Victoria Oil & Gas - Term Sheet signed with Aksa Energy
("VOG" or the "Company" or the "Group")
Term Sheet signed with Aksa Enerji Uretim A.S.
to supply up to 25mmscfd of gas to 150MW
The Term Sheet is subject to various conditions precedent, including government approvals and the signing of a Power Purchase Agreement by Aksa Energy with
· Gas Price:
· Term: 25 years, plus option to extend for an additional 5 years; and
· 70% Take or pay component.
Aksa Energy is one of the largest independent power producers in
The location of the proposed power plant is expected to be near the Bekoko substation, near to GDC's existing gas pipeline network.
GDC's management has been working closely with Aksa Energy and ENEO to develop this exciting gas-to-power project, and GDC, Aksa Energy and ENEO gratefully acknowledge the support and guidance they have received from the Minister.
The Term Sheet, which the Company expects to lead to a long term grid power contract requiring natural gas from GDC gives support to the long term field development plans of GDC in
"Considerable progress has been made in our
We are delighted to have begun a partnership with such a high-profile, professional and reputable company such as Aksa Energy which has a depth of experience in installing and operating successful gas facilities across
For further information, please visit www.victoriaoilandgas.com or contact:
Rory Murphy / James Dance / Jack Botros Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408 4090
Jerry Keen (corporate broking)
Jonathan Wright / Hugh Sanderson Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
Notes to editors
About Aksa Enerji Uretim A.S.
Aksa Energy is one of the largest independent power production company in Turkey with headquarters in Istanbul. Aksa Energy sells 14 TWhr of energy annually. Aksa Energy also has experience in installing and operating power generation facilities in Africa, specifically Ghana (370MW), Mali (40MW) and Madagascar (66MW).
Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned and operated
VOG also owns 75% of the Matanda license area, which is 1,235 square kilometres and adjacent to Logbaba gas project in the highly prospective
This information is provided by RNS, the news service of the
Quick facts: Victoria Oil & Gas PLC
Market Cap: £6.18 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE