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
    

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

That seemed to be an encouraging operations update yet the stock continues to be beaten up. Maybe a good team in the wrong country. Anyhow good luck, it deserves better.

looks good the update, but what does it bring to the bottom line?

Translated via google:

Cameroon: In the last quarter of 2018, gas production and sales rose at Victoria Oil & Gas
Friday, 18 January 2019



(Invest in Cameroon) - In Cameroon, natural gas producer Victoria Oil & Gas reported Thursday that its natural gas sales climbed 14 percent in the last quarter, from 355.6 million cubic feet to 403 cubic feet. , $ 8 million, compared to third quarter sales results.

This was achieved by increasing average production to 4.45 million standard cubic feet per day from 3.72 million cubic feet in the third quarter.

During this period, thermal energy consumption increased by 5% compared to the last quarter of 2017 with the arrival of three new customers and two new connections. As for energy consumption by the industrial sector, it increased by 12% with three new customers.

This level of sales was achieved while for the year as a whole, average production fell by 66% to 3.75 million standard cubic feet per day compared to 2017. This drop in production is due to the suspension of deliveries to electricity producer Eneo, VOG's main customer.

In the future, Victoria intends to diversify its clientele in order to reduce its dependence on Eneo, which resumed its purchases at the end of December.

https://www.investiraucameroun.com/commodities/1801-12013-cameroun-au-dernier-trimestre-de-2018-la-production-et-les-ventes-de-gaz-ont-grimpe-chez-victoria-oil-gas

21 January 2019
Victoria Oil & Gas Plc

Production Update

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide an update on the increasing production levels at the Logbaba Project.

Highlights:

· Average production rate MTD for January 2019 of 8.5mmscfd as at 19 January 2019

· 91% increase on Q4 18 daily average production levels

· 9.9mmscfd average production for the 7 days to 19 January 2019

· 12.96mmscfd peak level reached on 18 January 2019 YTD

· ENEO consumption levels at the Logbaba Power station have doubled to 30MW since the resumption of the contract in late December



The Company announced on 24 December 2018 that Gaz du Cameroun ("GDC") had entered into a binding term sheet on the 21 December 2018 with ENEO Cameroon SA ("ENEO") to resume gas supply to the 30MW Logbaba Power Station. Gas supply and power distribution commenced 22 December 2018.



Since the resumption of the contract with ENEO in late December, ENEO consumption levels have doubled from 15MW to the full 30MW at Logbaba as the equipment has been recommissioned. ENEO gas consumption has recently exceeded take or pay levels of 4.88mmscfd.



The term sheet with ENEO sets out 3-year contract duration with peak delivery of 6.1mmscfd to be made available to the Logbaba station on an 80% minimum Take or Pay basis throughout the year, which equates to a minimum average additional gas supply of 4.88mmscfd. This differs from the previous contract, which 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 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.



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, is focussed on the importance on the diversification of the customer base to reduce dependence on any single customer. Our industrial customers are consuming at record levels as reported in our Q4 18 operations update and the business development of these and other routes to market continue to be developed.

https://www.moneyam.com/action/news/showArticle?id=6283079

Victoria Oil & Gas looks ahead to increased cash flow and market recognition after ENEO renewal (Video)
13:23 21 Jan 2019


Victoria Oil & Gas plc (LON:VOG) chairman Kevin Foo tells Proactive London's Andrew Scott its power generation customer ENEO has now doubled its consumption levels, following December’s gas sales deal, and, its power station is operating at full capacity at 30 megawatts.

Foo says the average gas production rate measured 8.5mln cubic feet per day for the month to date (as of 19 January) ... and in the seven days ended January 19, the average rate was marked at 9.9mln cubic feet.

He adds that ENEO has expressed interest in increasing power generation levels – 20 megawatts from its Bassa Power Station – creating additional gas demand of around 4mln cubic feet per day.

Foo says talks are continuing with other independent power producers who are evaluating additional power supply options to meet the electricity shortfalls in the City of Duala.

https://www.proactiveinvestors.co.uk/companies/stocktube/11920/victoria-oil--gas-looks-ahead-to-increased-cash-flow-and-market-recognition-after-eneo-renewal-11920.html

WITH THE CLOSURE OF MONEY AM THERE IS NO POINT IN ADDING TO THIS THREAD

For those that haven’t seen, there was an article published over the weekend by a Jamie Nimmo basically saying VOG require more funds and a placing is on the way.

Most AIM companies rely on share placings from time to time as they grow/expand but this article appears very suspect!


STOCK MARKET WATCHLIST: Is the well running dry as energy firm seeks capital?
By Jamie Nimmo For The Financial Mail On Sunday
Published: 22:38, 26 January 2019 | Updated: 22:50, 26 January 2019


The rumour swirling in the City is that AIM-listed gas producer Victoria Oil & Gas is on the hunt for more funds.

The word on the street is that the company – which operates as Gaz du Cameroun in the Francophone West African state of Cameroon – has been tapping up shareholders for a new share placing to raise cash.

All of this might not come as too much of a surprise to those who monitor the company’s activities.

The firm is known to have a large following of private investors.

Victoria Oil & Gas warned at the end of September that it was keeping a close eye on cash levels, which stood at just $3.2 million (£2.4 million) at the end of June, after burning through $3.8 million in six months. It seems the well has at last run dry.
The shares have been on the slide in 2019, leaving it with a market value of just over £20 million.
Even an update on its increasing gas production levels last week failed to lift the share price.

A spokesman for the company, which is led by Kevin Foo, said it did not comment on ‘market speculation regarding capital raisings’.


https://www.dailymail.co.uk/money/markets/article-6635895/STOCK-MARKET-WATCHLIST-running-dry-energy-firm-seeks-capital.html#comments

THERE WILL BE LIMITED POSTS UNTIL THE FINAL CLOSURE OF MONEY AM :-(

29 January 2019
Victoria Oil & Gas Plc

Production Update

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide a further update on the increasing production levels at the Logbaba Project.

· 9.6mmscfd average gas consumed January 2019 to date

· 12mmscfd average production for week 19-25 January

· Current gas and condensate production levels provide estimated monthly net revenue of approximately $2.0m at 12 mmscfd.

Grid power customer ENEO resumed gas consumption on 22 December 2018 after nearly a year offline and this has led to 9.6mmscfd average consumption for January 2019 to date. If condensate production is added, this equates to 10mmscfd.

At the 12mmscfd level, approximately 56% of gas is consumed by ENEO and the balance is to thermal and Industrial Gas consumers. This is the product balance that the Company wishes to maintain and focus on non-grid solutions is ongoing.

At the 12mmscfd gas production level net Gaz du Cameroun (VOG subsidiary) monthly revenue from gas and condensate is approximately $2.0m.


Press Speculation

The Company notes the recent speculation in the press with regards to a potential fundraising by VOG. As with many other AIM companies, VOG continually assesses its cash requirements and funding, both debt and equity and currently is assessing various potential funding options. In adherence with market regulations any announcement in relation to any fundraising decisions would be made in consideration of due process via the formal channels and VOG has nothing further to announce at this time. However, the Company is encouraged by the strong cash flows projected from its Cameroon operations, which reflect the January figures above.

https://www.moneyam.com/action/news/showArticle?id=6292659

Gawd , when is someone going to put this dog down ?

The only people making money out of this are the directors.

ShoreCap remains impressed

In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Following recent updates, we remain impressed by the production growth that is being achieved by VOG in very short order following the reinstatement of ENEO supply.”

They added; “We are confident that a significant reserves upgrade last year provides a robust platform for future growth across the grid power and non-grid segments, and have been particularly impressed by VOG’s successful expansion in the industrial power sector.”

The analysts said their risked net asset value estimate stands at 70p per share, reflecting “the value of VOG’s strategically important reserves base and the significant market opportunity that we see in the Douala region.”

https://www.proactiveinvestors.co.uk/companies/news/213476/victoria-oil--gas-jumps-as-explorer-updates-on-production-and-funding-options-213476.html

They would be wouldn't they , they make money on every placing no doubt.