Victoria Oil & Gas PLC (LON:VOG)

Victoria Oil & Gas PLC (LON:VOG)

Share Price
11.80 p
0.075 (0.64 %)
Market Cap
£30.26 m
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Victoria Oil & Gas PLC

AIM-quoted Victoria Oil & Gas PLC has pioneered the monetisation of onshore gas in Cameroon from its 60% owned Logbaba gas and condensate project and created a profitable business less than five years from spudding the first wells. Through the Company’s wholly-owned subsidiary and operator of the project, Gaz du Cameroun S.A. (“GDC”), a 33km gas distribution pipeline network has been built...

Market: AIM:VOG
52-week High/Low: 42.20p / 11.50p
Sector: Energy
Market Cap: £30.26 m
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Big Picture – A Deep Dive Examination of Victoria Oil & Gas PLC

Victoria Oil & Gas PLC Snapshot

AIM-quoted Victoria Oil & Gas Plc (“VOG” or “the Company”) has pioneered the monetisation of onshore gas in Cameroon from its 60% owned Logbaba gas and condensate project and created a profitable business less than five years from spudding the first wells. Through the Company’s wholly-owned subsidiary and operator of the project, Gaz du Cameroun S.A. (“GDC”), a 33km gas distribution pipeline network has been built feeding gas to a range of industrial customers situated in Douala, the gateway port city to Central Africa. GDC delivered 1,967mmscf to customers in the year to 31 May 2015 and is able to set prices on a purely commercial basis with no restrictions on sales set by Government. The Logbaba gas and condensate project is an example of profitable onshore gas monetisation in Sub-Saharan Africa, with energy provision clearly aligned with national interests.

GDC estimates demand for gas in Cameroon for thermal and power generation to be in excess of 150mmscf/d. GDC is currently providing clean, reliable gas to major industrial customers such as Castel Group, Guinness, Dangote and the key power provider, ENEO Cameroon S.A. (“ENEO”), which provides over 50MW of power to the Douala grid. ENEO alone requires an additional 50 to 80MW of power per year for the next five years.

GDC is currently the only supplier of natural gas to Douala and it owns and manages the whole supply chain from wellhead to customer connection. GDC is largely insulated from oil price fluctuations because it competes with fuel sources such as heavy fuel oil on many different criteria other than supply price. GDC has in place long-term gas supply contracts with customers using gas for a range of different applications, with prices ranging from $9/mmbtu to $16/mmbtu. GDC has secured its position as a dominant gas supplier to industry in Douala. The Group’s strategy for GDC is to focus on the safe delivery of gas to the optimum, long-term market. GDC intends to maintain its position by leveraging its experience, as well as its gas processing and pipeline assets. GDC is focused on exploiting new gas reserve discoveries and opening up major new power-hungry markets in the region and beyond.

In early 2016 VOG added to its 20km exploitation licence at Logbaba with the assignment of 75% of the neighbouring 1,235 square kilometre exploration block Matanda increasing its footprint in Douala, Cameroon.


Building Energy Sales Within a Thriving African Economy

VOG has created a gas utility business, GDC, 60% owner and operator of the Logbaba gas project, that manages all gas supply stages from extraction to customer connection. The project has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with cost effective, clean and reliable energy solutions. The Company is focused going forward on a “pure gas” sale model, delivering a consistent cleaner fuel source to a diverse range of markets and applications. GDC has successfully proved first concept of gas conversion to power and is now working with equipment suppliers and potential joint venture partners to provide energy solutions.


The production and sale of natural gas from Logbaba commenced in July 2012, one of the most significant achievements in the history of Cameroon’s energy sector.

Business Fundamentals of Logbaba

Only onshore gas producer in Cameroon

Neither supply nor demand constrained

Offer customers a cheaper and cleaner alternative to current supply

Strong Government support of our project

Opportunity to help resolve in-country power issues

Revenue generating business and now operationally cash positive

Our business model can be applied to other African opportunities

Operations map





Board of Directors

Kevin Foo
Executive Chairman

Kevin has had a 40-year career in the resources industry. He has worked in five continents and has been responsible for developing mines in remote locations. He was the founder of Victoria Oil & Gas Plc in 2004 and was responsible for the acquisition of the Logbaba project in Cameroon. He has held CEO and Chairman positions in several AIM-listed companies including Celtic Resources Holdings Plc, Eureka Mining Plc, Bramlin Limited and Bakyrchik Gold Plc. From the end of September 2013, Kevin has assumed the role of Executive Chairman of the Company.

Ahmet Dik
Chief Executive Officer

Ahmet has worked for GDC on a consultancy basis for the last two years, and he has recently accepted the position of CEO on the GDC Board. He has worked on the structuring and delivery of a wide range of oil and gas, minerals, resources and infrastructure projects and was part of the senior management team at Dominion Petroleum Ltd, an AIM-listed company, in 2007, working on the acquisition of its East African assets. Dominion was subsequently sold to Ophir Energy Plc. Primarily his work has been with major corporates, governments and sovereign wealth funds focused on Africa and the Middle East. As an originator of large scale projects, Ahmet has been involved in setting up corporate structures, raising funds at all levels and listing of companies on a number of stock exchanges.

Andrew Diamond
Finance Director

Andrew was appointed in June 2016 having been the Group’s Financial Controller since September 2015.  He previously served as Financial Controller for Gabriel Resources Limited, a TSX listed resource company, from 2011 to 2015. Prior to 2011, Andrew served as Head of Group Reporting for Subsea 7 S.A. (formerly Acergy MS), a subsea service provider to the oil and gas industry listed on the NASDAQ and Oslo Børs, and Financial Controller for Barloworld Holdings plc, a distributor for leading global brands, providing integrated rental, fleet management, product support and logistics solutions. Andrew qualified as a Charted Accountant at Deloitte in South Africa.

John Bryant
Non-Executive Director

Mr Bryant has broad commercial and financial experience in developing and managing new businesses gained over 40 years’ experience in the oil, gas and energy services, both in the US and the UK. He is the Non-Executive Chairman of Weatherly International plc, the Senior Independent Director of IGas Energy plc and a Non-Executive Director of China Africa Resources plc, all AIM listed companies. His current directorships also include other private companies. Mr Bryant has held a number of senior executive positions in companies involved in power generation and distribution, gas distribution, renewable energy and oil and gas services. These have included operations in North America, Europe, Asia and Africa. Mr Bryant holds an MSc in Economics from Reading University and graduated in Economics with a BA from Nottingham University, and is a fellow of the Institute of Directors and a fellow of the Royal Society of Arts.

Iain Patrick
Non-Executive Director

Mr Patrick has over 30 years’ experience in the international oil and gas industry.  After graduating with an LL.M in 1980, Iain worked as an oil industry lawyer before joining Monument Oil and Gas plc in 1988 where he held the position of Commercial Director until the sale of the company in 1999.  Iain then co-founded PWX Limited, a consultancy providing business development support to a number of oil and gas companies.  In 2006, Iain was appointed as Director of Commercial & Legal Affairs of Gulf Keystone Petroleum (UK) Limited, before joining Edgo Energy Limited as the Commercial Director in 2008.  Iain is currently CEO of the oil and gas consultancy, Trinity Energy Limited, and serves as Senior Independent Non-Executive Director of Madagascar Oil Limited.

Roger Kennedy
Non-Exec Director

Roger joined the Board of Directors in July 2016.  Roger is currently Chairman of KCP Limited, a family office investing in public and private equity, having previously served as Chief Executive Officer from 2000 to 2007. In 2012, Roger co-founded QKR Corporation Limited, a diversified mining investment company backed by sovereign funds, institutional investors and high-net-worth individuals and served as a director until 2014.   Over the same period, he served as a director and Head of Business Development for Star Petroleum Limited, an upstream E&P company with oil licenses in Libya, South Sudan, Uganda, Angola, Nigeria and the Caspian Sea.  Prior to 2012, Roger was Managing Director and Head of the Energy & Natural Resources Group, Asia Pacific at J.P. Morgan Securities (Asia Pacific) Limited, where he rebuilt and managed a large Asia Pacific based team focused on Oil & Gas, Metals & Mining, Power and Chemicals. From 1994 to 2000 Roger was Head of the Latin American Industrials Group (Oil & Gas, Metals & Mining, Utilities, Infrastructure and Construction) and member of the M&A, Debt Capital Markets, Telecom and Natural Resources Investment Banking teams at Salomon Brothers Inc.  Roger graduated from Oxford University with a D.Phil./PhD in Economics and Politics, holds a Juris Doctorate from New York University and is a member of the New York Bar Association.


Senior Management

Eric Friend
Managing Director, Gaz du Cameroun

Eric comes from a background in Project/Construction Management, with an extensive track record of successful major mining and related projects, in challenging environments throughout Africa, Kazakhstan, Europe and Russia. He has worked for some of the world’s largest Engineering and Construction companies having more than 20 years of Projects delivery management experience, with an emphasis on the implementation of Feasibility Studies, Engineering, planning, procurement, construction and commissioning.  Eric was GDC's Capital Projects Manager and Deputy Managing Director for 2 years prior to assuming the role of Managing Director.

Elizabeth Burns
Chief Financial Officer, Gaz du Cameroun

Elizabeth joined the team in Douala in July 2015.  Prior to then she worked for AEL Mining Services; from 2011 as their Financial Director for West Africa based in Ghana and from 2014 as their Financial Director for North and West Africa  (Francophone  countries) based in Burkina Faso.  Other roles include Country Finance Director for Coca-Cola  SABCO based in Tanzania, and  various roles for Siemens in the UK, Germany and South Africa .  Elizabeth holds a degree in Corporate Governance, Corporate Finance and Corporate Business Administration and also has an Executive MBA from Henley Business School.

William T. Egbe
Director, General Legal Counsel, Gaz du Cameroun

Prior to joining Gaz du Cameroun as General Legal Counsel, Bill had a 34-year career in progressively senior positions in the judiciary, including time served as Judge and Public Prosecutor in Cameroon, and as Legal Advisor, Senior Trial Attorney and Senior Appeals Counsel for the United Nations. Bill combines his role as General Legal Counsel with his position as Senior Partner in the Law Firm W. T. Egbe & Co., a Douala based firm of Attorneys with a portfolio of international clients and investors in the Mining and Oil & Gas sectors, among others. His educational profile includes LL.M (international banking), PIL, Diplome de L’ENAM, LL.B (Hons), B.L. 

Divine Mofa
Production Manager, Gaz du Cameroun

Divine Mofa has more than 16 years of oil & gas industry experience. A graduate from Prairie View A&M University in the USA, he has led various engineering projects accountable as project manager and engineer for the technical, financial and commercial aspects of offshore and onshore field exploration and development operations. Mofa has held senior positions with J Ray McDermott, Oceaneering, and Alseas.


Eckhard Mueller
Regional General Manager, SeverGas Invest (SGI)

Eckhard Müller has 37 years’ experience in exploration and production, including four years as Chief Geologist for KazGerMunay and six years as a senior geologist with Gaz de France. He has been responsible for development projects in Germany, Mongolia, Kazakhstan and Russia and has held the position of General Manager, Russia with VOG for over eight years.


Holdings of Significant Shareholders

As of November 2017 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:

Name Number of Shares Percentage of issued share capital
Majedie Asset Management Ltd 8,093,473 5.579%
Forest Nominees Limited (GC1) 7,775,366 5.360%
Trafelet Brokaw Capital Management, LP 7,422,629 5.117%


Head Office & Registered Office

Victoria Oil & Gas Plc
Hatfield House
52-54 Stamford Street
London SE1 9LX
United Kingdom

Tel: +44 (0)207 921 8820
Fax: +44 (0)207 921 8821
Email : [email protected]

Registered Office

Hatfield House

52/54 Stamford Street





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