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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 £23m 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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30 Sep 2019 17:55

Victoria Oil & Gas Interim Revenue Rises As Logbaba Delivers

Victoria Oil & Gas Interim Revenue Rises As Logbaba Delivers

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29 Jul 2019 11:30

Victoria Oil & Gas Agrees Gas Supply Deal With Turkey's Aksa Enerji

(Alliance News) - Victoria Oil & Gas PLC on Monday announced a term sheet to supply gas to Aksa Enerji Uretim SA's planned power station in Douala, Cameroon.The term sheet is to and

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8 Jul 2019 15:00

Victoria Oil & Gas Independent Non-Executive John Bryant Steps Down

(Alliance News) - Victoria Oil & Gas PLC on Monday said John Bryant has resigned as an independent non-executive director with immediate effect."We thank John for his service and

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5 Jul 2019 14:29

Victoria Oil & Gas Confident Despite Production Dip In Second Quarter

(Alliance News) - Victoria Oil & Gas PLC said on Friday that production dipped slightly in the second quarter but remains confident about its long-term future.For the three months ended

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27 Jun 2019 14:41

Victoria Oil & Gas Performs Well In Quarter, Confident On Future

(Alliance News) - Victoria Oil & Gas PLC said Thursday it has performed "well" in the second quarter, though production has dipped.Victoria Oil, through subsidiary Gaz du SA,

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20 Jun 2019 16:02

UK Shareholder Meetings Calendar - Next 7 Days

Friday 21 JuneBoohoo GroupGulf KeystoneBH GlobalEJF ResourceSigma

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4 Jun 2019 14:23

Victoria Oil & Gas Unit Clears Debt After USD1.4 Million Payment

LONDON (Alliance News) - Victoria Oil & Gas PLC on Tuesday said subsidiary Gaz du Cameroun SA has inked an agreement with Weatherfords Services & Rental Ltd to extinguish outstanding unit

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24 May 2019 11:04

Victoria Oil & Gas Cost Cutting Narrows Loss Despite Revenue Halving

LONDON (Alliance News) - Victoria Oil & Gas PLC on Friday said its annual loss narrowed despite revenue falling by more 50%.For 2018, the oil & gas firm posted a pretax loss of to a

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15 Apr 2019 14:22

Hadron Capital Now Owns 11% Of Victoria Oil & Gas (ALLISS)

LONDON (Alliance News) - Victoria Oil & Gas PLC on Monday said Hadron Capital LLP now owns an 11% stake in the company.Hadron's interest in the oil & gas firm prior to a deal on

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4 Apr 2019 13:28

Victoria Oil & Gas Hires Two New Independent Non-Executives

LONDON (Alliance News) - Victoria Oil & Gas PLC on Thursday said it has strengthened its board with the appointment of John Knight and John Daniel as independent non-executive has worked in 35

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27 Mar 2019 16:09

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 28 MarchTemple Bar Investment TrustFriday 29 MarchAutins Focus Shopping (re 1

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7 Mar 2019 10:15

Victoria Oil & Gas Successfully Raises Cash For Cameroon Projects (ALLISS)

LONDON (Alliance News) - Victoria Oil & Gas PLC said on Thursday it has raised GBP13.6 million through an oversubscribed placing and subscription announced on Wednesday, to go towards its and

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6 Mar 2019 10:13

Victoria Oil & Gas Plans GBP12.6 Million Fundraise, Shuffles Board (ALLISS)

LONDON (Alliance News) - Shares in Victoria Oil & Gas PLC dropped on Wednesday as the natural gas producing firm said it was targeting a GBP12.6 million fundraise and announced a number of Oil

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19 Feb 2019 13:35

Zion SPC- Access Fund SP Holds 5% Victoria Oil & Gas Stake After Deal (ALLISS)

LONDON (Alliance News) - Victoria Oil & Gas PLC on Tuesday said Zion SPC - Access Fund SP holds a 5.05% stake in the gas and condensate producer and distributor after a transaction in October

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29 Jan 2019 16:24

Victoria Oil & Gas Cameroon Production Increases; Assessing Funding

LONDON (Alliance News) - Victoria Oil & Gas on Tuesday said production at the Logbaba project in Cameroon increased in the week just ended.For the week from ended January 25, the firm a

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