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Shares plummet as Victoria Oil & Gas reports equity placing

Wed, 06th Feb 2013 10:07

Shares in Cameroon-focussed mining company Victoria Oil & Gas fell sharply on Wednesday after the company reported it had oversubscribed a 23m pound equity placing.The AIM-listed company reported that it had raised ยฃ23m of equity and was fully funded to meet its long-term corporate objectives to monetise the Logbaba Gas discovery and to meet its production target for 2013.The company announced that the board planned to further strengthen itself with the appointment of a Chief Executive Officer to implement the production and revenue phase of the company's growth.Kevin Foo, Chairman of Victoria Oil & Gas, commented: "With this capital injection, combined with the reserve-based bank facility, the company can cover the last yards in our progression to substantial cash flow. While the thermal customer business is growing solidly, the bulk of the forecast sales growth will be derived from power clients".He added: "As a shareholder, I am acutely aware that dilution of existing shareholders is a major concern. However, I feel that ensuring we are fully funded to meet our production and cash flow targets is the best way to deliver shareholder value. There is still great uncertainty ahead in equity markets but I am greatly encouraged by the support shown from the institutional investors."Victoria Oil & Gas' share price was down 15.33% to 1.74p at 10:28 on Wednesday.MF
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23 Dec 2021 11:59

Victoria Oil gets extension to Matanda Block licence

(Sharecast News) - Cameroon-focussed Victoria Oil & Gas announced on Thursday that its wholly-owned subsidiary Gaz du Cameroun (GDC) has received, as operator, approval from the Minister of Mines, Industry and Technological Development for the extension of the Matanda Block licence.

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23 Dec 2021 11:06

Victoria Oil & Gas subsidiary receives extended Matanda Block licence

Victoria Oil & Gas subsidiary receives extended Matanda Block licence

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16 Nov 2021 12:09

IN BRIEF: Victoria Oil & Gas adds additional perforations to La-108

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1 Oct 2021 14:13

IN BRIEF: Victoria Oil & Gas draws down Meridian loan notes in full

IN BRIEF: Victoria Oil & Gas draws down Meridian loan notes in full

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30 Sep 2021 06:59

IN BRIEF: Victoria Oil & Gas reaches settlement with RSM Production

IN BRIEF: Victoria Oil & Gas reaches settlement with RSM Production

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3 Sep 2021 15:07

UK shareholder meetings calendar - next 7 days

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5 Aug 2021 16:17

UK shareholder meetings calendar - next 7 days

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4 Aug 2021 17:35

IN BRIEF: Victoria Oil & Gas average gas sales rise over quarter

IN BRIEF: Victoria Oil & Gas average gas sales rise over quarter

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13 Jul 2021 13:58

IN BRIEF: Victoria Oil & Gas shares plummet amid future trade warning

IN BRIEF: Victoria Oil & Gas shares plummet amid future trade warning

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13 Jul 2021 11:20

AIM WINNERS & LOSERS: Star Phoenix wins new deal; Ebiquity revenue up

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30 Jun 2021 16:25

TRADING UPDATES: Simec Atlantis Energy revenue jumps on turbine sales

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23 Jun 2021 16:09

UK shareholder meetings calendar - next 7 days

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TRADING UPDATES: DP Poland sales improve; Braveheart swings to profit

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