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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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23 Jun 2016 09:56

Victoria Oil and Gas appoints Ahmet Dik CEO

(ShareCast News) - Ahmet Dik was appointed chief executive of Victoria Oil and Gas (VOG) on Thursday. Dik, 43, was previously chief executive of the company's subsidiary Gaz du Cameroun (GDC). A lawyer by profession, Dik secured the grid power supply contract with ENEO, Cameroon's national transmiss

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23 Jun 2016 07:22

Victoria Oil & Gas Promotes Cameroon Operating Head To Be CEO

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22 Jun 2016 15:05

UK Shareholder Meetings Calendar - Next 7 Days

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31 May 2016 10:07

Victoria Oil & Gas Reshuffles Board, Makes Seven-Month Profit

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19 Apr 2016 09:38

Victoria Oil & Gas Says Gas Production, Consumption Up

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13 Apr 2016 07:25

Victoria Oil & Gas Secures USD26 Million Loan For Logbaba Expansion

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7 Apr 2016 16:32

Victoria Oil & Gas gets go-ahead for interest in Matanda

(ShareCast News) - Integrated natural gas producing utility Victoria Oil & Gas announced on Thursday it had received approval from the Government of Cameroon for a 75% participating interest in the Matanda Production Sharing Contract to be transferred to its subsidiary Gaz Du Cameroun Matanda (GDC),

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7 Apr 2016 07:52

Victoria Oil & Gas Gets Approval For Matanda Licence Deal

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29 Feb 2016 14:57

Victoria Oil & Gas reports strong first half

(ShareCast News) - Victoria Oil & Gas made a strong start to its financial year, updating the market on its six months to 30 November 2015 on Monday. The AIM-traded natural gas producer reported revenue of $18.9m (£13.6m) for the period, up from $11.6m in the six months to 30 November 2014. Adjuste

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29 Feb 2016 10:36

Victoria Oil & Gas On Track For Well Spud As It Swings To Profit

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18 Feb 2016 10:34

WINNERS & LOSERS SUMMARY: Investors Warm To Centrica Results

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18 Feb 2016 07:50

Victoria Oil Expands Cameroon Operation Through Glencore Deal

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28 Jan 2016 10:23

WINNERS & LOSERS SUMMARY: Weak United Rentals Results Hurt Ashtead

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28 Jan 2016 09:32

Victoria Oil Shares Rise As Gas Production To Continue Growing In 2016

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20 Nov 2015 16:06

Inland Homes founder pockets £1m in share sale

(ShareCast News) - The man at the top of Inland Homes cashed in on some of the company today, pocketing a cool £1m in the process. Stephen Wicks, who co-founded the development firm in 2005, sold 1.5m shares at 67.37p a piece. He has held on to 14.7m shares, though, representing a 7.27% stake in th

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