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<title>Proactiveinvestors United Kingdom Victoria Oil & Gas</title>
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<pubDate>Thu, 24 May 2012 10:46:59 +0100</pubDate>
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<item>
<title><![CDATA[News - Victoria Oil & Gas appoints Neil Kendrick as director of projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ]]></description>
<pubDate>Wed, 09 May 2012 11:47:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Appointment of Director of Projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 09 May 2012 11:33:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & gas set for re-rating if production targets are met, says Edison ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</link>
<description><![CDATA[<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ]]></description>
<pubDate>Thu, 19 Apr 2012 09:18:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas well on the road to cash generation ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</link>
<description><![CDATA[<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>]]></description>
<pubDate>Tue, 13 Mar 2012 12:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required]]></description>
<pubDate>Fri, 09 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ]]></description>
<pubDate>Wed, 29 Feb 2012 08:07:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interim Financial Report ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 29 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</link>
<description><![CDATA[<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ]]></description>
<pubDate>Mon, 20 Feb 2012 14:51:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</guid>
</item>
<item>
<title><![CDATA[Media files - Victoria Oil & Gas' undervalued African and Russian assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</link>
<description><![CDATA[Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ]]></description>
<pubDate>Tue, 07 Feb 2012 15:06:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Latest Corporate Presentation Available ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 24 Jan 2012 16:30:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ]]></description>
<pubDate>Tue, 20 Dec 2011 08:09:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Result of AGM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 30 Nov 2011 15:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas shares boosted by Logbaba update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</link>
<description><![CDATA[<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>]]></description>
<pubDate>Tue, 29 Nov 2011 11:50:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas completes production facilities at Logbaba field ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ]]></description>
<pubDate>Tue, 29 Nov 2011 08:12:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Logbaba Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 29 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</guid>
</item>
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<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 11 Nov 2011 07:01:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ]]></description>
<pubDate>Fri, 04 Nov 2011 07:34:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</link>
<description><![CDATA[<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>]]></description>
<pubDate>Fri, 28 Oct 2011 07:26:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 28 Oct 2011 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</guid>
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"id" => "42543",
"title" => "News - Victoria Oil & Gas appoints Neil Kendrick as director of projects",
"pubdate" => "2012-05-09 11:47:00",
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"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
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"title" => "RNS press release - Appointment of Director of Projects",
"pubdate" => "2012-05-09 11:33:00",
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"title" => "News - Victoria Oil & gas set for re-rating if production targets are met, says Edison",
"pubdate" => "2012-04-19 09:18:00",
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<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
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"title" => "RNS press release - Director Dealing and Additional Listing",
"pubdate" => "2012-04-03 07:00:00",
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"title" => "News - Victoria Oil & Gas well on the road to cash generation ",
"pubdate" => "2012-03-13 12:14:00",
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"description" => "<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>",
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"pubdate" => "2012-03-09 00:00:00",
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"description" => "09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required",
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"id" => "39586",
"title" => "News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway",
"pubdate" => "2012-02-29 08:07:00",
"seftitle" => "victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html",
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<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
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"title" => "RNS press release - Interim Financial Report",
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"id" => "39194",
"title" => "News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares",
"pubdate" => "2012-02-20 14:51:00",
"seftitle" => "victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html",
"description" => "<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ",
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"title" => "Media files - Victoria Oil & Gas' undervalued African and Russian assets",
"pubdate" => "2012-02-07 15:06:00",
"seftitle" => "victoria-oil-gas-undervalued-african-and-russian-assets-1017.html",
"description" => "Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ",
"link" => "http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html"
),
array(
"id" => "120124vog1038w",
"title" => "RNS press release - Latest Corporate Presentation Available",
"pubdate" => "2012-01-24 16:30:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/"
),
array(
"id" => "37155",
"title" => "News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon",
"pubdate" => "2011-12-20 08:09:00",
"seftitle" => "Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html"
),
array(
"id" => "111130vog0898t",
"title" => "RNS press release - Result of AGM",
"pubdate" => "2011-11-30 15:14:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/"
),
array(
"id" => "36261",
"title" => "News - Victoria Oil & Gas shares boosted by Logbaba update ",
"pubdate" => "2011-11-29 11:50:00",
"seftitle" => "victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html",
"description" => "<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html"
),
array(
"id" => "36246",
"title" => "News - Victoria Oil & Gas completes production facilities at Logbaba field",
"pubdate" => "2011-11-29 08:12:00",
"seftitle" => "victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html",
"description" => "<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html"
),
array(
"id" => "111129vog9263s",
"title" => "RNS press release - Logbaba Operational Update",
"pubdate" => "2011-11-29 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/"
),
array(
"id" => "111111vog9148r",
"title" => "RNS press release - Director Dealing and Additional Listing",
"pubdate" => "2011-11-11 07:01:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/"
),
array(
"id" => "35189",
"title" => "News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project",
"pubdate" => "2011-11-04 07:34:00",
"seftitle" => "victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html"
),
array(
"id" => "34900",
"title" => "News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year",
"pubdate" => "2011-10-28 07:26:00",
"seftitle" => "victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html",
"description" => "<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html"
),
array(
"id" => "111028vog0104r",
"title" => "RNS press release - Final Results",
"pubdate" => "2011-10-28 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/"
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<item>
<title><![CDATA[News - Victoria Oil & Gas appoints Neil Kendrick as director of projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ]]></description>
<pubDate>Wed, 09 May 2012 11:47:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Appointment of Director of Projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 09 May 2012 11:33:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & gas set for re-rating if production targets are met, says Edison ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</link>
<description><![CDATA[<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ]]></description>
<pubDate>Thu, 19 Apr 2012 09:18:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas well on the road to cash generation ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</link>
<description><![CDATA[<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>]]></description>
<pubDate>Tue, 13 Mar 2012 12:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required]]></description>
<pubDate>Fri, 09 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ]]></description>
<pubDate>Wed, 29 Feb 2012 08:07:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interim Financial Report ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 29 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</link>
<description><![CDATA[<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ]]></description>
<pubDate>Mon, 20 Feb 2012 14:51:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</guid>
</item>
<item>
<title><![CDATA[Media files - Victoria Oil & Gas' undervalued African and Russian assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</link>
<description><![CDATA[Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ]]></description>
<pubDate>Tue, 07 Feb 2012 15:06:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Latest Corporate Presentation Available ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 24 Jan 2012 16:30:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ]]></description>
<pubDate>Tue, 20 Dec 2011 08:09:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</guid>
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<title><![CDATA[RNS press release - Result of AGM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 30 Nov 2011 15:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</guid>
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<title><![CDATA[News - Victoria Oil & Gas shares boosted by Logbaba update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</link>
<description><![CDATA[<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>]]></description>
<pubDate>Tue, 29 Nov 2011 11:50:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas completes production facilities at Logbaba field ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ]]></description>
<pubDate>Tue, 29 Nov 2011 08:12:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Logbaba Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 29 Nov 2011 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 11 Nov 2011 07:01:00 +0000</pubDate>
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<title><![CDATA[News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ]]></description>
<pubDate>Fri, 04 Nov 2011 07:34:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</link>
<description><![CDATA[<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>]]></description>
<pubDate>Fri, 28 Oct 2011 07:26:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</guid>
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<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 28 Oct 2011 07:00:00 +0100</pubDate>
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<title><![CDATA[News - Victoria Oil & Gas appoints Neil Kendrick as director of projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ]]></description>
<pubDate>Wed, 09 May 2012 11:47:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Appointment of Director of Projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</link>
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<pubDate>Wed, 09 May 2012 11:33:00 +0100</pubDate>
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<title><![CDATA[News - Victoria Oil & gas set for re-rating if production targets are met, says Edison ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</link>
<description><![CDATA[<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ]]></description>
<pubDate>Thu, 19 Apr 2012 09:18:00 +0100</pubDate>
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<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas well on the road to cash generation ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</link>
<description><![CDATA[<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>]]></description>
<pubDate>Tue, 13 Mar 2012 12:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</guid>
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<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required]]></description>
<pubDate>Fri, 09 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
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<title><![CDATA[News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ]]></description>
<pubDate>Wed, 29 Feb 2012 08:07:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</guid>
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<title><![CDATA[RNS press release - Interim Financial Report ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 29 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</link>
<description><![CDATA[<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ]]></description>
<pubDate>Mon, 20 Feb 2012 14:51:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</guid>
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<item>
<title><![CDATA[Media files - Victoria Oil & Gas' undervalued African and Russian assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</link>
<description><![CDATA[Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ]]></description>
<pubDate>Tue, 07 Feb 2012 15:06:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Latest Corporate Presentation Available ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 24 Jan 2012 16:30:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ]]></description>
<pubDate>Tue, 20 Dec 2011 08:09:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Result of AGM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 30 Nov 2011 15:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas shares boosted by Logbaba update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</link>
<description><![CDATA[<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>]]></description>
<pubDate>Tue, 29 Nov 2011 11:50:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas completes production facilities at Logbaba field ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ]]></description>
<pubDate>Tue, 29 Nov 2011 08:12:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</guid>
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<title><![CDATA[RNS press release - Logbaba Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 29 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</guid>
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<item>
<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 11 Nov 2011 07:01:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ]]></description>
<pubDate>Fri, 04 Nov 2011 07:34:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</link>
<description><![CDATA[<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>]]></description>
<pubDate>Fri, 28 Oct 2011 07:26:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</guid>
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<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 28 Oct 2011 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</guid>
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"id" => "42543",
"title" => "News - Victoria Oil & Gas appoints Neil Kendrick as director of projects",
"pubdate" => "2012-05-09 11:47:00",
"seftitle" => "victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ",
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"title" => "RNS press release - Appointment of Director of Projects",
"pubdate" => "2012-05-09 11:33:00",
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"id" => "41689",
"title" => "News - Victoria Oil & gas set for re-rating if production targets are met, says Edison",
"pubdate" => "2012-04-19 09:18:00",
"seftitle" => "victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html",
"description" => "<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ",
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"title" => "RNS press release - Director Dealing and Additional Listing",
"pubdate" => "2012-04-03 07:00:00",
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"id" => "40172",
"title" => "News - Victoria Oil & Gas well on the road to cash generation ",
"pubdate" => "2012-03-13 12:14:00",
"seftitle" => "victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html",
"description" => "<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>",
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"pubdate" => "2012-03-09 00:00:00",
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"description" => "09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required",
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"id" => "39586",
"title" => "News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway",
"pubdate" => "2012-02-29 08:07:00",
"seftitle" => "victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ",
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"title" => "RNS press release - Interim Financial Report",
"pubdate" => "2012-02-29 07:00:00",
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"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/"
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"id" => "39194",
"title" => "News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares",
"pubdate" => "2012-02-20 14:51:00",
"seftitle" => "victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html",
"description" => "<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ",
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"title" => "Media files - Victoria Oil & Gas' undervalued African and Russian assets",
"pubdate" => "2012-02-07 15:06:00",
"seftitle" => "victoria-oil-gas-undervalued-african-and-russian-assets-1017.html",
"description" => "Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ",
"link" => "http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html"
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"id" => "120124vog1038w",
"title" => "RNS press release - Latest Corporate Presentation Available",
"pubdate" => "2012-01-24 16:30:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/"
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array(
"id" => "37155",
"title" => "News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon",
"pubdate" => "2011-12-20 08:09:00",
"seftitle" => "Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html"
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"id" => "111130vog0898t",
"title" => "RNS press release - Result of AGM",
"pubdate" => "2011-11-30 15:14:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/"
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array(
"id" => "36261",
"title" => "News - Victoria Oil & Gas shares boosted by Logbaba update ",
"pubdate" => "2011-11-29 11:50:00",
"seftitle" => "victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html",
"description" => "<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html"
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array(
"id" => "36246",
"title" => "News - Victoria Oil & Gas completes production facilities at Logbaba field",
"pubdate" => "2011-11-29 08:12:00",
"seftitle" => "victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html",
"description" => "<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ",
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"title" => "RNS press release - Logbaba Operational Update",
"pubdate" => "2011-11-29 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/"
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"id" => "111111vog9148r",
"title" => "RNS press release - Director Dealing and Additional Listing",
"pubdate" => "2011-11-11 07:01:00",
"seftitle" => "",
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"id" => "35189",
"title" => "News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project",
"pubdate" => "2011-11-04 07:34:00",
"seftitle" => "victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html"
),
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"id" => "34900",
"title" => "News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year",
"pubdate" => "2011-10-28 07:26:00",
"seftitle" => "victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html",
"description" => "<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html"
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<title><![CDATA[News - Victoria Oil & Gas appoints Neil Kendrick as director of projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ]]></description>
<pubDate>Wed, 09 May 2012 11:47:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</guid>
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<title><![CDATA[RNS press release - Appointment of Director of Projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 09 May 2012 11:33:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</guid>
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<title><![CDATA[News - Victoria Oil & gas set for re-rating if production targets are met, says Edison ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</link>
<description><![CDATA[<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ]]></description>
<pubDate>Thu, 19 Apr 2012 09:18:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</guid>
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<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</guid>
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<title><![CDATA[News - Victoria Oil & Gas well on the road to cash generation ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</link>
<description><![CDATA[<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>]]></description>
<pubDate>Tue, 13 Mar 2012 12:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</guid>
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<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required]]></description>
<pubDate>Fri, 09 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
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<title><![CDATA[News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ]]></description>
<pubDate>Wed, 29 Feb 2012 08:07:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</guid>
</item>
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<title><![CDATA[RNS press release - Interim Financial Report ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 29 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</link>
<description><![CDATA[<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ]]></description>
<pubDate>Mon, 20 Feb 2012 14:51:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</guid>
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<title><![CDATA[Media files - Victoria Oil & Gas' undervalued African and Russian assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</link>
<description><![CDATA[Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ]]></description>
<pubDate>Tue, 07 Feb 2012 15:06:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Latest Corporate Presentation Available ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 24 Jan 2012 16:30:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ]]></description>
<pubDate>Tue, 20 Dec 2011 08:09:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</guid>
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<title><![CDATA[RNS press release - Result of AGM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 30 Nov 2011 15:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</guid>
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<title><![CDATA[News - Victoria Oil & Gas shares boosted by Logbaba update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</link>
<description><![CDATA[<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>]]></description>
<pubDate>Tue, 29 Nov 2011 11:50:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas completes production facilities at Logbaba field ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ]]></description>
<pubDate>Tue, 29 Nov 2011 08:12:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Logbaba Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 29 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</guid>
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<item>
<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 11 Nov 2011 07:01:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</guid>
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<title><![CDATA[News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ]]></description>
<pubDate>Fri, 04 Nov 2011 07:34:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</link>
<description><![CDATA[<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>]]></description>
<pubDate>Fri, 28 Oct 2011 07:26:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</guid>
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<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 28 Oct 2011 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</guid>
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<title>Proactiveinvestors United Kingdom Victoria Oil & Gas</title>
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<title><![CDATA[News - Victoria Oil & Gas appoints Neil Kendrick as director of projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ]]></description>
<pubDate>Wed, 09 May 2012 11:47:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Appointment of Director of Projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 09 May 2012 11:33:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & gas set for re-rating if production targets are met, says Edison ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</link>
<description><![CDATA[<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ]]></description>
<pubDate>Thu, 19 Apr 2012 09:18:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</guid>
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<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas well on the road to cash generation ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</link>
<description><![CDATA[<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>]]></description>
<pubDate>Tue, 13 Mar 2012 12:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required]]></description>
<pubDate>Fri, 09 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ]]></description>
<pubDate>Wed, 29 Feb 2012 08:07:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interim Financial Report ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 29 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</link>
<description><![CDATA[<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ]]></description>
<pubDate>Mon, 20 Feb 2012 14:51:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</guid>
</item>
<item>
<title><![CDATA[Media files - Victoria Oil & Gas' undervalued African and Russian assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</link>
<description><![CDATA[Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ]]></description>
<pubDate>Tue, 07 Feb 2012 15:06:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Latest Corporate Presentation Available ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 24 Jan 2012 16:30:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ]]></description>
<pubDate>Tue, 20 Dec 2011 08:09:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Result of AGM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 30 Nov 2011 15:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas shares boosted by Logbaba update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</link>
<description><![CDATA[<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>]]></description>
<pubDate>Tue, 29 Nov 2011 11:50:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas completes production facilities at Logbaba field ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ]]></description>
<pubDate>Tue, 29 Nov 2011 08:12:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Logbaba Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 29 Nov 2011 07:00:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
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<pubDate>Fri, 11 Nov 2011 07:01:00 +0000</pubDate>
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<title><![CDATA[News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ]]></description>
<pubDate>Fri, 04 Nov 2011 07:34:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</link>
<description><![CDATA[<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>]]></description>
<pubDate>Fri, 28 Oct 2011 07:26:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</guid>
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<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 28 Oct 2011 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</guid>
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"id" => "42543",
"title" => "News - Victoria Oil & Gas appoints Neil Kendrick as director of projects",
"pubdate" => "2012-05-09 11:47:00",
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"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
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"title" => "RNS press release - Appointment of Director of Projects",
"pubdate" => "2012-05-09 11:33:00",
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"title" => "News - Victoria Oil & gas set for re-rating if production targets are met, says Edison",
"pubdate" => "2012-04-19 09:18:00",
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"description" => "<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ",
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"title" => "RNS press release - Director Dealing and Additional Listing",
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"title" => "News - Victoria Oil & Gas well on the road to cash generation ",
"pubdate" => "2012-03-13 12:14:00",
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"description" => "<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>",
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"pubdate" => "2012-03-09 00:00:00",
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"description" => "09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required",
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"title" => "News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway",
"pubdate" => "2012-02-29 08:07:00",
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<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
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"seftitle" => "",
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"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/"
),
array(
"id" => "39194",
"title" => "News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares",
"pubdate" => "2012-02-20 14:51:00",
"seftitle" => "victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html",
"description" => "<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html"
),
array(
"id" => "1017",
"title" => "Media files - Victoria Oil & Gas' undervalued African and Russian assets",
"pubdate" => "2012-02-07 15:06:00",
"seftitle" => "victoria-oil-gas-undervalued-african-and-russian-assets-1017.html",
"description" => "Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ",
"link" => "http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html"
),
array(
"id" => "120124vog1038w",
"title" => "RNS press release - Latest Corporate Presentation Available",
"pubdate" => "2012-01-24 16:30:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/"
),
array(
"id" => "37155",
"title" => "News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon",
"pubdate" => "2011-12-20 08:09:00",
"seftitle" => "Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html",
"description" => "<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html"
),
array(
"id" => "111130vog0898t",
"title" => "RNS press release - Result of AGM",
"pubdate" => "2011-11-30 15:14:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/"
),
array(
"id" => "36261",
"title" => "News - Victoria Oil & Gas shares boosted by Logbaba update ",
"pubdate" => "2011-11-29 11:50:00",
"seftitle" => "victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html",
"description" => "<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html"
),
array(
"id" => "36246",
"title" => "News - Victoria Oil & Gas completes production facilities at Logbaba field",
"pubdate" => "2011-11-29 08:12:00",
"seftitle" => "victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html",
"description" => "<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html"
),
array(
"id" => "111129vog9263s",
"title" => "RNS press release - Logbaba Operational Update",
"pubdate" => "2011-11-29 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/"
),
array(
"id" => "111111vog9148r",
"title" => "RNS press release - Director Dealing and Additional Listing",
"pubdate" => "2011-11-11 07:01:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/"
),
array(
"id" => "35189",
"title" => "News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project",
"pubdate" => "2011-11-04 07:34:00",
"seftitle" => "victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html"
),
array(
"id" => "34900",
"title" => "News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year",
"pubdate" => "2011-10-28 07:26:00",
"seftitle" => "victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html",
"description" => "<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html"
),
array(
"id" => "111028vog0104r",
"title" => "RNS press release - Final Results",
"pubdate" => "2011-10-28 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/"
)
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<item>
<title><![CDATA[News - Victoria Oil & Gas appoints Neil Kendrick as director of projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> has appointed Neil Kendrick to the management as a director of projects primarily to help the company build the thermal and power business in Cameroon.</p>
<p>Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.</p>
<p>His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.</p>
<p>“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.</p>
<p>“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”</p>
<p>The appointment becomes effective on June 1 this year.</p>
<p>Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p>Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.</p>
<p>The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p>VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p> </p> ]]></description>
<pubDate>Wed, 09 May 2012 11:47:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42543/victoria-oil-gas-appoints-neil-kendrick-as-director-of-projects-42543.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Appointment of Director of Projects ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 09 May 2012 11:33:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120509vog9697c/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & gas set for re-rating if production targets are met, says Edison ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</link>
<description><![CDATA[<p> </p>
<p class="MsoNormal">Edison Investment Research reckons shares in <strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>)</strong> are due for a re-rating if the Cameroon operating gas group hits its production targets this year.</p>
<p class="MsoNormal">Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.</p>
<p class="MsoNormal">The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.</p>
<p class="MsoNormal">VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.</p>
<p class="MsoNormal">“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.</p>
<p class="MsoNormal">“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”</p>
<p class="MsoNormal">The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.</p>
<p class="MsoNormal">The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.</p>
<p class="MsoNormal">This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.</p>
<p class="MsoNormal">According to McLelland, the shares could re-rate within a year if target production rates are achieved.</p>
<p class="MsoNormal">“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.</p>
<p> </p> ]]></description>
<pubDate>Thu, 19 Apr 2012 09:18:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/41689/victoria-oil-gas-set-for-re-rating-if-production-targets-are-met-says-edison-41689.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 03 Apr 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120403vog6523a/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas well on the road to cash generation ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</link>
<description><![CDATA[<p>This is a transformational year for Victoria Oil & Gas as it moves from explorer to cash generating gas and condensate producer in Cameroon. Chairman Kevin Foo guides us through a crucial 12 months for the company.</p>]]></description>
<pubDate>Tue, 13 Mar 2012 12:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40172/victoria-oil-gas-well-on-the-road-to-cash-generation--40172.html</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[09.03.12: +0.40, (4.01) Share Tip: Investors Chronicle - Buy - BULL POINTS Production in Cameroon set to soar - Selling gas at attractive prices - Substantial gas resources - Russian interests could transform Victoria BEAR POINTS Cameroon licence could be challenged - Russian financing required]]></description>
<pubDate>Fri, 09 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas' Foo upbeat as group gets transformational year underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.</p>
<p>It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.</p>
<p>VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.</p>
<p>All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.</p>
<p>Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows. </p>
<p>“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.</p>
<p>The update was provided alongside the company’s interim report covering the six months to end of November.</p>
<p>During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million). </p>
<p>The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.</p>
<div><br /></div>
</p> ]]></description>
<pubDate>Wed, 29 Feb 2012 08:07:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39586/victoria-oil-gas-foo-upbeat-as-group-gets-transformational-year-underway-39586.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Interim Financial Report ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 29 Feb 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120229vog3285y/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas: Daniel Stewart eyes latent value in shares ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</link>
<description><![CDATA[<p>There is latent value in <a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a>’ (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) producing assets in Cameroon, according to City broker <a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a>.</p>
<p class="MsoNoSpacing">In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.</p>
<p class="MsoNoSpacing">This key milestone means that VOG is being transformed from an explorer to a producer, she says.</p>
<p class="MsoNoSpacing">“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.</p>
<p class="MsoNoSpacing"><a href="http://www.proactiveinvestors.co.uk/companies/overview/451/Daniel+Stewart" class="companyPopupTrigger" rel="451">Daniel Stewart</a> has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.</p>
<p class="MsoNoSpacing">Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.</p>
<p class="MsoNoSpacing">She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.</p>
<p class="MsoNoSpacing">“Production from Logbaba confers substantial near-term revenue,” Fisher said.<br /><br />“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”</p>
<p class="MsoNoSpacing">The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.</p>
<p> </p> ]]></description>
<pubDate>Mon, 20 Feb 2012 14:51:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39194/victoria-oil-gas-daniel-stewart-eyes-latent-value-in-shares-39194.html</guid>
</item>
<item>
<title><![CDATA[Media files - Victoria Oil & Gas' undervalued African and Russian assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</link>
<description><![CDATA[Martin Devine, Commercial Manager of Victoria Oil & Gas, talks about ramping up production in Cameroon to 8 MMSCFD this year, over 1 TCF of prospective resources, a 1200 km square licence in Russia, over 1.4 billion BOE of prospective resources, and a discovery well of 14.4 million BOE (Jan 2012). ]]></description>
<pubDate>Tue, 07 Feb 2012 15:06:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/stocktube/1017/victoria-oil-gas-undervalued-african-and-russian-assets-1017.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Latest Corporate Presentation Available ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 24 Jan 2012 16:30:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120124vog1038w/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.</p>
<p>It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.</p>
<p>To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.</p>
<p>The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.</p>
<p>Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.</p>
<p>Chairman Kevin Foo said: “This is a very significant milestone for the company. </p>
<p>“We have now moved from an exploration and development company into a producer. </p>
<p>“The development of Logbaba is also important news for the city of Douala. </p>
<p>“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.</p>
<p>“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon. </p>
<p>“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”</p>
</p> ]]></description>
<pubDate>Tue, 20 Dec 2011 08:09:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37155/Victoria-Oil-Gas-passes-significant-milestone-as-it-delivers-its-first-gas-in-Cameroon-37155.html</guid>
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<item>
<title><![CDATA[RNS press release - Result of AGM ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 30 Nov 2011 15:14:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111130vog0898t/</guid>
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<item>
<title><![CDATA[News - Victoria Oil & Gas shares boosted by Logbaba update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</link>
<description><![CDATA[<p>This morning the company told investors that it the project remains on schedule for first gas sales by year end, after it completed work on the production facilities at the site.</p>
<p> </p>]]></description>
<pubDate>Tue, 29 Nov 2011 11:50:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36261/victoria-oil-gas-shares-boosted-by-logbaba-update--36261.html</guid>
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<title><![CDATA[News - Victoria Oil & Gas completes production facilities at Logbaba field ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</link>
<description><![CDATA[<p> </p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/victoria-oil-gas-1683.html" class="companyPopupTrigger" rel="1683">LON:VOG</a>) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.</p>
<p>The production facilities will treat the gas from the wellheads and separate the condensate. </p>
<p>The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested. </p>
<p>It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate. </p>
<p>VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.</p>
<p>It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network. </p>
<p>It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.</p>
<p>Customer conversion work has commenced on a number of sites on Magzi, said VOG.</p>
<p>The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter. </p>
<p>VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.</p>
<p> </p> ]]></description>
<pubDate>Tue, 29 Nov 2011 08:12:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36246/victoria-oil-gas-completes-production-facilities-at-logbaba-field-36246.html</guid>
</item>
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<title><![CDATA[RNS press release - Logbaba Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 29 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111129vog9263s/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director Dealing and Additional Listing ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 11 Nov 2011 07:01:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111111vog9148r/</guid>
</item>
<item>
<title><![CDATA[News - Victoria Oil & Gas completes acquisition of royalty interest in Logbaba gas project ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1683/Victoria+Oil+%26amp%3B+Gas" class="companyPopupTrigger" rel="1683">Victoria Oil & Gas</a> (<a href="/companies/overview/1683/victoria-oil-gas-1683.html">LON:VOG</a>) has now completed the acquisition of one third of a 6.8 percent royalty interest in its 95 percent owned Logbaba gas and gas condensate project in Cameroon, initially announced in mid-August, by making a final cash payment of US$2.5 million.<br /><br />The transaction is anticipated to increase the company’s operating income from the project by about 3 percent.<br /><br />It bought the interest from PR Marriott Drilling Ltd (PRM), by the purchase of PRM's one third interest in Cameroon Holdings Limited (CHL), the company entitled to the royalty.<br /><br />As announced in August, VOG purchased 58 percent of PRM's shares in CHL for US$2.5 million in cash and drilling equipment with an estimated value of US$1 million. The company has now completed the acquisition of the remaining 42 percent of PRM's interest in CHL for US$2.5 million in accordance with the terms of the sale agreement.<br /><br />VOG chairman Kevin Foo said: "I am delighted that we have been able to reduce the long term cost of the royalty in this way. Independent analysts who have looked at the transaction believe it will prove to be worth several times the consideration paid." <br /><br />The company received an exploitation licence for the development of the Logbaba field by presidential decree in April 2011. Logbaba is located in Douala, the economic capital of Cameroon.<br /><br />Logbaba has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent) and the company expects gas sales of 8 million standard cubic feet per day (mmscf/d) in the first year of operations rising to 44 mmscf/d (7,300 barrels of oil a day equivalent) by the end of 2014.<br /><br />VOG is currently in the final stage of installing production facilities and a pipeline to serve industrial consumers of gas in Douala, anticipated to be complete by the end of 2011.<br /><br />The current proved and probable reserves are sufficient to supply an average of 30 mmscf/d for the next 20 years. In the longer term, as further reserves may be proven, gas may be supplied to large gas fired power stations connected to the grid, with Victoria either investing in an independent power producer joint venture or selling the gas to third parties.<br /><br />Condensate separated from the gas at the process plant will be stabilised and stored for export to the Sonara refinery at Limbe. Condensate production is forecast at the rate of 20 barrels per million cubic feet of gas.<br /><br />VOG’s other principal asset is the West Medvezhye project in the prolific Yamal-Nenetsk hydrocarbon region in Siberia, Russia.<br /><br />An independent audit carried out in 2011 estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent. The company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention, of 14.4 million boe.<br /><br />Reprocessing of 845 kilometres of 2D seismic has recently been completed and geophysical/geological modelling is currently underway. In addition, development studies are in progress to commercialise the Well-103 discovery and prospective resources.</p> ]]></description>
<pubDate>Fri, 04 Nov 2011 07:34:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/35189/victoria-oil-gas-completes-acquisition-of-royalty-interest-in-logbaba-gas-project-35189.html</guid>
</item>
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<title><![CDATA[News - Victoria Oil & Gas says Logbaba will go into production on schedule later this year ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</link>
<description><![CDATA[<p>Victoria Oil & Gas said this morning that it is on target to deliver first gas from its Logbaba condensate project in Cameroon by the end of the year.</p>]]></description>
<pubDate>Fri, 28 Oct 2011 07:26:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/34900/victoria-oil-gas-says-logbaba-will-go-into-production-on-schedule-later-this-year-34900.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 28 Oct 2011 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111028vog0104r/</guid>
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Kendrick has previously served in several senior management and executive level positions with both public and private oil and gas companies.
His most recent position was a project manager for The Expro Group where he was responsible for the on time supply, installation and commissioning of the Logbaba Plant last year.
“(Kendrick) has a proven track record of bringing projects to fruition and delivering results in demanding environments,” said chairman of Victoria Kevin Foo.
“We know Neil exceptionally well from his previous role and we are confident that his experience and leadership qualities will ensure we are successful in the implementation of our objectives.”
The appointment becomes effective on June 1 this year.
Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.
Edison Investment Research said in April that shares in VOG would be due for a re-rating if the group could hit its production targets this year.
The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and it expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.
VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.
]]>
Edison Investment Research reckons shares in Victoria Oil & Gas (LON:VOG) are due for a re-rating if the Cameroon operating gas group hits its production targets this year.
Vixtoria’s flagship asset is the Logbaba gas project in Cameroon, where it is currently working to complete a 34 kilometre pipeline to connect all industrial customers across the city of Douala after achieving first production last December with two customers connected.
The research house noted that the installation of Victoria’s remaining distribution network on track to complete this year and the company expects to hit its year end exit rate target of eight million cubic feet of gas per day (mmcfpd) from up to 20 customers.
VOG is also preparing to install a demonstration generation unit in the second half of the year to stimulate industrial customer on-site generation demand, hoping this will help it achieve rates of 20 mmcfpd next year and 40 mmcfpd in 2014.
“Although industrial thermal demand forms the basis for early production, medium-term growth will require these customers to also switch to on-site power generation,” said Edison analyst Ian McLelland.
“An H212 demonstration generator should help with driving up this demand, which is critical to our core NAV estimate.”
The analyst’s core net asset value (NAV) estimate of 10.2 pence per share is based on the proved and probable (2P) reserves at Logbaba, which currently stand at 212 billion cubic feet.
The current NAV is more than twice yesterday’s closing price of 4.09 pence per share.
This could increase further if prospective resources at Logbaba are also proved up and developed, giving Victoria a risked asset value estimate of 13.6 pence.
According to McLelland, the shares could re-rate within a year if target production rates are achieved.
“For now, however, we focus investors on VOG’s immediate Logbaba activities to reach its planned 2012 and 2013 production targets from industrial thermal and on-site power generation demand,” said McLelland.
]]>
Victoria Oil & Gas (LON:VOG) set the scene for what chairman Kevin Foo called a year of “major developments” by re-confirming the time-table for its roll out of Cameroon’s first commercial pipeline.
It began supplying businesses in the country’s second city, Doula, in December. The next phase of the project is underway and is due to be finished in the second quarter, with completion of the 34 kilometre network planned for third quarter.
VOG says it expects to be producing around 1 million standard cubic a day of gas from May and 8 million by the end of the year. The plan is then to ramp this up to 40 million cubic feet a day by late 2014.
All of this of course means the group is on the cusp of being cash generative. It hopes to be cashflow positive in June. It is well placed financially until then with a debt facility of US$8 million.
Chairman Foo said: “I believe that 2012 will be a year of major developments for the company as we make the transition from explorer to producer and generate positive cash flows.
“To equip us for the future, we are strengthening our management with experienced oil and gas professionals and senior executives.
The update was provided alongside the company’s interim report covering the six months to end of November.
During the period the company increased its interest in the Logbaba gas project in Cameroon to 95 per cent, while the resource estimate fpr the West Med project in Russia increased to 1.4 barrels of oil equivalent from 300 million. VOG also completed equity placings totaling US$16.1 million (£10.1 million).
The financials, which are largely irrelevant for a company at this stage in its development show the company posted a US$2.34 million loss, up from US$833,000 previously.
In a note to clients today analyst Kate Fisher highlights the fact the VOG shares are yet to see a re-rating despite the start of commercial gas production at the Logbaba gas project last year.
This key milestone means that VOG is being transformed from an explorer to a producer, she says.
“Victoria has made the step from explorer to producer and is on the brink of the all important jump from cash burner to cash generator,” the analyst said.
Daniel Stewart has a ‘buy’ recommendation on the stock with an 8.7p price target. This punchy assessment implies the stock could rise some 130 per cent from the current price of 8.7p.
Fisher says the key drivers behind her recommendation are the favourable economics of the Logbaba gas project.
She points out that VOG has secured long term sales contracts, it has high margin production and it expects to sign-up many new sales contracts over the next two years.
“Production from Logbaba confers substantial near-term revenue,” Fisher said.
“Our cash flow projections indicate that it will achieve positive cash flows by year end 31 May 2012 and the Logbaba project will be self funding thereafter.”
The confirmation of solid cashflow figures should prove to be a catalyst for the share price, she adds.
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Victoria Oil & Gas (LON:VOG) has delivered the first commercial gas on time and on budget from its Logbaba field on the outskirts of Douala, Cameroon’s largest city.
It marks a major landmark for the group, which becomes the country’s first onshore gas condensate producer.
To make the leap from development into production the group has constructed a plant and pipeline which will take gas to the businesses of Douala.
The first stop in the network was the Magzi Industrial Estate. The second phase of the 34 kilometre pipeline is expected to be completed in the second quarter of next year.
Victoria said it expects production to grow from 8 million standard cubic feet per day in 2012 to around 44 million by the end of 2014.
Chairman Kevin Foo said: “This is a very significant milestone for the company.
“We have now moved from an exploration and development company into a producer.
“The development of Logbaba is also important news for the city of Douala.
“The commissioning of two wells, production facilities and the first stage of the pipeline was successful and without incident.
“This achievement is the culmination of three years of tireless effort by the team and strong support from shareholders and the Government of the Republic of Cameroon.
“I am very pleased that we have met our promised target of first production in fourth quarter of 2011.”
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Victoria Oil & Gas (LON:VOG) remains on schedule for first gas sales from the Logbaba field in Cameroon after it completed the production facilities at the site.
The production facilities will treat the gas from the wellheads and separate the condensate.
The company confirmed that pre-commissioning of the production facilities has started and about 80 per cent of all instrumentation loops have been tested. Additionally all power circuits are in place and have been tested.
It also revealed that the pipeline has now been installed to the first customer hub, which is located on the Magzi industrial estate.
VOG said that the total length of the pipeline installed and backfilled to and around Magzi is 5 kilometres.
It added that specialist hydraulic and pneumatic testing equipment has been used for pipeline pre-commissioning, which includes stress testing of the entire existing network.
It is expected that this work will be completed within the next two weeks. After that the pipeline will be purged with gas for several days as part of the network commissioning process ahead of first gas production.
Customer conversion work has commenced on a number of sites on Magzi, said VOG.
The first customers are scheduled to accept gas before the end of December and more customers will come on stream thereafter.
VOG expects sales to build steadily to around 20 customers by the end of the first year of operations, as the entire 34 kilometre pipeline network is completed.
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