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
    

Translated via google:

Brasseries of Cameroon invest 4 billion FCFA in a new bottling line in Douala
Tuesday, May 15, 2018




The Société Anonyme des breweries du Cameroun (SABC), a subsidiary of the Castel Group, has just enriched its production facilities. To this end, the governor of the Littoral region, Samuel Ivaha Diboua, inaugurated on May 9, the new PET bottling line of the SABC plant in Koumassi, Douala.

During this ceremony, Emmanuel De Tailly, CEO of Brasseries, said that this investment cost 4 billion FCFA. The work lasted 5 months. " The PET line we are inaugurating today is always the guarantee that Cameroon's industrial know-how and excellence are still at work so that this country does not become an industrial desert ," said Mr. De Tailly .

Before Koumassi, in February 2018 the SABC Group inaugurated the new box chain in Ndokoti (Douala) and the PET chain at the Bafoussam plant.

For the Brasseries of Cameroon, these major investments reflect the group's desire to maintain the rank of leader and continue to be a competitive industrial player. In this vein, SABC is pleased to have invested 45 billion FCFA in its agro-industrial ecosystem where more than 10 000 tonnes of maize and 30 000 tonnes of Cameroonian sugar have been valued.

https://www.investiraucameroun.com/agroalimentaire/1505-10768-les-brasseries-du-cameroun-investissent-4-milliards-fcfa-dans-une-nouvelle-chaine-d-embouteillage-a-douala

24 May 2018
Victoria Oil & Gas Plc

Q1 2018 Operations and Outlook


Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide an update on the Group's operations for the three months ended 31 March 2018 ("Q1 18" or "the Quarter").

Q1 18 saw a decrease in gas consumption levels from Gaz du Cameroun SA's ("GDC") Logbaba Project in Douala, Cameroon, due to the non-renewal of the ENEO Cameroon SA ("ENEO") grid power gas sale agreement at the end of December 2017. ENEO has not recommenced consumption to date but management is confident of a resolution.


Q1 2018 Overview

· Q1 18 Gross Gas Sold of 330mmscf (54% decrease on Q4 17, 71% decrease on Q1 17)

· Average daily gas production for Q1 18 of 3.50mmscf/d (Q4 17: 7.94mmscf/d, Q1 17: 14.57mmscf/d)

· One more thermal customer, Panzani, came on-line post quarter end and three more, a Nestle subsidiary, Camlait and Agrocam, are commissioning their gas fired gensets

· Well La-107 flow line tie in complete and La-108 perforation gun recovery scoped

· Cash and cash equivalents at end of Q1 18 was $6.0 million (Q4 17: $11.4 million), trade receivables were $4.3 million (Q4 17: $6.2m), trade payables $9.1 million (Q4 17: $8.8 million) and borrowings were $23.4 million (Q4 17: $24.5 million). Net debt was $17.4 million (Q4 17: $13.1 million).



Outlook

· The revised year end production targets are 11.3mmscf/d if ENEO is back online by 1 July 2018 and 7.8mmscf/d if they remain offline.

· Non-grid revenue generating business such as dedicated gas to power solutions for customers and the Compressed Natural Gas (CNG) project are two initiatives that should enable increased revenue to the Company.

· Discussions with three prospective large volume grid-power customers continue for power stations to produce 150MW, 140MW and 150MW respectively with the potential to consume 78mmscf/d of gas in aggregate when operational.



Ahmet Dik, CEO said,

"Despite the suspension of the ENEO supply, I believe that the Company will actually grow stronger and create a more diverse product base in 2018 and continue to build the outstanding business we have created in Cameroon. We have developed gas reserves to meet industrial and grid power demand for large quantities of gas and power that is required by groups other than ENEO.



GDC is the only onshore gas producer in Cameroon; management estimates that with Logbaba and Matanda, GDC has recoverable gas resources of at least 1.5 TCF. Our 50km of gas pipeline and support infrastructure is delivering gas to over 30 customer sites.

We are actively working on non-grid solutions such as customer gas to power units and CNG supply for customers who are away from our pipeline but want gas. In parallel with this we are in discussions with large gas volume consumers and independent power producers who are developing large power stations with potential consumption of approximately 78mmscf/d of gas when operational in 2020."

More via link below:

http://www.moneyam.com/action/news/showArticle?id=5983559

Nothing in the results to get excited about hence down today.
looking like a long recovery story.

WOODIE, just to clarify that was the Q1 2018 Operations and Outlook the actual Preliminary Results for the year ending 31 December 2017 will be published by the end of this month.

If they don't get the ENEO contract renewed and or increase the thermal customers side then yes it will be a long haul!

There is also the ability for companies to go down the gas to power via generators route along with offering CNG to customers away from the gas distribution system but nothing has really happened there, yet!

Translated via google

Victoria Oil & Gas wants to produce compressed natural gas in Cameroon before the end of the year
Thursday, May 24, 2018



(Invest in Cameroon) - In Cameroon, the British junior Victoria Oil and Gas (VOG) is planning to develop a unit of production of compressed natural gas (CNG) before the end of the year, reports Natural Gas World .

The information was given in London on May 3 by Kevin Foo (pictured), the company's executive chairman, at the Africa E & P Summit conference.

"We are going to work very hard to have a CNG pilot project by the end of 2018." , he said, before adding that this project is intended to meet the demand of a truck and other fleet market. who wish to do without diesel. He went on to explain that the projected capacity of the project is 2 million cubic feet of CNG per day.

Mr. Foo pointed out that there is a cumulative gas demand of around 200 million cubic feet per day within 200 to 300 km of VOG's operations, which is reason enough to introduce CNG into the market. .

Natural gas is compressed at 200 or 250 bar. One liter of diesel equals five liters of CNG.

https://www.investiraucameroun.com/commodities/2405-10822-victoria-oil-gas-veut-produire-du-gaz-naturel-comprime-au-cameroun-avant-la-fin-de-l-annee

Translated via google

In the first quarter of 2018, gas sales by local producer Victoria Oil and Gas fell sharply
Friday, May 25, 2018



(Invest in Cameroon) - In a financial update of its activities in Cameroon, published on Thursday, British junior Victoria Oil and Gas announced that its gas sales fell in the first quarter due to the suspension of the supply of power stations. Eneo Thermal, the country's leading electricity supplier.

The raw gas sold in the first three months of the year was 330 million cubic feet, down 54% from the fourth quarter of 2017 and 71% from the first quarter of 2017. At the same time , average daily gas production was 3.5 million cubic feet per day compared to 7.94 million cubic feet in the fourth quarter of 2017 and 14 million cubic feet in the first quarter of the same year.

As for income, they have considerably faded. The document indicates that net revenues were $ 2.5 million, compared with $ 4.4 million in the last quarter of 2017 and $ 8.1 million in the first quarter of 2017.

The financial situation of the company could worsen if Eneo does not restart its off-takes of gas before July 1. In the event that Eneo gets back on track before that date, production targets for the end of the year will be 11.3 million cubic feet per day. Otherwise, they will be 8 million cubic feet per day.

In order to diversify its customer base, the company plans to produce compressed natural gas in the country before the end of the year and to connect with other electricity producers using natural gas.

https://www.investiraucameroun.com/communication/2505-10827-au-premier-trimestre-de-2018-les-ventes-de-gaz-du-producteur-local-victoria-oil-and-gas-ont-fortement-chute

General Cameroon electric sector news, translated via google:

Philemon Yang expects a detailed timetable on the operationalization of the National Electricity Transmission Company
01 June 2018



(Invest in Cameroon) - The Cameroonian Prime Minister, Philémon Yang (photo) wants to see clearly in the deployment of the National Electricity Company expected to go into operation during this month of June. Thus, the head of government asked the Minister in charge of Energy, Gaston Eloundou Essomba, to " submit a precise and detailed timetable on the operationalization of Sonatrel ." It was during the Cabinet meeting held on May 31 in Yaoundé.

While waiting for this calendar, the Minister in charge of Energy has nevertheless indicated that, since the creation of this company in 2015, several activities have already been carried out with a view to its full operationalization, namely the signature between the State and the Sonatrel of two transport concession contracts and network management. In addition, feasibility studies have been launched, with a view to making investments in the electricity transmission network.

As a perspective, the Minister in charge of Energy has announced the finalization in 2019 of the master plan for the production, transmission and distribution of electricity and the continuation of the ongoing reforms, the objective being the creation of 'a real electricity market.

With regard to the program for upgrading public electricity transmission networks for the period from 2016 to 2022, Cameroon intends to invest the plump sum of CFAF 800 billion, in particular with the help of the World Bank.

https://www.investiraucameroun.com/electricite/0106-10869-philemon-yang-attend-un-calendrier-detaille-sur-l-operationnalisation-de-la-societe-nationale-de-transport-d-electricite

4 June 2018
Victoria Oil & Gas Plc

Logbaba Field Reserves Update

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide the following update, based on internal estimates, on the reserves position for the Logbaba Field in Cameroon. This follows evaluation of the results obtained from seismic reprocessing, incorporation of the production history from existing wells and completion of the 2017 development drilling campaign to deliver Logbaba La-107 and La-108.

Highlights

· Subsurface reinterpretation complete and new subsurface model developed integrating re-processed seismic and new well data with historic field mapping

· Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba revised to 69bcf, an increase of 29bcf (73%)

· Field remaining 2P reserves revised to 309bcf, an increase of 106bcf (52%)

· Reserves / production ratio (2P) increased to 10yrs at 90mmscfd which supports growth in the Douala market and will underpin new long-term gas contracts

· Full field reservoir development plan in preparation to locate future development wells


Kevin Foo, VOG Chairman said, "The results of this reserves update are a major advance to our business in Cameroon. They provide a significant value upgrade to the Logbaba Project and confirm that the field reserves will meet the growing demand in the Douala market for the foreseeable future. Importantly, this will now enable us to market larger volumes of natural gas on a longer term contractual basis to buyers, providing them with the security of supply they require. We are actively negotiating Gas Sales Agreements for these projects and we will provide updates when appropriate."



A full subsurface reinterpretation of the Logbaba Field has been completed following conclusion of the 2017 drilling campaign. This incorporates the reprocessed historic seismic data and the new well data as a basis for ongoing reservoir development. This leads to a material upgrade in the reserves of the Logbaba Field, Table 1. (via link at BOP)

The new proven + probable (2P) reserves level will support a production rate of 90mmscfd for 10 years; thereby enabling significant expansion of the business in support of the growing domestic gas market in Cameroon.



This evaluation supersedes the Blackwatch Report of August 2016 and is based on a new full field subsurface model incorporating interpretations from the reprocessed seismic together with the well data from La-107 and La-108. The work has been managed by VOG supported by external consultants who have provided subsurface expertise and modelling capability to produce the updated development plan for the field. This work will now enable selection of locations for future development wells, commencing with La-109, to continue development of the Logbaba Field in line with demand growth in Douala, Cameroon.



Sam Metcalfe, the Company's Subsurface Manager has reviewed and approved the technical information contained in this announcement in his capacity as a qualified person under the AIM Rules.

http://www.moneyam.com/action/news/showArticle?id=5995538

4 June 2018
Victoria Oil & Gas Plc

Notice of Annual General Meeting

Victoria Oil & Gas Plc announces that its Annual General Meeting ("AGM") will be held on 28 June 2018 at the Coin Street Neighbourhood Centre, South Bank Room 1, 108 Stamford Street, South Bank, London SE1 9NH at 11.00am.


The following documents are now available on its website at www.victoriaoilandgas.com/agm :


· Shareholder Circular including the Notice of Annual General Meeting

· Proxy Form



Copies of the above-mentioned documents have been posted to the Company's shareholders as per individual request.



The Company expects to publish and circulate the 2017 Annual Report and Accounts to shareholders before the AGM and a separate General Meeting will be convened as soon as possible to consider these. Further details of the proposed General Meeting shall be provided in due course.

The Company's shareholders can elect to receive notification by email of the publication of future annual reports by registering on www.investorcentre.co.uk.

http://www.moneyam.com/action/news/showArticle?id=5995582

Translated via google:

The State of Cameroon will devote the withdrawal of the transmission of electricity to Eneo, a subsidiary of Actis, no later than 31 December 2018
Monday, 04 June 2018



(Invest in Cameroon) - The State of Cameroon will devote the withdrawal of the transmission of electricity to Eneo, a subsidiary of Actis, no later than December 31, 2018. This is revealed by authorized sources in the Ministry of Finance. Water and Energy (Minee). Le Minee explains that, for this to be definitively enshrined, the State and the electrician will have to sign a third and final agreement in the field of transport, by the end of the year.

Thus, the National Electricity Transmission Company (Sonatrel), created in 2015, will be operational on January 1, 2019. This partially meets the request of the Prime Minister, Philemon Yang, who called for a detailed timetable for the operationalization of the Sonatrel, at the cabinet meeting held May 31, in Yaoundé. In its phase of effective activity, Sonatrel will finalize the master plan for production, transport and distribution by June 2019.

As a reminder, the Cameroonian subsidiary Actis, in charge of the distribution and transmission of electricity, has given the last part of its powers to Sonatrel. Since 27 April 2018, two concession contracts for the transmission and management of the electricity transmission network have been signed between the State of Cameroon and the Public Company. The latter will even inherit part of Eneo's staff.

https://www.investiraucameroun.com/electricite/0406-10881-l-etat-du-cameroun-va-consacrer-le-retrait-du-transport-d-electricite-a-eneo-filiale-d-actis-au-plus-tard-le-31-decembre-2018

Malcy was busy yesterday but remember it's just his opinion and he may or may not have a financial interest but interesting all the same:

Victoria Oil & Gas

VOG has announced a Logbaba field reserves update of significant proportions. 1P reserves of 69 bcf is an increase of 29 bcf or 73%, field remaining 2P reserves are up to 309 bcf up 106 bcf or 52% and the reserves/production ratio is now 10 years at 90 mmscfd which supports growth in the Douala market as well as new long term gas contracts. This security of supply to long term buyers of gas will enable VOG to enter contractual negotiations with companies and generators safe in the knowledge that they will be able to deliver.

Whilst it has a been a difficult year following the ENEO problem VOG are getting themselves into a very strong position in Douala. Businesses, more eager than ever to have a reliable, long term contractual supply of gas will like this news and competitive power generators will thrive also. VOG is likely to end up with a bigger, stronger and higher margin business extremely well placed to satisfy the inevitable growing needs of Cameroon.

http://www.proactiveinvestors.co.uk/columns/the-pay-zone/29769/oil-price-sound-energy-vog-sdx-reabold-pantheon-chariot-and-finally-29769.html


And on VOX podcast from 32:05

https://www.voxmarkets.co.uk/blogs/union-jack-oil-ujo-alpha-growth-algw-emmerson-eml-macly-rrl-eme-coro-hur-ophr-sou-panr-vog-echo/

Infrastructure growth around Douala, translated via google:

To constitute the capital of the SMID, the delegate of the government with the Urban Community of Douala makes a nod to the tontines, which brew close to 90 billion FCFA
Tuesday, 05 June 2018



(Invest in Cameroon) - Fritz Ntonè Ntonè (photo), the Cameroonian government delegate to the Douala Urban Community (CUD), the super-mayor of the Cameroonian economic capital, revealed on June 4, 2018, the geography of capital of the future Metropolitan Investment Company of Douala (SMID), for which the share capital of 10 billion CFA francs, is being set up, through a public offering, whose subscription period has been extended as of July 5, 2018.

According to Mr. Ntonè Ntonè, in the forecasts of the CUD, which is behind the creation of this investment company, which will implement the master plan of urban planning of the economic capital of Cameroon, adopted in 2015, the SMID will be 33% controlled by state bodies (decentralized local authorities and public or semi-public companies), while 67% of the capital will be held by private operators.

The government delegate to the CUD also specifies that of the 67% that will devolve to private, 47% will return to natural persons, against only 20% for legal persons.

To create this company, which will transform the city of Douala, Mr. Ntonè Ntonè said rely on the contribution of the 3 million inhabitants of the economic capital of Cameroon. But the latter makes a particular eye tontines, family reunions, corporate or friendly in which circulate about 90 billion CFA francs, according to a study of the Ministry of Finance.

As a reminder, the SMID aims to raise a total volume of financing of 1 400 billion CFA francs, for the construction of infrastructure such as the multimodal bus station Bonabéri (1.9 billion FCfa), the Urban Forest located in the valley of Bessékè (2.29 billion), the Douala Exhibition Center (8.5 billion), modern markets, the Douala conference center, etc.

https://www.investiraucameroun.com/finance/0506-10888-pour-constituer-le-capital-de-la-smid-le-delegue-du-gouvernement-aupres-de-la-communaute-urbaine-de-douala-fait-un-clin-d-il-aux-tontines-qui-brassent-pres-de-90-milliards-fcfa

VOG-Project of the Year award

The Africa Assembly held in Paris over two days (started yesterday) VOG have won the 'Project of the Year' award.

"The Africa Assembly is recognised as the region’s most influential corporate development, strategy, finance and investment gathering. It is a catalyst for the growth and development of the African energy industry.

The Oil and Gas Council have announced the theme for the Africa Assembly 2018, ‘The New African Horizon’."


At the event Kevin Foo was one of the speakers:
http://oilandgascouncil.com/event-events/africa-assembly-and-dinner/

The Council Awards programme represents a global benchmark of excellence for those working in the energy industry.
The awards offer both regional and international recognition for those who have created companies, been at the heart of frontier plays and have made some of the worlds largest discoveries.

These people and their businesses have grown economies, created employment and encouraged thousands.
http://oilandgascouncil.com/event-events/africa-assembly-and-dinner/

And on twitter:
https://twitter.com/victoriaoilgas

Translated via google

The State of Cameroon pronounces partial provisional acceptance of the second bridge over the Wouri built by Frenchman Sogea Satom
Thursday, 07 June 2018




(Invest in Cameroon) - The statutory members of the commission concerning work on the second bridge over the Wouri initialed, on May 31, in Douala, the report of partial provisional acceptance of the work entrusted to the French company Sogea Satom. The commission was chaired by the Minister of Public Works, Emmanuel Nganou Djoumessi.

According to authorized sources, this partial provisional reception concerns, among others, the current section on the side of Bonabéri, the access to the old national road n ° 3 at the level of the old bridge Bonabéri side to the roundabout of Bonassama, the kilometer point railway platform (Cami bridge), the superstructures of the old bridge, the road viaduct from the CO abutment to the C8 abutment, including superstructures and equipment, etc.

Nevertheless, the partial provisional acceptance of the said works was pronounced with some reservations such as, " the questions of sealing of the effluent evacuation system of the joint Guard ballast of the railway viaduct or the access to the bearings on the piles in the river, "says the Department of Public Works. Overall, indicates the ministerial department, the overall physical progress of the works is estimated at 93%.

With a total cost of CFAF 141.6 billion, the second Wouri bridge consists of a 756 m long road viaduct and a 746 m railway viaduct. It is a strategic work because it will streamline traffic from Bonabéri, a district that houses an industrial zone, and downtown Douala; and even between the economic capital and the regions of North-West, South-West and West of Cameroon.

https://www.investiraucameroun.com/infrastructures/0706-10902-letat-du-cameroun-prononce-la-reception-provisoire-partielle-du-second-pont-sur-le-wouri-construit-par-le-francais-sogea-satom

Translated via google, and possible wrong meaning for 'décline'

The Ministry of Energy declines Cameroon's regional ambitions in the electricity sector in 2018
Friday, 08 June 2018



(Invest in Cameroon) - The ministry in charge of Energy (Minee) declines in a note that it has just produced the regional ambitions of Cameroon, in the electricity sector in 2018.

The first ambition of the country, according to the explanations of the Minee, is to contribute to sub-regional integration through the Central African Power Pool (PEAC), a statutory body of CEMAC that promotes electrical integration. This integration requires the harmonization of the electricity market.

Cameroon's second ambition is to pursue the implementation of integrating projects such as the Cameroon-Chad Interconnection Project. In this vein, the African Development Bank (ADB) has just granted the Cameroonian state a loan of more than 100 billion FCFA.

As a third wish, the Minee announces the joint signature with Nigeria of the decision to create the Inter-State Steering Committee, charged with the implementation of the Cameroon-Nigeria Electric Interconnection Framework Agreement. The head of state, Paul Biya, has already given full powers to the Minister of Energy to proceed with the signing, reveals the Minee.

The penultimate ambition of the country is to finalize the framework agreement of electrical interconnection Cameroon-Gabon-Equatorial Guinea. Finally, there is the further maturation of the Cameroon-Congo (Chollet), Cameroon-CAR (at Garoua-Boulaï) and Cameroon-Congo-RCA electrical interconnection projects.

https://www.investiraucameroun.com/electricite/0806-10913-le-ministere-en-charge-de-l-energie-decline-les-ambitions-regionales-du-cameroun-dans-le-secteur-de-l-electricite-en-2018

Good news issued this morning by the company.

14 June 2018
Victoria Oil & Gas Plc

Restructure of the BGFI Debt Facility

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to announce that, further to the operational update announced on 24 May 2018, its wholly-owned subsidiary Gaz du Cameroun S.A. ("GDC") has restructured its outstanding debt balance with BGFIBank Cameroon S.A. ("BGFI"), effective from 15 July 2018.

The initial debt facility, entered into on 4 April 2016, was for an amount of XAF 15 billion (approximately $26 million). The facility was fully drawn down in 2017 and, having enjoyed six months of interest only repayments, GDC has progressed to making monthly principal and interest instalments. The amount outstanding as at the date of restructuring was $20.5 million.


The material terms of the restructured debt facility are as follows:

· Loan tenure of five years from the date of the restructuring, which is 15 July 2018;

· An initial 12-month interest only period, then principal and interest thereafter;

· Interest on the debt to remain at Cameroon Bank Base rate of 9% less 1.85%, currently 7.15% per annum;

· Security is unchanged, namely a pledge over certain receivables, partially assigned insurance contracts and a letter of comfort from the Company; and

· No financial covenants in addition to those agreed in connection with the initial facility.



Andrew Diamond, Finance Director said,

"The restructuring of the BGFI debt facility is a substantial vote of support from our banker and a strong endorsement of our business in Cameroon."

http://www.moneyam.com/action/news/showArticle?id=6011556

Translated via google

Electrician Eneo, a subsidiary of the British Actis, announces the extension of its concession in Cameroon for a period of 10 years
Tuesday, June 19, 2018

(Invest in Cameroon) - Electrician Eneo, a subsidiary of Britain's Actis, announces the extension of its concession in Cameroon for a period of 10 years. This is revealed by an internal note issued on June 14 in the company.

More specifically, says the note, Wednesday, June 13, 2018, the Minister of Water and Energy has notified Eneo, the decision of the President of the Republic, Paul Biya, to extend the framework concession contract and contracts derivatives that bind the State of Cameroon to Eneo Cameroon. " This extension runs for a period of 10 years from 18 July 2021 in the generation and distribution segments, it being understood that the transmission concession and the management of the electricity transmission network will end December 31, 2018 , "says the company.

" We would like to express our thanks to the President of the Republic and the Minister of Water and Energy for this decision and for the confidence thus shown to our company and its strategic partner, Actis .", Welcomes the subsidiary . She said that in the next three months, she will work on the formalization of an amendment that will above all allow her to raise funds from donors who have already expressed interest in the development of the sector.

The concession contract of the public electricity service in Cameroon was signed in 2001 for a period of 20 years, between the State and the American company AES. The latter, at the end of 2013, sold all its assets to the British Actis. This investment fund then developed and submitted to the government, as of 2015, an investment program requiring long-term loans, which could not be covered for the rest of the contractual period (less than 10 years).

In order to make these estimated investments worth around 900 billion FCFA over a period of 10 years, an Eneo Board of Directors held on 23 April 2015 in the Cameroonian capital, Yaounde, recommended that the General Directorate " finalize and finalize sign the new addendum to the concession contract between Eneo Cameroon SA and the Republic of Cameroon ". What has just been done.

https://www.investiraucameroun.com/electricite/1906-10967-lelectricien-eneo-filiale-du-britannique-actis-annonce-la-prorogation-de-sa-concession-au-cameroun-pour-une-periode-de-10-ans

22 June 2018

Victoria Oil & Gas Plc

("VOG", "Company" or the "Group")

Preliminary Results for the year ended 31 December 2017



The Company is pleased to announce the financial information for the year ended 31 December 2017.



Operational Highlights

· 3.3% increase in gas sales: 3,684mmscf gross gas sold (2016: 3,566mmscf)

· 10.98mmscf/d average gas production (2016: 10.23mmscf/d)

· Completion of two well drilling programme

· The addition of two prospective areas at Matanda



Audited Financial Highlights

· $23.5 million revenue (2016: $32.8 million)

· $4.6 million underlying EBITDA (2016: $13.1 million)

· $10.7 million loss before tax (2016: $30.0 million)

· $13.1 million net debt (2016: net cash of $1.8 million)

· $39.8 million capital investment (2016: $27.0 million) principally on the drilling programme



Corporate Highlights

· $23.7 million net equity raise via placement and open offer



Post Period

· Significant increase in reserves and resources

· Successful debt restructuring



Kevin Foo, Chairman, said:

"Despite the grid power supply issue, I believe that the Company will grow stronger and create a more diverse product base. We have built a company recognised by our peers as an outstanding entrepreneurial example of creating cash from stranded gas deposits. For the first time in our 14 year history we have considerable gas reserves to secure long term supply contracts."



Ahmet Dik, Chief Executive Officer, said:

"The Company's management is working hard to increase revenue, particularly in more profitable business lines, whilst at the same time driving hard to contract with the large off-take IPP's in Cameroon whose scale of business will enable the Company to become profitable."



Andrew Diamond, Finance Director, said:

"The Group's operational performance for the year ended 31 December 2017 ("current year") was strong at a project level, with the Logbaba Project achieving its highest ever gross gas sales. The successful completion of well La-107 and La-108 in December 2017 ensures the sustainability of gas supply and diversifies production from one to three wells."



Chairman's Letter

Dear Shareholders

In this year's letter I will address the important challenges that we faced and overcame in 2017, discuss those challenges that remain and outline the strategy for the next couple of years. As both a shareholder and director I have reflected in some depth on the assets we have, the business we have built and the challenges that keep us awake at night.

Our Company was listed on AIM 14 years ago and has operated in the FSU and Africa. We have never been a company with a large market capitalisation or had ready access to capital; however, we have survived and overcome the massive oil and gas price fluctuations, the seemingly endless technical challenges to progress our upstream and downstream activities and the occasional company threatening economic or political problems, which taken together, or even each alone, is very creditable.

In Cameroon, we have built a company, Gaz du Cameroun ("GDC"), that is recognised by our peers as an outstanding entrepreneurial example of creating a cash generating business from stranded gas deposits. It is a model that, under the right conditions, can be replicated across Africa's multitude of stranded gas deposits. We were honoured to receive the prestigious "Project of The Year" award at this year's Africa Assembly of the Oil and Gas Council meeting in Paris.

We all have invested in VOG shares because we believe in the future of the Company. It is my and our management's primary objective to deliver the real value of the Company to our shareholders. As Chairman, I am also very aware of the extreme patience that our shareholder base has and their resilience in sharing these challenges with us. Thank you.


Our Assets

As a natural resources veteran, I always look at the resource base that nature has provided us and how we have managed to extract those resources and build something of value. On Logbaba, we finished drilling two production wells in 2017, albeit painfully over budget and behind schedule, but these gas discoveries have added significantly to our reserves and resources.


Earlier this month, we announced a material reserves upgrade for the Logbaba Field, reporting a significant 73% increase in gross 1P gas reserves to 69bcf and a 52% increase in gross 2P reserves to 309bcf. Importantly, the latest reported 2P reserves base at Logbaba would support a 90mmscf/d production rate for ten years, providing the volumes necessary to facilitate a significant expansion in VOG's business in the growing Douala market. We have never been in this position before in our 14-year history and these results open the door to furthering our negotiations with large off-take independent power producers.

We also estimate over 3.7tcf of P50 Prospective Resources at North Matanda, which we could develop as soon as Government approval is received. The Douala Basin is proving to be a very prolific area and your Company has a prime position there.

Let us not forget West Medvezhye ("West Med") in Russia, the resource on which our Company was started. Updated reserve and resources figures show C1 and C2 reserves of 11.8bcf of gas and 15.6mmbls of oil and Prospective Resources of almost 4tcf of gas and 722mmbls of oil.

Our "hard" assets at Logbaba are the gas processing facilities and the 50km of gas pipeline that we laid under the city of Douala to reach our 30 plus industrial customers.


Companies often speak of their staff and employees as their most valuable asset, but I believe in some cases they don't really mean it. Building the Company as we have done needed dedicated and very skilled people who have performed way beyond the call of duty. I believe that shareholders are aware of the total focus and dedication that our Chief Executive Officer Ahmet Dik, Finance Director Andrew Diamond and General Manager Kate Baldwin deliver. But in the field, some other examples come to mind:



Eric Friend, Managing Director of GDC since November 2016 has been instrumental in delivering a disciplined and well organised GDC that operates safely and effectively in the City of Douala. I know first-hand of the daily challenges that Eric deals with.



Eckhard Mueller has been our General Director at West Med in Russia since 2006. He has spent 12 long winters in Siberia carefully managing our project and always looking for ways to add value and save costs. I believe that his dedication is outstanding and with the increased oil price and availability of capital coming back to Russia, West Med is a quality project that we expect will attract a development partner soon and Eckard's patience will be rewarded.



Divine Mofa Diboto has been a key manager on our Logbaba Project since 2011 and has held various positions in GDC. He is a Chief of his tribe and a leading participant in our community relations programme and as such works tirelessly for GDC from within and outside our operations.



In addition to Eric, Divine and Eckhard our entire teams in London, Russia and Cameroon are the true lifeblood of our company.

Our Operations in Cameroon

When I reflect on operations and activities in 2017, the drilling campaigns on La-107 and La-108 dominate. These wells were truly challenging with the costs overrunning the budget by more than 100% and the schedule approximately double what was originally planned. The prime cause of these difficulties was and will continue to be the truly unpredictable ground and well drilling conditions in the Cretaceous zones of the Logbaba Basin. The well control incident on La-108 caused $24.5 million of additional re-drilling and well repair costs. This is subject to an insurance claim where I believe we have a very credible case. These wells have been shut in for future production. The substantial increase in reserves is primarily due to the prolific gas sands discovered in La-107 and La-108. I have learned that nature makes you work hard for her bounty!

In terms of gas production the annual gross production figure for 2017 was a record for the Logbaba Project, with 3.65bcf of gas sold compared to 3.56bcf in 2016. Average daily production for 2017 was a record of 10.98mmscf/d compared to 10.23mmscf/d in 2016.

However, in January this year, due to factors outside of our control, the ENEO Cameroon S.A. ("ENEO") contract was not renewed. Cameroon, like many African countries, is chronically short of power and major cities have regular black outs and brown outs. But the resolution of the issue has taken much longer than we expected and clearly there are other complex factors that contribute to this situation that we are working with all stakeholders to resolve.

Despite the grid power supply issue, which will significantly impact our 2018 financial performance, I believe that the Company will grow stronger and create a more diverse product base in 2018 and we can continue to build the business we have created in Cameroon. We now have the gas reserves in place to meet industrial and grid power demand for large quantities of gas and power that is required by groups other than ENEO. We have also committed to build a more diverse customer base that will see the company less reliant on grid power revenues.


GDC is the single onshore gas supplier in Cameroon. Management estimates that with Logbaba and Matanda, GDC has recoverable gas of at least 2tcf and 50km of gas pipeline and support infrastructure delivering gas to our customer sites. We intend to build on this strong strategic position.

2017 Financial Performance

A cost recovery milestone was reached on Logbaba during 2016 after which revenues are shared in accordance with the participating interests ("Payout"). Whilst gross production increased to record levels on Logbaba in 2017, attributable revenue for the year was $9.3 million lower than the prior year as a consequence of Payout. Payout will apply for future periods, which highlights the importance of scaling up our operations in Douala, Cameroon. With sufficient reserves of gas now in place, this is the principal focus of the management team for the year ahead, a challenge which has not been made easier by the non-renewal of the 50MW power contract.

With a relatively fixed cost base, the reduction in revenue flowed through to the underlying EBITDA which reduced by $8.5 million to $4.6 million.

Further details of our current financial position and uncertainties which may affect the Company's ability to continue operating as a going concern are to be found in the Financial Review below.

2018 Plans

Coming out of a difficult 2017, but with the drilling campaign behind us, we were aiming for continued production growth in 2018. Instead, we were faced with a seasonal drop in demand of nearly 70% and a proportional reduction in revenue and some truly challenging operational and financial hurdles.

Our Executive and Operational teams developed and implemented a plan for 2018, outlined in the CEO's Report, which includes expansion of revenues, with a more diverse customer base, embracing technologies such as CNG, completion of the Matanda approvals, reducing costs and preserving available cash reserves. In this respect the Board have decided that no bonuses will be awarded to Executive Directors for the year ended 31 December 2017.

The Board remain confident of the potential of the demand for gas in Douala, which is currently experiencing regular blackouts following the shutdown of the Logbaba and Bassa power stations. We are now well positioned in our upstream capabilities to reach a much larger downstream gas demand.

VOG has set an ambitious business strategy to substantially increase gas sales by 2021. We still believe that this is achievable as the demand for gas within Cameroon remains robust. However, for this to be achieved within the timeframe, a positive resolution of the current hurdles in the energy sector is required in a manner that fosters confidence in international investors to invest in the sector.

Corporate

In November 2017, we secured net proceeds of $23.7 million in a share placing to new and existing shareholders. We are extremely grateful to our shareholders who continue to show confidence in the prospects in Cameroon.

In relation to the West Medvezhye Project, we are engaged with several interested parties to sell or farm-out our Russian asset.

Our recent sluggish share price has largely been due to the non-renewal of the 50MW power contract. The Board shares the frustration felt by all in the unappreciated value of VOG's shares, especially when the Company had made such significant progress in recent years. We thank our shareholders for their continued support and patience.

At the Board level, after two and a half years of service to the Company Iain Patrick resigned as an independent Non-Executive Director on 23 April 2018. I would like to thank Iain for his sound contribution to the Board. At that time we reviewed our Board Committee appointments and as a result I stood down from the Remuneration Committee and Roger Kennedy was appointed our Senior Independent Director and Chair of the Audit Committee. We will endeavour to appoint a suitable third Non-Executive Director in due course. I would also like to thank the Groups management and employees for a dedicated and focused year of work and our independent Non-Executive Directors for their ongoing guidance.

I would also like to thank, our partners, RSM for their ongoing support of the Logbaba Project and The National Hydrocarbons Corporation of Cameroon ("SNH") for their invaluable in country support.

Kevin Foo
Executive Chairman
21 June 2018
Chief Executive Officer's Review of Operations

Chief Executive Officer's Review of Operations


I am pleased to report on the progress in 2017. The highlights were:

· 2017 gross gas sold was a record 3,684mmscf (3.3% increase on 2016)

· 2017 average daily gas production of 10.98mmscf/d was also a record (2016: 10.23mmscf/d)

· Drilling completed on Wells La-107 and La-108.

· Successful $23.7 million net equity raise via Placing and Open Offer to new and existing shareholders


Operations Review


Gas production continued its upward trend and 2017 gross gas sold of 3,684mmscf was a record, as was the 2017 average daily gas production of 10.98mmscf/d. Production was approaching the capacity of our Logbaba Gas Processing Facility (20-25mmscf/d) when the 50MW grid power was operating at its peak consumption in the dry season. GDC management took the decision to defer any plant or pipelines expansion until reserves were secured and Gas Sale Agreements were signed with large gas consumers.

Until GDC had increased reserves from the new wells, it was unable to commit to the long-term contract conditions required by large gas off-takers who specify minimum levels of reserves to commit to their large capital investments. Following the update of its reserves, Logbaba now has sufficient reserves to support production levels of 90mmscf/d for 10 years, which enables GDC to engage in earnest negotiations with prospective grid power customers.

As previously disclosed, ENEO ceased consuming GDC gas on 31 December 2017. Despite the city of Douala being in a significant power deficit, the use of the Logbaba and Bassa gas-fired power stations was terminated by ENEO for reasons entirely beyond our control. From that point on, Management has engaged with all levels within ENEO, the Government of Cameroon, the Energy regulator of Cameroon, Altaaqa (the generation equipment provider) and other interested parties to reinstate the contract and resume the production of electricity using gas. Negotiations are ongoing and we are ready to recommence the supply of gas as all infrastructure and equipment is still in place.

The disruption in the grid power supply by 50MW coming offline has led to customers seeking independent gas to power solutions. GDC has been working closely with various generator suppliers and is looking to provide an integrated solution to customers. One such example is a Combined Heat and Power (CHP) unit at our customer SCTB, a flour mill and pasta producer, who is consuming gas for power and recycling heat and steam from the generation for process heating. The overall energy efficiency for this CHP unit is significantly higher than the efficiency for power generation alone.

The Compressed Natural Gas (CNG) project has also become a top priority and GDC is working to have customers signed by the end of 2018 and thereafter brought online without delay. We have identified a number of potential customers in Eastern Douala who are within a 30km delivery range. Projected consumption is 1.7mmscf/d of CNG. Stage 1 of the CNG plant is being designed at 2mmscf/d and Gas Sale Agreements are being negotiated with all potential customers. Discussion with technology providers are progressing to ensure a solution is readily deliverable once sufficient customers have customers have been signed up.

Financial Performance

Despite the growth in gross production during 2017, attributable revenue for 2017 was $23.5 million (2016: $32.8 million) which reflects GDC's 57% participating interest in Logbaba, where previously we accounted for higher levels of revenue in recovery of our former exploration costs. This reduction in revenue flowed through to the underlying EBITDA of $4.6 million compared to $13.1 million in the prior year. The loss before tax of $10.7 million translates to a loss per share of 8.86p (2016: $30.0 million and 28.74p). A more detailed review of the financial performance is recorded in the Financial Review below.

The financial performance for 2017 was below expectations and with the loss of revenue from ENEO, the 2018 results are expected to be significantly impacted. Management is working hard to increase revenue, particularly in more profitable business lines, whilst at the same time driving hard to contract with the large off-take Independent Power Producer's ("IPP's") in Cameroon whose scale of business will enable the Company to become profitable.

The Directors have given careful consideration to the appropriateness of the going concern basis in the preparation of the financial statements. Further details of our current financial position and uncertainties which may affect the Company's ability to continue operating as a going concern are to be found in the Financial Review below and are disclosed in the Financial Statements.

Looking forward

Having secured gas reserves, the key strategic directions for the Company are as follows:

· Renew the gas supply contract for the current installed 50MW of power and add further grid power, including new contracts with other IPP's;

· Increase thermal gas sales to existing and new customers;

· Work with existing and new customers to create bespoke gas to power solutions with individual generator designs. These solutions will allow customers to be less dependent on grid power;

· Maximise return from our high-grade gas condensate. Studies have shown that our condensate is very high grade and close in composition to diesel. We currently sell condensate at near to crude oil prices, which is about half the price of diesel;

· Actively develop the CNG and Natural Gas Vehicle (NGV) markets. CNG would compete with diesel and LPG as a source of energy in the more remote regions, it offers considerable uplift on current margins and can be transported 250-300km;

· Sustain progress on the promising Matanda opportunity; and

· Review capital projects, operational and general and administrative ("G&A") expenditure rigorously to preserve cash.



Attainment of these objectives is paramount to the future success and profitability of the Company and the Management team is fully focused on delivering on these strategies.


Logbaba Drilling Programme


The drilling of wells La-107 and La-108 during 2016 and 2017 was very challenging and expensive, but we had success in booking significantly more reserves and two new production wells in the onshore Cameroon Logbaba Field. The new wells supplement the two original Logbaba production wells, La-105 and La-106, which were drilled in 2009/2010. The Logbaba wells were required to meet the growing market demand for gas in Douala, Cameroon, to develop our 1P (Proven) Logbaba reserves, and to move some 2P (Proven plus Probable) reserves into the 1P reserve category. Both La-107 and La-108 were drilled directionally from a drilling pad adjacent to the Logbaba Gas Processing Facility. We have increased Logbaba gross 1P reserves by 73% and gross 2P reserves have risen by 52% (as reflected in the table below).


***More via link below***

http://www.moneyam.com/action/news/showArticle?id=6022619

Not sure if VOG/GDC are involved but it should be an interesting even:

DESCRIPTION

The Cameroon National Industry Forum (FONAIC) is a Forum in which all the stakeholders in the industrial sector get together
to reflect on the Cameroonian industry in particular, by taking stock of its situation and projecting it into the world. future, in
the light of proactive political orientations and national potentialities.

https://www.eventbrite.com/e/forum-national-de-lindustrie-au-camerounfonaic-tickets-46361412232

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On Day 2 (This Wednesday) there is a section "Example of a project for National Industrial Reconstruction: Natural Gas Project for Vehicles"

http://www.minmidt.cm/projet-de-programme-du-fonaic/