Victoria Oil & Gas PLC

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Market Cap:
£19.06 m
7.42 GBX
52 weeks high
52 weeks low

Through the Company’s wholly-owned subsidiary and operator of the project, Gaz du Cameroun S.A. (“GDC”), a 50km 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 1,410mmscf in the year to 31 December 2018 (3,684mmscf to customers in the year to 31 December 2017) 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 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 has provided 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.

The Group is also focused on developing the Compressed Natural Gas (“CNG”). CNG, which is delivered by truck, would compete with diesel and LPG as a source of energy in the more remote regions of Cameroon as it can be transported economically up to 300km from source. The Group is focused on developing these new markets within Cameroon, West Africa more generally as well as in other developing countries outside of Africa where the demand exists.

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 $6.75/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.

VOG added to its 20 square kilometre exploitation licence at Logbaba with an an 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, 57% 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.

Current Products

GDC maximises its gas production through sales across a range of varied uses. With a significant central pipeline network established in Douala, GDC’s engineering team helps design and install necessary conversion systems or power connections for new gas users. Douala city in Cameroon is currently in a period of economic expansion. GDC supports regional economic expansion by ensuring consistent gas supply for thermal and power uses.

United Kingdom.


Board of Directors
Roger Kennedy
Executive Chairman

Dr Kennedy has worked within the natural resources industry for over 30 years developing and executing company and project strategies, in addition to his roles as an investment manager and as a senior advisor.  Currently he is Director of KCP Private Limited, a family office focused on investments in natural resources, infrastructure, technology, consumer finance and power.  In 2012, he 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.

Prior to 2012, Dr Kennedy was Managing Director and Head of the Energy & Natural Resources Group, Asia Pacific at J.P. Morgan Securities (Asia Pacific) Limited, where he managed a large Asia Pacific based team focused on Oil & Gas, Metals & Mining, Power and Chemicals. From 1994 to 2000 Mr Kennedy 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. Dr Kennedy has 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.

Ahmet Dik
Chief Executive Officer

Mr Dik has worked for both GDC and VOG since 2014 and was instrumental in expanding the Company's sales base.  He joined the Board in 2015 and assumed the position of CEO in 2016.  Previously he has been invloved in the structuring and delivery of a wide range of oil and gas, minerals, resources and infrastructure projects worldwide.  He 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

Mr Diamond joined the Board as Financial Director in 2016 having previously held the position of the Group’s Financial Controller.  Prior to joining the company he has held senior finance positions in a number of listed and private companies including: as Financial Controller for Gabriel Resources Limited, a TSX listed resource company, 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. Mr Diamond qualified as a Chartered Accountant at Deloitte in South Africa.

John Knight
Non-Executive Director

John Knight has worked in the global Oil & Gas industry over the past 35 years.  From 2002 to 2018, Mr Knight held various leadership roles and board positions at Equinor (formerly known as Statoil ASA), the Norwegian-based developing oil, gas, wind and solar energy company with projects in more than 30 countries worldwide.   Since his departure from Equinor, Mr Knight has been a Senior Partner at HitecVision, one of world’s largest oil and gas private equity funds.   Mr. Knight began his career in commercial law and investment banking at various large institutions, including Shell International Petroleum, Chase Manhattan Bank, UBS and Salomon Brothers Inc. He holds a MA in Law from Emmanuel College, University of Cambridge and was a Barrister called at Middle Temple.

John Daniel
Non-Executive Director

John Daniel has 35 years of experience in the upstream oil and gas sector, including roles within operations, exploration management and business development. In November 2017, Mr. Daniel founded JD Oil and Gas Consultancy Limited, an independent oil and gas consultancy, specialising in technical and commercial due diligence for upstream oil and gas transactions. Prior to this, between 2011 and 2017, Mr Daniel was Technical Director at Kerogen Capital (UK) Limited, a Private Equity fund specialising in upstream oil and gas investments. In addition, Mr. Daniel held senior positions in exploration at Conoco, Lasmo and Ranger Oil, and in business development at Marathon Oil Company, MND Exploration and Production Limited and Sasol Petroleum International.  Mr. Daniel has a MSc in Petroleum Geology from Imperial College, London and a BSc in Geology from Sheffield University. He is a Fellow of the Geological Society and a member of the PESGB.

Senior Management
Kate Baldwin
General Manager, VOG

Ms Baldwin has 18 years’ experience in the natural resources sector. As General Manager at AIM listed Celtic Resources Holdings Plc, gold producing operating in Russia and Kazakhstan she worked on numerous corporate and asset level transactions as part of the Executive Management Team until the recommended acquisition of the Company.  After a period of consultancy work for Alternative Energy, PR and Company Secretarial clients she joined VOG to assist the Board of Directors in the head office in 2014 whilst providing support to the operations in Cameroon.  She has previously held a Board position of Women in Mining (UK), and she currently holds two further directorships roles in charitable and social enterprises. She holds a Law & Economics degree (BA hons) from University College, Durham.

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.

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.

Victoria Oil & Gas Plc

Scott House

Suite 1, The Concourse

Waterloo Station


Tel: +44 (0)207 921 8820

Email : [email protected]

Nominated Advisor
Strand Hanson Limited
26 Mount Row London


London Office

Scott House

Suite 1, The Concourse

Waterloo Station


Registered Office Address
200 Strand



Deloitte Ireland LLP

Deloitte & Touche House

Earlsfort Terrace

Dublin 2


Nominated Advisor
Strand Hanson Limited
26 Mount Row London

FirstEnergy Capital LLP
85 London Wall,
London, EC2M 7AD

Shore Capital Stockbrokers Limited
Bond Street House,
14 Clifford Street,
London, W1S 4JU

Kerman & Co LLP
200 Strand
London, WC2R 1DJ

Public Relations Advisors
107 Cheapside
London EC2V 6DN

Principal Bankers
Barclays Bank PLC
One Churchill Place
E14 5HP

Company Secretary
Leena Nagrecha FCIS
Hatfield House
52/54 Stamford Street

Computershare Investor Services Plc
The Pavilions,
Bridgewater Road
BS99 6ZY

Cameroon Office
Gaz du Cameroun S.A.
741 Rus Vasnitex
PO BOX 12874

Kazakhstan Office
Victoria Oil and Gas Central Asia Ltd
336 Office
221 Bogenbay Batyr Str

Russia Office
ZAO Severgas-Invest
Proezd 13
Promzona, Panel "C"
Snezhny Posyolok
Nadym, 629730
Yamal-Nenets Autonomous Okrug