Victoria Oil & Gas PLC

Receive alerts
Market Cap:
£9.76 m
3.80 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.



Through the Company’s wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), VOG has developed a cash generative business that delivers fully integrated domestic gas to energy solutions for local industry and communities.




GDC owns 57% of the 20km2 Logbaba Gas Project. Partnered on this project with RSM Production Company (“RSM”), and Société Nationale des Hydrocarbures (“SNH”), which have holdings of 38% and 5% respectively.

Reserves and Resources

The reserves and resources reflect those contained within the C38 Exploitation Licence, which has an area of 20km2.  The originally held PH79 Exploration Licence over the entire Logbaba Field covered an area of 64km2.  Discussions with SNH and the Government of Cameroon are continuing regarding the terms on which the relinquished portion of the PH79 Exploration Licence (the 44km2) will be made available to the Logbaba Concession partners.

Logbaba C38 Reserves and Resources

as at 31 December 2018



GDC owns 75% of the 1,235 km2 Matanda license area, (adjacent to Logbaba Gas Project) in the highly prospective Douala Basin, with Afex Global Limited (“AFEX”) owning the remaining 25% following an assignment of the Production Sharing Contract approved by the Cameroon Government in December 2018.

Reserves and Resources

as at 31 December 2018


GDC operates a wellhead-to-customer connection gas business from its producing Logbaba Gas Project in the suburbs of Douala, Cameroon.

Gaz du Cameroun S.A. (“GDC”) is the operator of the Cameroon projects and delivers gas to grid power, thermal and industrial power customers using safe, consistent and scalable solutions via its 50km gas distribution pipeline network.

Douala is a major port city serving Central Africa and, in addition to being an import hub, is host to a range of major industrial complexes serving Cameroon and surrounding countries.

Project Highlights:

  • Only onshore gas producer in Cameroon
  • Neither supply nor demand constrained
  • Offer customers a cheaper and cleaner alternative to current supply
  • Strong Government support
  • Opportunity to help resolve in-country power issues
  • Revenue generating business and now operationally cash positive

A business model that can be applied to other African opportunities.

Production Wells

GDC currently has two producing wells La-105 (spudded in 2009) and La-107 (spudded in 2016). Remediation work on La-108 has commenced to extract a perforation gun stuck in the production tubing. The work will be performed using a hydraulic work-over unit. A clean out of the wellbore (tubing and lining) will then be carried out followed by perforation of the Upper Logbaba Sands. The La-108 well will then be tied-back to the existing flowline and the flowline made permanent. This work is expected to be completed in Q4 2019.

Processing Plant

GDC’s gas processing plant on the Logbaba Project site has a 20mmscfd capacity.  Planning and engineering for enhancements to the process plant are progressing to tie in with the La-108 well remediation. This work is being carried out in H2 2019.

The Wouri River has been crossed and will provide gas to another of the city’s key industrial zones located on the Bonaberi shore. GDC currently provides thermal gas, condensate and gas for grid powered small-scale electricity generation to customers.

Pipeline Network

GDC has built its own gas distribution network to deliver gas to the doors of its customers throughout the city of Douala.  The pipeline network runs under the Wouri River providing gas to a key industrial zone located on the Bonaberi shore.

GDC’s 50km gas pipeline distributes gas across the city of Douala as illustrated in the schematic below (not to scale).

Products and Customers

GDC maximises its gas production through sales across a range of varied uses. With a significant central pipeline network established in the growing city of Douala, GDC’s engineering team helps design and install necessary conversion systems or power connections for new gas users and can deliver consistent gas supply for thermal and power uses. GDC supplies gas to over 35 industrial customers alongside supplying gas to the national grid.

Grid Power

GDC Supplies gas to state power operator ENEO’s 30MW Logbaba power station for the generation of electricity to the national grid. Modular generation sets are supplied and run through equipment partners Altaaqa Alternative Solutions Projects DWC-LLC (“Altaaqa”).

Further Grid Power Demand

There is a current deficit in grid power supply which is increasing as a result of the growing demand for power by Cameroonians and Cameroon businesses. Hydro power projects are being implemented nationally at a grand scale, but these will take a number of years to be commissioned. The government roadmap for power generation includes at least 30% of its power to be from thermal sources to ensure consistency at times of reduced rainfall. As the only onshore gas supplier, GDC is well positioned to deliver gas for power projects.

In July 2019 GDC signed a non-binding term sheet with Aksa Enerji Uretim A.S. (“Aksa Energy”) (“Term Sheet”) to supply Aksa Energy with up to 25mmsfd of gas to Aksa Energy’s planned 150MW power station at US$6.75 per mmbtu over a 25 year term ( with an option to extend for an additional 5 years.  The location of the proposed power plant is expected to be near the Bekoko substation, near to GDC’s existing gas pipeline network and is planned for late 2020.

Thermal Customers

GDC supplies gas to customers for thermal use in boilers, process plants and furnaces. The core customers are those in medium to heavy industry.

Industrial Power Customers

Gas supplied to dedicated gas-fired electricity generators (“Gensets”) for customers’ factories and plants has became a key part in demonstrating the ability of GDC to drive power using gas.

Gas condensate

Gas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a premium product in heavy oil production. Condensate can be taken by road tanker to various parts of the country.



West Medvezhye Project, Russia

The Group has an exploration project in Russia, the 100% owned West Medvezhye field, which is fully impaired. The Group continues to pursue ways to derive value from the asset through farm out, joint venture or sale.


  • YaNAO region of Siberian Russia is seeing increasing interest from the international oil majors for its oil bearing potential
  • Recent changes to the Russian oil and gas tax legislation provide substantial benefits to YaNAO-based undeveloped assets
  • 100% ownership of the Block
  • West Medvezhye field mid-term production potential is associated mainly with oil and liquid hydrocarbons
  • The Block is located 44km from the town of Nadym where there is a growing domestic market for oil and condensate
  • Gas resources are believed to represent substantial upside potential, which can be monetized in the mid- to long-term horizon through existing local infrastructure

West Med (Russia): Reserves**

** C1 and C2 Reserves Under Russia Natural Resource Classification


In the 2009 Annual Report and Accounts, the Directors made a provision of $35.5 million against the carrying value of the Kemerkol asset subsequent to our licence being revoked by the Economic Court of the Atyrau Oblast of Kazakhstan. We continue to fight our corner within the constraints of the Kazakhstan legal system and still remain hopeful of a positive outcome but Kemerkol’s long-term economic importance within Victoria’s overall portfolio of assets has been minimised.





United Kingdom, Cameroon & Russia.


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.

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.

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.


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.

Head Office

Victoria Oil & Gas Plc
Scott House,
Suite 1 The Concourse,
Waterloo Station SE1 7LY
United Kingdom

Tel: +44 (0)207 921 8820
E-mail : [email protected]

Registered Office

Victoria Oil & Gas Plc
200 Strand
United Kingdom

Cameroon Office

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

Nominated Advisor

Strand Hanson Limited
26 Mount Row, Mayfair
London W1K 3SQ
United Kingdom

P: +44 20 7409 3494
W: www.strandhanson.co.uk

London Office

Scott House
Suite 1, The Concourse
Waterloo Station SE1 7LY
United Kingdom

Registered Office Address

200 Strand
United Kingdom


Deloitte Ireland LLP
29 Earlsfort Terrace
Dublin 2, D02 AY28

P: +353 (1) 417 2200
W: www.deloitte.ie

Nominated Advisor

Strand Hanson Limited
26 Mount Row, Mayfair
London W1K 3SQ
United Kingdom

P: +44 20 7409 3494
W: www.strandhanson.co.uk


GMP FirstEnergy
85 London Wall,
London, EC2M 7AD
United Kingdom

T: +44 (0) 7448 0200
W: www.gmpsecurities.com

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

T: +44 (0)20 7408 4090
W: www.shorecap.co.uk


Kerman & Co LLP
200 Strand
London, WC2R 1DJ
United Kingdom

T: +44 (0)20 7539 7272
W: www.kermanco.com

Public Relations Advisors

107 Cheapside
London EC2V 6DN
United Kingdom

T: +44 (0)20 3757 4980
W: www.camarco.co.uk

Principal Bankers

Barclays Bank PLC
One Churchill Place, Canary Wharf
London E14 5HP
United Kingdom

T: +44 (0)345 734 5345
W: www.barclays.co.uk


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

T: +44  (0)370 702 0000
W: www.computershare.com

Company Secretary

Leena Nagrecha FCIS
Scott House
Suite 1, The Concourse
Waterloo Station SE1 7LY
United Kingdom