FCFA will also be used in road investments, the supply of drinking water, electrification, etc.

It should be noted that, for three years, issues of Cameroonian public securities on capital markets have generally been around CFAF 300 billion. But, because of the three-year economic program (2017-2019) signed with the International Monetary Fund (IMF) in June 2017, Cameroon has pledged to reduce its pace of indebtedness. For this reason, there is a decline of CFAF 40 billion in the issuance of government bonds between fiscal year 2017 and 2018, for example.

http://www.investiraucameroun.com/finance/0602-10226-le-cameroun-sapprete-a-lancer-un-emprunt-obligataire

Over on advfn Mr Maestro has been told by his broker that " there is a highly dilutive placing coming", I'm sure that's classed as market abuse?


"Mr Maestro
14 Feb '18 - 15:31 - 42474 of 42474

My broker has just phoned, said there is a highly dilutive placing coming to keep this company afloat for a short while.

Foo wants to retire with more millions in his personal account, pi's are paying for it.


Trust me - SELL"

https://uk.advfn.com/cmn/fbb/thread.php3?id=26413280