Victoria Oil & Gas
www.victoriaoilandgas.com/Description
The company's principal assets are 60% 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. The field was discovered in the 1950s with all four exploration wells, flowing gas at rates up to 62Mmcf/d.
West Medvezhye is situated in the Yamal-Nenetsk region of Siberia. An independent reserve audit estimated prospective resources for West Med of over 1.1 BnBOE.
Share Price
In-depth Victoria Oil & Gas Proactive Investors Articles
- 01/03/2010 Victoria Oil and Gas raises £14m in oversubscribed placing
- 04/02/2010 Victoria Oil and Gas finds potential new hydrocarbon accumulation at Logbaba
- 03/06/2009 Victoria Oil & Gas identifies additional targets at West Medvezhye licence in Russia
- 16/03/2009 Victoria Oil & Gas receives support of General Prosecutor in Kazakhstan, shares soar
- 10/02/2009 Victoria Oil & Gas targets near term cash flow in Africa
Recent Victoria Oil & Gas news
- 09/03/2010 Victoria Oil & Gas says Logbaba gas field rates sufficient to satisfy Douala city demand, extends permit
- 26/02/2010 Victoria Oil & Gas says work at Logbaba gas project on track as interim losses narrow
- 17/02/2010 Victoria Oil & Gas in talks with banks for Logbaba pipeline funding, looks to start seismic survey at West Med in March
- 09/02/2010 Victoria Oil & Gas spuds La-106 well at Logbaba gas and condensate field, to commence La-105 testing
- 19/01/2010 Victoria Oil & Gas encounters 65 ft sandstone pay at Logbaba natural gas project, indicates potential for another 260 ft
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Company Statement:
Victoria has built a portfolio of proven and prospective oil and gas assets in prolific hydrocarbon producing regions of West Africa and the FSU.
The Company’s assets are 60% of the Logbaba gas field in Cameroon, the West Medvezhye gas project in Siberia and the Kemerkol oil field in Kazakhstan.
Logbaba is located in the northern Douala Basin within the eastern suburbs of Douala, the economic capital of Cameroon.
The field was discovered in the 1950s by Elf who drilled four exploration wells, each of which flowed gas at rates between 12Mmcf/d and 62Mmcf/d.
An independent reserve report by RPS Energy in July 2008 estimated 2p reserves for a limited part of the field at 104 bcf with an NPV 10 valuation of $169m based on prevailing gas prices.
West Medvezhye is situated in the Yamal-Nenetsk region of Siberia, the largest gas producing region in the world and is next to Gazprom’s main Medvezhye field which has been in production since 1972.
An independent reserve audit by Degolyer and MacNaughton estimated gross prospective resources for West Med of over 1.1 billion barrels of oil equivalent.
Kemerkol lies in the Atyrau Oblast of Western Kazakhstan, close to a number of producing oil and gas fields. Victoria owns 100% of the 65 square kilometre licence which has oil reserves and resources of C1+C2 of 35 Mmbbl and C3 of 25 Mmbbl.
Following a £20m investment in the company in Feb 2008, VOGs major shareholder is a consortium of influential Middle-Eastern investors led by Noor Capital PSC.
Victoria also has strategic relationships with Blackwatch Petroleum Services, an international geoscience consultancy, and Geodynamics Research, developers of IPDS passive seismic technology.
Current Operations:
Cameroon: Logbaba
Victoria’s key asset is a farm-in for 60% of the Logbaba natural gas and condensate project in Cameroon. Logbaba is located in the northern Douala Basin within the eastern suburbs of Douala, the economic capital of Cameroon. Four wells were drilled in the 1950s, all encountering gas – three were tested at between 12Mmcf/d and 62Mmcf/d.RPS Energy undertook an evaluation of the Logbaba field in July 2008. Using the data provided, they determined 14Mmboe of 2P reserves with an NPV10 valuation of $169Mm. Their evaluation only encompassed less than ten per cent of the total 65km2 licence area. (Read More)
Kazakhstan: Kemerkol
In 2005 Victoria acquired 100% of the Kemerkol exploration and production licence, located in the Atyrau Oblast of Western Kazakhstan close to a number of existing oil and gas fields. Kemerkol is a 65 square kilometre oil field with 8.7 million barrels of proven C1 reserves and 26.3 million barrels of C2, with a further C3 resource of 25.1 million barrels.
n March 2006, Victoria began to produce first oil from Kemerkol following the successful re-entry of Well 20. During the following 18 months, production was incrased with further drilling and reach over 450 barrels of oil er day during 2007. (Read More)
Russia: West Medvezhye
The West Medvezhye gas and gas condensate licence near Nadym in Western Siberia, Russia, lies in one of the most prolific gas producing regions in the world. In 2004 the Company acquired 74.8% interest in Russian company ZAO SeverGas-Invest (SGI), which holds the licence for the West Medvezhye field and in 2005 Victoria acquired the remaining 25.2% bringing its total shareholding to 100%.
West Medvezhye
Independent reserve auditors DeGolyer and MacNaughton have given best estimates for the total prospective recoverable resource volumes for the 1,224 square kilometre licence of 1.1 billion barrels of oil equivalent consisting of:
5.1 trillion cubic feet of natural gas
247 million barrels of gas condensate
25 million barrels of oil
Well 103 was drilled to a total depth of around 3,900 metres intersecting two hydrocarbon-bearing intervals in the Jurassic (J2) and Bazhenov at depths of between 3,718 and 3,741 metres. Following extensive testing during 2007, a discovery was approved by the Russian Ministry of Natural Resources and C1 + C2 proven reserves of 14.4 Mmboe were calculated for the Well 103 location during 2008.
West Med lies near to the super-giant Medvezhye field and about 120km from Urengoy, the largest gas and gas condensate field in the world.
VIctoria has completed a passive seismic survey over an area surrounding discovery Well 103.
The results of the survey will be correlated to the existing subsurface interpretation to confirm the location of the next well to be drilled in 2010/11. (Read More)
Falcon Option
Victoria has signed a 12 month option to acquire the assets of Falcon Petroleum
Falcon has a 50% interest in the PSA for Block 17 in Mali and 90% of PSA over Blocks Ab1, Ab4 and Ab7 in the Blue Nile Basin in Ethiopia. Total acreage covers over 45,000km2
Management
Victoria's Board and management are widely experienced in the natural resources sector
Kevin Foo, Chairman
George Donne, Executive Director
Grant Manheim, Deputy Chairman
Robert Palmer, Finance Director
Austen Titford, Executive Director
Philip Rand, Non-Executive Director
Senior Management
Radwan Hadi, Chief Operating Officer
Jim Ford
Ernie Miller
Eckhard Mueller
For more information click here
Major Shareholders
As of 26 November 2009 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:
| Shareholder |
Number of Ordinary Shares
|
Percentage of Issued Share Capital
|
| Management |
81,573,016
|
8.3%
|
| Noor Petroleum Limited |
80,000,000
|
8.1%
|
| Barclays Nominees |
62,250,711
|
6.3%
|
| Hydrocarbons Technologies |
43,568,099
|
4.4%
|
| Free float |
719,341,557
|
72.8%
|
| Shares in non-public hands |
205,975,880
|
20.9%
|
| Share Capital | |
| Issued Ordinary Shares of 0.5 pence each as at 31 May 2009 | 496,915,889 |
| Ordinary Shares of 0.5 pence each Issued Since 31 May 2009 | 491,190,646 |
| Total Ordinary Shares of 0.5 pence each Shares issued at 26 Nov 2009 | 988,106,535 |
Contact Information
Victoria Oil & Gas Plc
Hatfield House
52-54 Stamford Street
Southwark
London
SE1 9LX
Tel: +44 (0) 207 921 8820
Fax: +44 (0) 207 921 8821
Email: info@victoriaoilandgas.com
Corporate Information
Nominated Advisor
Strand Partners Limited
26 Mount Row
London
W1K 3SQ
Brokers
Fox Davies Capital
Whitefriars House
6 Carmelite Street
London
EC4Y 0BS
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