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Victoria Oil & Gas-The Information & News Thread (VOG)     

banjomick - 07 Jan 2015 21:01

M6eXo3LF_400x400.png       gaz-du-cameroun-logo-1.jpg                                                                        
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

Chart.aspx?Provider=Intra&Code=VOG&Size=400&Skin=RedWhite&Scale=0&Type=2&Cycle=MINUTE1&Layout=Intra;IntraDate&E&Ind=VOLMA(60);&Layout=Intra;IntraDate&E=UK&YFormat=&XCycle=Hour2&Fix=1&SV=0Chart.aspx?Provider=EODIntra&Code=VOG&Size=400&Skin=BlackBlue&Type=2&Scale=0&Cycle=DAY1&Span=YEAR1&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=

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
facebook-logo1.jpg    twitter_logo_right.jpg youtube_logo_small_Cropped.jpg

banjomick - 11 Aug 2016 15:48 - 281 of 701

Just for clarification the 'Magzi 2 Industrial Estate' and Magzi:

MAGZI=Mission d' Aménagement et de Gestion des Zones Industrielles
A public company in charge of the development of industrial zones (Which there are 10 such zones in Cameroon circa 2012)


MAGZI Magazine from 2011 with a piece on the Magzi 2 Industrial Estate
http://en.calameo.com/read/000946653ba843415481e

Interesting read but possibly a bit out of date:
2012- DIRECTORY OF CAMEROONIAN COMPANIES
http://www.cameroonhighcommission.co.uk/docs/Liste_des_Entreprises.pdf

banjomick - 12 Aug 2016 18:33 - 282 of 701

Victoria Oil and Gas Plc added 2 new photos.
6 hrs ·

Rig Assembly progressing at Logbaba

13906892_1778791472353925_30532196106112 13900146_1778791459020593_18051227679480

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banjomick - 15 Aug 2016 11:12 - 283 of 701

Victoria Oil and Gas ‏@victoriaoilgas · 1 hour ago

Logbaba Rig Assembly Continues

Cp433g-WAAA6uKG.jpg

Cp436EdW8AATdnZ.jpg

twitter_logo_right.jpg150x88_Victoria-logo.png

banjomick - 18 Aug 2016 10:25 - 284 of 701

18 August 2016
Victoria Oil & Gas Plc

Logbaba Field Reserves Report


Victoria Oil & Gas Plc announces the publication of its updated Logbaba Field Reserves Report ("LFRR"), setting out the reserves and resources of the Company as at 30th June 2016, as evaluated by Blackwatch Petroleum Services Limited ("Blackwatch"). The reserves and resources are stated in accordance with "Petroleum Resources Classification and Definitions", based on the SPE, WPC, AAPG, and SPEE guidelines.

The Company's subsidiary, Gaz du Cameroun S.A. ("GDC") owns a 60% participating interest and operates the onshore Logbaba Gas Project under its C38 Exploitation Licence. The Logbaba Gas Project supplies cost effective, clean and reliable natural gas to industries in the Douala region of Cameroon.

The results of the LFRR are summarised in the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4848H_-2016-8-17.pdf

A full copy of the LFRR can be found on our website at the following: http://www.victoriaoilandgas.com/investors/presentations-reports

The definitions for the reserve and resource classifications in this announcement are set out in the LFRR.


http://www.moneyam.com/action/news/showArticle?id=5400282



banjomick - 18 Aug 2016 10:35 - 286 of 701

Initial reserves estimates confirmed at VOG's Logbaba field
08:45 18 Aug 2016

The field performance to-date is in line with the consultant's prior expectations and there is no change to its initial reserves estimates.

757z468_BP_north_american_gas_opt.jpg

Shares in Victoria Oil & Gas plc (LON:VOG) nudged higher after an "as you were" updated reserves report for the Logbaba field in Cameroon.

The report set out reserves and resources as at 30th June 2016 as independently evaluated by consultancy Blackwatch.

Gross proved + probable (2P) reserves stood at 202.3bn cubic feet (bcf), with 2.8mln barrels of condensate, while gross mean prospective resources were put at 752 bcf with 10.5mln barrels of condensate.

“Blackwatch’s updated reserves assessment reflects production from Logbaba which commenced in 2012; field performance to date is in line with Blackwatch’s prior expectations and there is no change to its initial reserves estimates,” noted Victoria’s joint house broker, Shore Capital Markets.

“We therefore see a high level of confidence in the reserves base at Logbaba, in addition to considerable potential for future growth as VOG undertakes an ambitious work programme to expand reserves, production and process/delivery capacity,” the broker added.

John Harrington


69060_163846843643689_7687549_n.jpg?oh=f

banjomick - 18 Aug 2016 14:07 - 287 of 701

Rig Assembly at Logbaba continues

CqIqErnW8AAsOf2.jpg

CqIp8swXYAAz20n.jpg

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150x88_Victoria-logo.png

banjomick - 26 Aug 2016 08:10 - 288 of 701

26 August 2016
Victoria Oil & Gas Plc

RSM and VOG Arbitration

VOG notes a recent media article in Cameroon and can confirm that on 22 July, 2016, RSM Production Corporation ("RSM") filed a request for arbitration with the International Chamber of Commerce ("ICC") regarding the rig and drilling contractor selected by VOG to conduct the drilling of two new wells at the Logbaba project. Separately, on 29 July, 2016, RSM filed a complaint and application for injunction with the U.S. District Court for the Southern District of Texas in which RSM sought a temporary court order to halt the drilling operations while the arbitration proceeds. On 12 August 2016, VOG and its subsidiary, Gaz du Cameroun, responded to RSM's application for injunction, pointing out that RSM has approved the operations (including the rig and drilling contractor), the rig was in Cameroon being assembled, and therefore an injunction was not warranted. On 16 August, 2016, RSM withdrew the request for injunction and dismissed its complaint.

The arbitration is still pending. Arbitration in the ICC is a confidential process, VOG is not permitted to comment on it, beyond saying, as it did in its response to RSM's application for injunction, that RSM approved the 2016 Work Program and Budget including the drilling program in question and there is no basis to challenge the choice of the rig or drilling contractor.


Activity on the approved 2016 Work Program and Budget continues with spudding of the two wells imminent. GDC is well placed to continue funding these operations and the drill program with project revenue and bank debt until such time as the arbitration with RSM concludes.

http://www.moneyam.com/action/news/showArticle?id=5404216

banjomick - 01 Sep 2016 22:26 - 289 of 701

A few updates to the VOG website have been added recently:

Douala – Our Market (Whole page updated


Gaz du Cameroun has completed two gas supply wells within the city of Douala and operates a wellhead-to-customer connection gas business. Douala is a major port city serving Central Africa and, in addition to being an import hub, is host to a range of major industrial complexes serving Cameroon and surrounding countries. 35km of pipeline has been laid, as at the end of April 2016, within the urban areas of Douala. The Wouri River has been crossed and will provide gas to another of the city’s key industrial zones located on the Bonaberi shore. GDC currently provides thermal gas, condensate and gas for grid powered small-scale electricity generation to customers.

1608%20Operations%20Map%20resized.jpgCustomers in Douala

Our gas operations supply customers across a range of diverse industries. Douala is a major production hub for goods supplying both Cameroon and the surrounding region.

http://www.victoriaoilandgas.com/gaz-du-cameroun/douala-%E2%80%93-our-market

banjomick - 01 Sep 2016 22:33 - 290 of 701

Matanda%20Resized.jpg?itok=ENUmh690!

February 2016
VOG secures 75% interest in Matanda Block

VOG secures 1,235 square kilometre Matanda Block adjacent to current Logbaba Licence.

The North Matanda Field has estimated P50 'gas-in-place' volumes of 1.8Tcf and 'condensate-in-place' of 136Mmbbl.

Logbaba%20Processing%20Plant_0.JPG?itok=

April 2016
US$26m debt facility secured
GDC secures a US$26m debt facility with BGFIBank to help build the business in Cameroon without recourse to the equity markets.

http://www.victoriaoilandgas.com/gaz-du-cameroun/our-operations

banjomick - 08 Sep 2016 07:48 - 291 of 701

8 September 2016
Victoria Oil & Gas Plc

Reserve Bonus and 1.2% Contingent Payment Agreements Extinguished

Victoria Oil & Gas today is pleased to announce that its wholly owned subsidiary Gaz du Cameroun S.A, a BVI company ("GdC") has entered into a confidential settlement that resolves all outstanding issues concerning the previously disclosed Reserve Bonus Payment Agreement ("Reserve Bonus") and a 1.2% royalty due pursuant to the Contingent Payment Agreement ("CPA") agreed prior to VOG's involvement with the Logbaba Gas Project ("Settlement").

As previously reported in the Report and Accounts to 31 December 2015, GdC was in arbitration over the timing and quantum of the Reserve Bonus. The Company is pleased to announce that during a formal mediation process with its counterpart GdC agreed not only a global Settlement, including all claims in arbitration and termination of the Reserve Bonus, but also took the opportunity to negotiate termination of the CPA. The commercial terms are subject to a confidentiality undertaking, but are not materially different from the combined provision and contingency announced in the Report and Accounts to 31 December 2015.

Commenting today Ahmet Dik, CEO of VOG, said; "We are very pleased with the Settlement, which draws to a conclusion an area of uncertainty within the business, without putting undue pressure on the Group's financial resources. The termination of the CPA as part of the Settlement is a significant benefit to shareholders in terms of future profitability. The Board and I continue to look for areas to take costs out of the business and improve returns for shareholders."

http://www.moneyam.com/action/news/showArticle?id=5411246

banjomick - 08 Sep 2016 08:37 - 292 of 701

From the Report and Accounts to 31 December 2015:

Current liabilities

There has been a $6.6 million reduction in trade and other payables and borrowings as the Logbabagas and condensate project became cash generative during the period, and these funds have been used to reduce payables and borrowings.

The increase of $1.0 million in provisions relates to a reclassification of part of the reserve bonus provision as current.

31 December 2015 ($’000) 9,093
31 May 2015 ($’000) 14,728

Non-current liabilities

There has been a $1.3 million reduction in borrowings as the Logbaba gas and condensate project became cash generative during the period.

Provisions have decreased by $4.6 million owing largely to a $4.2 million reduction of the reserve bonus provision (see Note 20), and $1.0 million of the reserve bonus provision being disclosed as a current liability, reflecting the expected outflow of cash.

31 December 2015 ($’000)13,060
31 May 2015 ($’000) 19,470

20. PROVISIONS
Reserve Bonus Provision


Reserve bonus provision
31 December 2015 ($’000) 4,241
31 May 2015 ($’000) 8,200

The Group is liable to pay a bonus determined four years after commencement of hydrocarbon production by reference to the reserves of the field, as assessed at that time. The Directors have previously provided $10.0 million, being the bonus payable based on the expected reserves four years from first production.

During the current period the counterparty has initiated arbitration proceedings over the timing of the reserve bonus payments. Based on proceedings to date and legal advice, management are of the opinion that the reserve bonus provision should be $5.0 million, not $10.0 million, and the provision has thus been adjusted accordingly.

A portion of the reserve bonus provision ($1.0 million) is reflected as a current liability reflecting the Directors’ judgement of the date of first production. The provision represents the present value, as at the Balance Sheet date, of the amounts payable each period discounted at a rate that reflects both the time value of the money
and the risks inherent in the liability.

A contingent liability of $5.0 million exists should the arbitration ruling favour the counterparty, of which $1.0 million would be a current liability.
*****************************************************************************************

Regarding the "1.2% royalty due pursuant to the Contingent Payment Agreement ("CPA") agreed prior to VOG's involvement with the Logbaba Gas Project ("Settlement")."

28. ROYALTY OBLIGATIONS AND CONTINGENT LIABILITIES

􀀀 1.2% of the value of oil and gas produced, net of certain deductions, which was assumed on acquisition of Bramlin Limited. The royalty expense recorded in the current period was $0.2 million (prior period: $0.3 million)

http://www.victoriaoilandgas.com/sites/default/files/160531%20VOGAR%20DEC15_WEB_2.pdf

banjomick - 08 Sep 2016 10:33 - 293 of 701

Victoria Oil clears a couple of legacies at Logbaba in Cameroon
08:37 08 Sep 2016

The settlement resolves all outstanding issues relating to the reserve bonus and also ended a 1.2% royalty from a contingent payment agreement

757z468_shutterstock_428403064.jpg

Victoria Oil & Gas PLC (LON:VOG) has negotiated the cancellation of its reserve bonus agreement over the Logbaba gas field in Cameroon.

The settlement resolves all outstanding issues relating to the reserve bonus and also ends a 1.2% royalty from a contingent payment agreement prior to its involvement at Logbaba.

Details of the settlement are confidential but Victoria Oil & Gas the terms were not materially different to the reserve bonus and contingency provisions.

In the 2015 accounts, the reserve bonus provision was around US$8.5mln.

Ahmet Dik, VOG’s chief executive, said he was very pleased with the settlement.

The termination of the CPA as part of the settlement was also a significant benefit to shareholders in terms of future profitability, he added.

Philip Whiterow

69060_163846843643689_7687549_n.jpg?oh=5

Also:

Victoria Oil and Gas (LON:VOG – 36p) – Royalty and Reserve Solution Declutters Asset: News that some of the legacy issues relating to the Company’s Logbaba asset have been resolved should provide a fillip to the shares, especially as it’s been one of the issues that has dogged the long term profitability of the upstream business. That said, it is less of an issue for the midstream business which we continue to believe is where in Cameroon at least, the Company’s future lies.

We continue to believe that the separation of the upstream in the downstream business will allow for a far higher valuation, and if both are run at arm’s length from each other, we believe that the full value for both will be achieved. That said, the Company continues to make headway and with this news, it should be able to accelerate the rollout of its midstream business.

http://www.proactiveinvestors.co.uk/columns/sp-angel/25963/today-s-market-view-enquest-ascent-resources-victoria-oil-and-gas

banjomick - 08 Sep 2016 22:44 - 294 of 701

INVESTMENT OVERVIEW

Victoria Oil positions itself to meet Cameroon's need for power
10:00 08 Sep 2016

GDC is currently the only supplier of natural gas to Douala, Cameroon’s rapidly growing second city

757z468_GDC-Process-Plant.jpg

Victoria Oil & Gas (LON:VOG) has substantial gas assets in Cameroon, a country crying out for power.

At present, Gaz du Cameroun, Victoria's local subsidiary, estimates demand for gas in Cameroon for thermal and power generation is in excess of 150mmscf (millions of standard cubic feet) per day.

At the Logbaba gas field, where it has a 60% stake, production is currently running at 15mmscf/d and a 'primary objective' in 2016 is to exceed 3.7 Bcf of annual production, a 30% increase over 2015.

GDC is currently the only supplier of natural gas to Douala, Cameroon’s rapidly growing second city, and in its own words it manages the whole value chain from the wellhead to customer connection.

Long-term supply contracts have been established with customers at prices from $9/mmbtu (millions of British thermal unit) to $16/mmbtu and with prices not subject to regulation.

Infrastructure plans include designs for the gas treatment plant capacity to rise to 40mmscf/d, adding 13km to the pipeline network and to develop new product areas such as compressed natural gas (CNG).

Matanda can dwarf Logbaba

In addition, taking a 75% stake in the Matanda block earlier this year has given Victoria Oil control of an asset potentially 60 times larger than Logbaba.

The North Matanda field alone is estimated to hold 1.8trn cubic feet (Tcf) of gas and 136mln barrels of condensate on a p50 (50% probability) basis.

That compares with 208bcf of gas and 3.1mmbls of condensate at Logbaba.

The North Matanda Field is an extension of the Logbaba structure and wells drilled already alongside extensive 2D and 3D seismic data have shown a strong geological continuation between the two.

Next steps are a work programme to be agreed by the Cameroon government.

The work programme plan initially is to explore onshore licence areas within a few kilometres of Logbaba and send any discoveries through the pipeline network operated by Gaz Du Cameroun or GDC, Victoria’s Cameroon subsidiary.

Move into profit

Victoria posted a pre-tax profit of US$1.6mln in the seven months to December 2015, a period that reflected a change of year end.

Since then it has been tying up some of the loose ends of the ownership structure of its assets.

The latest of these was to negotiate the cancellation of its reserve bonus agreement at Logbaba.

A settlement resolved all outstanding issues relating to the reserve bonus and also ended a 1.2% royalty from a contingent payment agreement (CPA) prior to its involvement.

Ahmet Dik, VOG’s chief executive, said he was very pleased with the agreement. The termination of the CPA as part of the settlement was also a significant benefit to shareholders in terms of future profitability, he added.

-updates for September legacy settlement --

Philip Whiterow

69060_163846843643689_7687549_n.jpg?oh=5

banjomick - 14 Sep 2016 15:09 - 295 of 701

General interest- the September edition of 'Business in Cameroon', VOG article within the Energy Section highlighting previously reported news:

ic53.jpg

banjomick - 17 Sep 2016 11:24 - 296 of 701

A bit of a coincidence but hints that there may have been an initial issue with SPD and manning:

VOG Social Media stopped 18th August.

HPHT Senior Drilling Supervisor in Cameroon (Expiry Date 18 Aug 2016)

SPD is a world class provider of well engineering services to the upstream sector of the Oil and Gas Industry.

An exciting and challenging opportunity has become available with one of the leading upstream Oil and Gas companies within the industry. We are currently seeking a HPHT Senior Drilling Supervisor for their operations based in Cameroon.
•Position: HPHT Senior Drilling Supervisor
•Start: September 2016
•Duration: 6 months
•Status: Contractor
•Location: Cameroon
Sorry, this job has been made inactive by SPD LLC
https://www.oilandgasjobsearch.com/Oil-and-Gas-Jobs/Drilling-Engineer-Jobs/HPHT-Senior-Drilling-Supervisor/Details/1179918

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

Regarding the drilling operations:

RSM and VOG Arbitration
26 Aug 2016

Activity on the approved 2016 Work Program and Budget continues with spudding of the two wells imminent. GDC is well placed to continue funding these operations and the drill program with project revenue and bank debt until such time as the arbitration with RSM concludes.

Q2 2016 Operations Update
26 Jul 2016

The Logbaba drilling programme has progressed during Q2 with the completion of major site preparation work and the arrival of the drill rig in Douala, together with most of the long lead materials and equipment. The drill rig has been cleared through customs, transported to site and assembly is now underway. Drilling operations are expected to begin by end August 2016.

Drilling Rig Arrival at Douala Port, Cameroon
29 Jun 2016

VOG’s wholly-owned subsidiary Gaz du Cameroun’s (“GDC”) schedule is to commence drilling in early Q3 and complete drilling by the end of 2016.

Q1 2016 Operations Update
19 Apr 2016

SPD Petrofac is providing well design and project management services and with their assistance we are now working on the detailed design and programme preparation.

WOODIE - 26 Sep 2016 07:51 - 297 of 701

Victoria Oil & Gas has posted an H1 pretax profit of $3.9m, from a year-ago profit of $215,000. Revenue was $23.6m, from $18.9m.

"The first half of 2016 has been a stabilising period in the Company, as we deliver on our strategy to increase production and grow our pipeline network in Douala, Cameroon," said executive chair Kevin Foo.

"Our market assessment indicates a growing demand for our gas, for both thermal and grid power markets.

"The Matanda acquisition was a major extension of our influence in the region, whilst the drilling programme is expected to unlock new reserves for sale to customers.

"The preparation for drilling at our existing Logbaba production site is complete, and spudding is expected shortly. Expansion work on the Bonaberi pipeline is on track, and with Gas Sales Agreements in place, we expect to deliver to these new customers before the end of the year.

"As we deliver on our expansion targets, we will look to increase the process plant's capacity. The settlement of the reserve bonus and termination of the 1.2% royalty was an important matter to resolve and will mean greater revenue for the Company going forward

banjomick - 26 Sep 2016 09:25 - 298 of 701

Cheers WOODIE

Interim Results for six months to end June 2016
26 Sep 2016

Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2016.

In the prior year the Company changed its accounting reference date to 31 December. These interim results report on the six-month period to 30 June 2016, with the comparative period covering the six-month period ended 30 November 2015. Owing to the seasonal nature of our business, where production statistics are reported they will be compared to the equivalent six-month period to 30 June 2015, to provide a more accurate comparison.

Financial Highlights

•$23.6 million Revenue (six months to 30 November 2015 was $18.9 million)
•$14.2 million Adjusted EBITDA (six months to 30 November 2015 was $7.9 million)
•$1.9 million Net cash position (at 31 December 2015 was $6.0 million)
•$9.0 million Net cash position at 23 September 2016
•Cost recovery milestone reached on Logbaba Gas and Condensate Project on 31 May 2016 after which revenues will be shared in accordance with the participating interests

Operational Highlights

•93% average daily production rate increase to 13.1mmscf/d (six months to 30 June 2015 was 6.8mmscf/d)
•2,282mmscf of gas sold (six months to 30 June 2015 was 1,525mmscf)
•Phase II Bonaberi pipeline expansion well underway to connect new thermal customers
•Major drilling preparation work completed, drill rig arrived and is being commissioned

Corporate Highlights

•75% interest in the Matanda Production Sharing Contract assigned to the Group
•$26 million debt facility secured to support Logbaba expansion
•Group CEO appointed - Ahmet Dik; Group Finance Director appointed – Andrew Diamond

Post Balance Sheet Events

•Settlement reached over the reserve bonus dispute and termination of 1.2% royalty
•Full settlement of receivable from RSM Production Corporation
•Roger Kennedy appointed as independent Non-Executive Director

Kevin Foo, Executive Chairman said,

"The first half of 2016 has been a stabilising period in the Company, as we deliver on our strategy to increase production and grow our pipeline network in Douala, Cameroon. Our market assessment indicates a growing demand for our gas, for both thermal and grid power markets. The Matanda acquisition was a major extension of our influence in the region, whilst the drilling programme is expected to unlock new reserves for sale to customers. The preparation for drilling at our existing Logbaba production site is complete, and spudding is expected shortly. Expansion work on the Bonaberi pipeline is on track, and with Gas Sales Agreements in place, we expect to deliver to these new customers before the end of the year. As we deliver on our expansion targets, we will look to increase the process plant’s capacity. The settlement of the reserve bonus and termination of the 1.2% royalty was an important matter to resolve and will mean greater revenue for the Company going forward.”

Full Results from link below:

http://www.victoriaoilandgas.com/sites/default/files/160926%20VOG%20Interim%20Results%20to%2030%20June%202016_0.pdf

banjomick - 26 Sep 2016 10:07 - 299 of 701

Victoria Oil & Gas profits soar as gas production climbs
07:33 26 Sep 2016

Daily gas production rose to an average 13.1 million cubic feet (mmscf) per day in the half year to June

757z468_Fuelgauge.jpg

Gas utility Victoria Oil & Gas plc (LON:VOG) has swung strongly into the black as production from its Logbaba field in Cameroon almost doubled.

Daily gas production rose to an average 13.1 million cubic feet (mmscf) per day in the half year to June from 6.8mmscf a year ago.

Revenues rose to US$23.6mln (US$18.9mln), while profits soared to US$3.86mln (US$215,000) helped by a sizeable fall in costs.

Victoria Oil, which supplies the Cameroon city of Douala, said the first half is normally stronger due to the timing of dry/wet seasons in the African country.

Exploratory drilling is set to start soon to boost the resource at Logbaba while expansion work on the Bonaberi pipeline is on track to connect customers that have signed up recently.

Victoria works on fixed price contracts, but said that prices had come under pressure even so due to the weak oil price reducing the cost of gas substitutes.

Kevin Foo, executive chairman, said: “Our market assessment indicates a growing demand for our gas, for both thermal and grid power markets.

Philip Whiterow


69060_163846843643689_7687549_n.jpg?oh=5


ALso:


Victoria Oil and Gas ramps up production 93% in first half
energy_voice_logo_fueling_the_conversati

banjomick - 15 Oct 2016 16:26 - 300 of 701

nKQrtSj2_400x400.jpg
10 - 11 November 2016

iPAD Cameroon Energy Infrastructure 2016 is the platform to bring investors, IPPs, large power uses and exploration companies, LPU’s, banks, donors, consultants, EPCs, technologies and alternative energy providers already in Cameroon, and others willing to invest in the region together to shape the future of the power sector within the region.

This exclusive platform is a unique chance for delegates to identify potential business opportunities to respond to an increasing power demand from the consumer and industry, in a country which enjoy rich and diversified energy resources. It will allow delegates to seek financial support, develop partnerships, analyse the impact of supply and demand on power generation, future of conventional fuels production (gas-to-power alternative), and the main issue of transmission and distribution.

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

Mark Wilson

Managing Director
Gaz du Cameroon
Cameroon

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**************************************************
“Regardless of where a company starts in the value chain of electricity, there are opportunities in Cameroon”
iPAD_CAMEROON ‏@ipadcameroon · Oct 14
http://www.ipad-cameroon.com/FinanciaCapital

Victoria Oil positions itself to meet Cameroon's need for power
iPAD_CAMEROON ‏@ipadcameroon · Sep 15
http://www.ipad-cameroon.com/Victoria-positions-itself-to-meet-Cameroon-need-for-power



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