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26/08/2011

Kevin Foo from Victoria Oil & Gas says the share price is far short of true value

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Additional Information
Market: AIM
Sector: Energy
EPIC: VOG
Latest Price: 3.48p  (-0.57% Descending)
52-week High: 5.09p
52-week Low: 2.90p
Market Cap: 90.54M
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Victoria Oil & Gas
www.victoriaoilandgas.com

Victoria is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company’s principal assets are 95% of the Logbaba gas and condensate project in Cameroon and 100% of the West Medvezhye gas field in Siberia, Russia. Logbaba is located in Douala, the economic capital of Cameroon. West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia.

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Victoria Oil & Gas passes significant milestone as it delivers its first gas in Cameroon

20th Dec 2011, 8:09 am by Ian Lyall 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 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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