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
    

when are the next results from the company due?

tomoro...i bought back in today...the shareprice in now ridiculously cheap that i'm expecting a bid soon... £25m market cap with all that infra structure and gas reserves...come on someone is having a laughhhhhhh!

The Results for the year ended 31 December 2018 will be around May/June 2019!


Last year there was a Year End Update on 21st December and the next quarterly Operations Update (Q4) will be end of January or during February.

Thanks for your replies

What an awful chart.

24 December 2018
Victoria Oil & Gas Plc

Renewal of Long-Term Gas Supply Contract with ENEO

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to announce that its wholly owned subsidiary Gaz du Cameroun S.A ("GDC") has signed a binding term sheet with grid power provider, Eneo Cameroon S.A. ("ENEO"), to resume gas supply to the Logbaba 30MW Power Station.


Highlights:

· Gas supply and power distribution commenced 22 December 2018

· 3-year contract term

· Peak quantity delivery of 6.1mmscf/d to be made available to the ENEO site

· Minimum base load 80% (4.9mmscf/d) of peak quantity "Take or Pay" throughout the year

· This contract will increase current daily average consumption by more than 100% to approximately 8.8mmscf/d

· Gas price range from $6.75 to $6.95 per MMBtu over contract term

The Board is pleased to confirm that a binding term sheet was signed on 21 December 2018 between GDC and ENEO for the resumption of gas sales. Simultaneously, ENEO has entered into an agreement with Altaaqa Alternative Solutions Projects DWC-LLC ("Altaaqa") for the provision of their gas-powered generation units ("Gensets"). Gas export and power generation began on 22 December and build-up to the full 30MW supply is progressing well.

Terms of the Agreement

Under the revised terms, gas will be supplied to ENEO's 30MW Logbaba Power Station. The peak quantity requirement equates to 6.1mmscf/d gas consumption from GDC. The initial gas sale price of $6.75 per MMBtu will increase over the three-year term of the agreement by $0.10/MMBtu on each anniversary of the effective date of the agreement. The original contract with ENEO contained a seasonal minimum take or pay element of 90% during the January to June dry season and 30% during the wet season July to December. The take or pay element of the contract has been amended to a minimum base load level of 80% throughout the entire year, which equates to a minimum gas supply of 4.88mmscf/d. The average daily consumption of gas for GDC during 2018, prior to recommencing supply to ENEO was approximately 4mmscf/d, so the Logbaba production more than doubles current daily average production to more than 8.8mmscf/d.

The parties are committed to executing Fully Termed Agreements and providing appropriate payment guarantees by 31 January 2019.

ENEO has expressed their intention to increase power generation levels to include an additional 20MW from its Bassa Power Station in due course and they, and other IPP's, are evaluating additional power supply options to meet the electricity shortfalls that the city of Douala continues to experience.

The Company commented:

"We are delighted that GDC has renewed its contract with ENEO and has quickly resumed gas supply to the Logbaba Power Station in Douala. Whilst the situation in 2018 has been a challenging one for all involved, the management team remained confident that a resolution would be reached. We wish to thank the Government of Cameroon, Ministry of Water & Energy, Eneo Cameroon S.A, Société National de Hydrocarbons (SNH) and His Excellency the President for entrusting GDC and Altaaqa with such an important project for the Republic of Cameroon and its people.

The new contract provides GDC with a stable three-year deal that immediately doubles daily average gas sales, whilst also offering a platform for further opportunities with ENEO, notably at their 20 MW Bassa Power Station in Douala.


With the resumption of the ENEO contract, the Company is in a strong position for growth during 2019. GDC 's significant reserve base and position as the only onshore gas producer in Cameroon provides a unique opportunity to produce more power in the region for the benefit of both the Company, and the people of Cameroon. The management team has worked hard over the last 12 months to successfully diversify the product base and increase the number of clients and will continue to focus on this initiative."

https://www.moneyam.com/action/news/showArticle?id=6255869

BOOM!!!!!!!!!!!!!!!!!!!

ONLY 150M SHARES IN circulation...love it!

Nice Christmas present for those that stuck with this through the bad times. Particularly Banjo for his posts. Not in it myself but I hope it regains all the ground it lost.

Cheers iturama and Happy Christmas.

80p WILL BE HIT VERY SHORTLY...WILL IT STOP THERE...VERY MUCH DOUBT IT..VOG WILL BE THE SHARE OF 2019 AND ABOUT BLOODY TIME!

Nice rebound but it took some sort of baksheesh to get VOG moving again.....always the same in Africa....not sure if the sp will go higher but it's a start.....

required field, the reason for the fall from 50p (Jan 2018) to the recent lows was initially due to the cancellation of the ENEO contract in January 2018 and then the subsequent uncertainty that followed throughout this year!

Although Bassa power station (20MW) is not back on line as yet the signing of the Logbaba power station (30MW) contract is a major boost for VOG/GDC.

The signing of the ENEO contract will now give any further positive news a legitimate reflection in the SP with the stability of the company now assured!

Used to be a wonder stock this one....with Russian assets.....not sure what's happened to them....I was surprised when they sort of moved to Cameroon and they have effectively discovered gas.....the rebound would have been more-so had the markets been better.....trouble is you can never be sure of anything in Africa….everything is very unreliable...I will continue to monitor this one...but the markets are just terrible....

I missed 'Malcy's Blog' on Christmas Eve and again at the end of the day, it's just another persons view:

Victoria Oil & Gas
Posted on 24 December 2018

Christmas has come a day early for long suffering shareholders in VOG, nearly a year after ENEO pulled the rug and a new, better contract has been signed. Increasingly long power-outs leading to unrest and industry protests has meant that VOG is now in a stronger position than before and that is not including the changes to the business model that the company have made since the original contract was lost.

This long term gas supply contract with ENEO, due to last for three years, gives stability and higher prices all the year round rather than the old one which moved sharply from season to season. GDC will deliver peak quantities of 6.1 mmscf/d to the ENEO Logbaba power station with a minimum base load of 80%, 4.9 mmscf/d as a take or pay over the year which will increase current daily gas average consumption by more than 100% to approximately 8.8 mmscf/d. Prices are $6.75 up to $6.95 per MMBtu which increases over the contract term. The is even some potential upside from this as ENEO’s 20 MW Bassa Power Station in Douala also offers ‘a platform for further gas sales opportunities’.

2018 will be best forgotten for VOG and its shareholders, whilst the management has always been confident that a resolution would be reached many milestones passed without restoration of the contract. The really good news is that not only have they got a pretty solid three year deal, they have been upgrading the business margin in the remainder of the company’s commercial areas. In absence of the ENEO contract local companies have tied in to GDC gas for a variety of needs such as thermal and industrial power needs where new customers have been brought on stream. Add to that the potential for the CNG developments with Naturelgaz and once again VOG should be in a very strong position.

https://www.malcysblog.com/2018/12/oil-price-victoria-oil-gas-and-finally-2/

2 January 2019
Victoria Oil & Gas Plc

Presidential Decree on Matanda Received

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to announce that its wholly owned subsidiary Gaz du Cameroun S.A ("GDC") has received the Decree signed by H.E President Paul Biya on December 17, 2018, authorising the transfer of interest in the Matanda Production Sharing Agreement ("Matanda PSC") licence assigned from Glencore in early 2016.


Highlights

· GDC has now secured 75% ownership and is operator of the Matanda PSC, adjacent to its Logbaba concession, which at 1,235 square kilometres Matanda is over 60 times the area of the Logbaba concession

· North Matanda offshore field contains gross estimated 2C recoverable gas resources of 150bcf and 6 million barrels of condensate and upside of 1TCF of gas

· Onshore prospects close to Logbaba gas pipeline network will be the focus, where resources of Gross Prospective Mean GIIP are estimated at 1303bcf of gas contained in 23 prospects and leads

· Existing GDC infrastructure with close proximity to Matanda will allow new discoveries to be delivered to industrial users efficiently and promptly

· A minimum work programme obligation of one exploration well plus seismic reprocessing to be completed in the first 2 years of the assignment following the Presidential Decree.

GDC, Glencore Exploration Cameroon ("Glencore") and Afex Global Limited ("AFEX") have received the Decree signed by H.E President Paul Biya on December 17, 2018, authorising the transfer of interest in PSC assigned from Glencore in early 2016. The Decree confirms the previously agreed assignment of the Matanda Block ("Matanda"), a large hydrocarbon licence in Cameroon. The terms of the assignment include the transfer by Glencore of 75% of its participating interest in the PSC to GDC and 15% of its participating interest to AFEX, who previously held a 10% interest. Société Nationale Des Hydrocarbures ("SNH") have a 25% back in right after an Exploitation License is granted.

As consideration for the assignment, GDC will become Operator and will assume responsibility for carrying out the Work Programme agreed with the Government of Cameroon. The agreed obligation for this work programme is one exploration and appraisal well plus reprocessing of existing seismic in the first 2-year period of the PSC.



Matanda covers an area of approximately 1,235 square kilometres and is highly prospective for natural gas and gas condensate. It contains the previously discovered offshore North Matanda Field with current 2C recoverable gas resources of 150bcf Gross and 6 million barrels of condensate and upside of 1TCF of gas. In addition, there are further onshore Prospective resources of 1303bcf of gas contained in 23 identified prospects and leads.

GDC and AFEX will focus on the onshore prospects located within a few kilometres of the adjacent Logbaba concession. The close proximity of the existing Logbaba gas pipeline network will also allow for new discoveries on Matanda to deliver additional natural gas to industrial users in Cameroon.

The Company commented: "It is very rewarding to receive Presidential approval for this acquisition. Matanda provides material upside to underpin our growth plans and with a block size 60 times larger than Logbaba and significant onshore potential, development of Matanda in parallel with Logbaba should provide both size and flexibility. Matanda, which is primarily onshore and on the western side of Douala, provides an opportunity to develop an independent gas field to feed the growing industrial and domestic markets in the Bonaberi areas and beyond. Additionally, the offshore North Matanda Field has considerable potential in the longer term.

We thank AFEX, Glencore and SNH, the Cameroon national oil company, for their assistance in bringing this opportunity to a successful conclusion. The development of Matanda will now be built on the firm foundation established by Glencore and AFEX. The assignment and development of Matanda is consistent with our strategy to provide clean and reliable energy to industrial users in Cameroon."

https://www.moneyam.com/action/news/showArticle?id=6261876

Made a dedicated post regarding the electricity connection between Cameroon and Chad LINK

Translated via google:

EU joins AfDB to finance electricity interconnection between Cameroon and Chad
Friday, 11 January 2019



(Invest in Cameroon) - On 20 December 2018, the European Commission and the African Development Bank (AfDB) signed an agreement in the form of a grant of € 30 million 20 billion FCFA), for the financing of the electricity interconnection project between Chad and Cameroon, announced the AfDB in an official statement issued on 9 January 2019.

" The African Development Bank had given the green light, in December 2017, to finance 65% of the project of electricity interconnection Cameroon-Chad, a cost of 399 million euros (about 262 billion FCFA). The donation made by the European Commission represents 7.5% of this amount. ", Says the pan-African bank.

This project, which is expected to be completed by 2022, will improve the economic and social development framework in Chad and Cameroon by increasing the rate of access to electricity and cross-border energy exchanges. cheap and cleaner.

https://www.investiraucameroun.com/electricite/1101-11973-l-ue-s-associe-a-la-bad-pour-financer-l-interconnexion-electrique-entre-le-cameroun-et-le-tchad

very frustrating share this...but added more today at 19p

bulletin boards strangely quiet on such good news today...sureal

Outlook for 2019


Grid Power

ENEO has expressed interest in increasing power generation levels to include an additional 20MW from its Bassa Power Station in due course. This would add an additional 4mmscfd to current demand, if concluded.


Discussions continue with other IPP's who are evaluating additional power supply options to meet the electricity shortfalls that the city of Douala continues to experience. GdC is targeting agreement with at least one of these IPP's, during 2019, to kick off a new power project in Douala.


Non-Grid Business Development

Whilst gas supply for grid power to ENEO and to others will always be a key strategy of the Group, the Board, as previously announced, has identified that it is important to diversify the customer base to reduce dependence on any single customer.


Rebalancing of Group customer consumption with an emphasis on non-grid remains a major driver for 2019. The considerable reserves upgrade announced in June 2018 provides the basis to seek long term sales contracts for growth of both grid and non-grid sales. The key focuses for management will be to:

· Increase Thermal consumption by actively marketing the benefits of natural gas over liquid fuels;

· Accelerate the Groups gas to power programme for Industrial Power customers;

· Leverage VOG's relationship with Naturelgaz, aimed at bringing first CNG customers online in 2019; and

· Examine potential rural energy needs using CNG as a key fuel that allows integrated and distributed power solutions for communities with no grid power access. The Group's "Energy Well" solution.


Industrial Power

With ongoing power shortages in Douala, the Board expects Industrial Power to yield substantial revenues over the next 10 years for GDC. Over 30 existing and new customers have expressed interest in an industrial power solution; the GDC Industrial Power Unit. As most of these proposed power customers are already connected to GDC's gas pipeline, adding gas fired power generation at these sites would increase gas consumption with minimal downstream costs for GDC.


GDC has completed negotiations with and issued GSA's to 11 customers and signed GSA's with 4 customers. The Board expects a further 7 customers to sign in the near term. GDC is working with Altaaqa and other equipment suppliers to fast track generators for customers. The target is to have a number of Industrial Power customers online by end of 2019, consuming over 4.5mmscfd of gas with no seasonality at prices of around US$13/MMBtu.


CNG Development

On 26 June 2018 the Company announced an agreement to partner with Naturelgaz Sanayi ve Ticaret A.S.("Naturelgaz") on CNG projects. Naturelgaz is Europe's largest CNG supplier and distributor and brings valuable expertise within this field to support GDC. The partnership will provide CNG infrastructure for customers in and around Douala.


Marketing studies by GDC and Naturelgaz have concluded that five types of customers would use CNG in Cameroon; thermal, off-grid power generation, commercial trucking, public transportation, and domestic transportation. The studies indicate the near-term potential of the CNG market, within a 60 km radius of the Logbaba facilities, is 2mmscfd thermal and 2mmscfd industrial power. To date, 20 customers have expressed interest in CNG within a 60 km radius of Douala.


Design, engineering and cost estimation has now been completed which demonstrates feasibility for an initial project to build a 2mmscfd CNG plant in Douala for CNG distribution. Negotiations with customers on offtake agreements are in progress which, on signature will enable the project to kick off.


The Board believes that CNG will compete strongly against diesel and heavy fuel oil which are currently priced in Cameroon at $25/MMBtu and $15/MMBtu respectively.


The Energy Well Concept

Seventy four percent of the Cameroon population has access to the National Grid and 86% of the population lives within 15km of the power network. However, household electrification stands at only 23% and there are approximately 8 million rural Cameroonians who have no access to grid electricity. This situation is replicated in many African nations, where less than 10% of the rural population has access to reliable grid electricity. The average rural household in Cameroon requires about 1kWh of energy per day.


VOG is pursuing its 'Energy Well' system, utilising CNG, as the bridge between traditional hydrocarbons and renewable energy to provide a seamless, clean and reliable energy solution to regions that are currently poorly served by conventional energy sources.


GDC has teamed up with US company Blocksyte Inc on development of the Blockchain elements of Energy Wells. The Company is working with Blocksyte, Altaaqa and others to start field tests this year on the key components of the business.


Logbaba La-108 Insurance Claim

The Company has now received a full independent technical analysis, by an internationally respected group, of the drilling operations on the Logbaba La-108 well in the aftermath of a drill string washout on 7th March 2017. On the basis of this work, the Company will continue to pursue the insurance claim to recover the costs associated with the event. As is normal in these situations, the outcome of the claim is not certain. The gross amount of the claim submitted is $24.5 million.


Matanda

Having received the Presidential Decree conferring title to the Matanda PSC, GDC will continue subsurface planning work for the initial drilling programme at Matanda. The Company is continuing to explore financing options for the drilling programme, including a potential farm-down of the asset, to fund further development.

West Medvezhye ("West Med")

The Company has identified a number of potential buyers for the West Med Asset in Russia. Negotiations are ongoing targeting a sale in 2019.


OECD Instance

Following a complaint to the Organisation for Economic Co-operation and Development ("OECD") in 2018 and various communications with the UK National Contact Point ("NCP") for promotion of the OECD Guidelines for Multinational Enterprises (the "Guidelines"), the NCP has decided, on an "Initial Assessment" that issues raised merit further examination (based on initial information from both parties). The instance was made by the association of residents of Ndogpassi I, II and II and the Good Neighbours circle of Logmayangui in relation to the establishment and operation of the Logbaba Project in Cameroon.


The Guidelines are principles for responsible business conduct in areas including employment, human rights and the environment. While the Board and GDC both strongly believes that the Company has and has had the necessary policies and processes in place, we welcome the opportunity to engage further with the complainants to understand their concerns and to agree how we can advance together.


The Initial Assessment, once published, will be accessible on the OECD's website https://www.gov.uk/government/publications/uk-ncp-initial-assessment-complaint-from-ahn-and-cbvl-against-victoria-oil-gas-plc-vog . The NCP stresses in its report that its decision to examine further the claim against VOG is not a finding against the Company.


We look forward to engaging in NCP-facilitated mediation, which the Company anticipates will take place over the coming months.

Cheers maestro.

Q4 2018 Operations Update