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Victoria Oil & Gas launches shake-up after CEO quits

Thu, 10th Oct 2013 08:05

The Acting Chief Executive of Victoria Oil & Gas (VOG) has pledged to turn the Cameroon-focused group around after its Chief Executive Officer (CEO) quit.Chairman and Interim Chief Executive Kevin Foo said in a letter to shareholders that he would lead the group and launch a restructuring following the departure of John Scott at the end of last month.The group plans to seek a new chief and is also in the final stages of agreeing new working capital and bridge funding. It has suffered delays on its flagship Logbaba gas deposit as well as ongoing power outages in Cameroon, resulting in plant stoppages and shutdowns and unauthorized use of waste oil by some customers.Foo said he shared investors' concern about the company's weak share price, which had fallen 0.15p to 0.93p by 8.18am in London.But he claimed it grossly undervalued the business, given its progress in the last four years in drilling two complex wells, installing gas processing facilities, laying pipeline, selling gas and collecting revenue.Foo said he accepted and took responsibility for missing a number of deadlines and targets and said the company had made mistakes despite numerous problems beyond its control.He said: "Nevertheless, we set these targets and a salient lesson we have learned is to expect hurdles and to allow lots of time to overcome them. As pioneers, blazing a trail to consistent gas supply and revenue generation in Cameroon has been a hard and extremely complex one."With the departure of John Scott, we are taking the opportunity to restructure VOG and make a number of project management and operational changes. I shall be taking over as interim CEO until such time as we have found a suitable replacement."Foo said the company was focused on building its business and cash flow from Logbaba to fund further expansion and acquisitions in Africa.It is generating revenue and expects to be profitable at an operating level in November, which Foo said would make it a mid-stream business rather than an explorer.Logbaba is estimated to hold enough proven and probable reserves to supply industrial customers for the next 30 years.PW

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21 Jan 2019 13:39

Victoria Oil & Gas Reports Improvement In Average Production Rate

LONDON (Alliance News) - Victoria Oil & Gas PLC on Monday said production levels at its Logbaba project in Cameroon have increased in January.The stock was trading 5.0% higher on Monday

21 Jan 2019 12:49

Victoria Oil & Gas reports increasing production at Logbaba

(Sharecast News) - Cameroon-based gas and condensate producer Victoria Oil & Gas updated the market on the increasing production levels at its Logbaba Project on Monday, reporting an average production rate month-to-date of 8.5mmscfd as at 19 January.

2 Jan 2019 12:12

Victoria Oil Approved To Buy 75% Stake In Cameroon Licence From Glencore

LONDON (Alliance News) - Victoria Oil & Gas PLC said Wednesday it has received approval from Cameroon President Paul Biya for its acquisition of a 75% interest in the Matanda production from a

22 Oct 2018 13:23

Victoria Oil & Gas Third Quarter Production Up On New Customers

LONDON (Alliance News) - Victoria Oil & Gas PLC on Monday said gas sales and production grew in its third quarter with a further four customers consuming gas during the period.In its of

28 Sep 2018 15:14

Victoria Oil & Gas Interim Loss Narrows Despite Sales Agreement Ending

LONDON (Alliance News) - Victoria Oil & Gas PLC on Friday reported a narrowed pretax loss on reduced expenses.In the six months ended June, the African energy supplier narrowed its loss

17 Aug 2018 11:23

Victoria Oil & Gas Production And Sales Decrease In Second-Quarter

LONDON (Alliance News) - Cameroon-focused Victoria Oil & Gas PLC on Friday said gas production and sales declined in the second quarter of its current financial year due to termination of gas

17 Aug 2018 10:15

Victoria Oil & Gas confident of power supply resolution with ENEO

(Sharecast News) - Cameroon-based gas and condensate producer and distributor Victoria Oil & Gas updated the market on its operations for the three months ended 30 June on Friday, reporting that its subsidiary Gaz du Cameroun remained confident of a resolution with ENEO Cameroon over the grid power supply issue.

21 Jun 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Friday 22 JuneCambian Groupboohoo.comNext Fifteen Communications GroupBraemar 25 Oil

14 Jun 2018 13:50

Victoria Oil & Gas Restructures Debt With Cameroonian Bank

LONDON (Alliance News) - Victoria Oil & Gas PLC said Thursday that lenders have shown support for the firm after it restructured debt outstanding to BGFIBank Cameroon SA.The company a a

24 May 2018 13:25

Victoria Oil & Gas Quarterly Revenue Slumps On Lack Of Power Supply

LONDON (Alliance News) - Victoria Oil & Gas PLC on Thursday reported a drop in production following a power station suspension which also knocked revenue in the first quarter.For the in

24 Apr 2018 14:00

Victoria Oil & Gas Non-Exec Director Iain Patrick Leaves Immediately

LONDON (Alliance News) - Victoria Oil & Gas PLC on Tuesday said that its Non-Executive Director Iain Patrick resigned with immediate effect."We thank Iain sincerely for his to the

3 Feb 2017 10:35

Victoria Oil & Gas achieves record monthly production in January

(ShareCast News) - Cameroonian energy utility Victoria Oil & Gas reported that it had achieved record monthly production in January and that a new pipeline to Bonaberi came onstream during the final quarter of 2016. After the extension of the Bonaberi pipeline, which provides gas to Doula, the large

3 Feb 2017 07:47

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VOG.L Share News (VOG)

Victoria Oil & Gas launches shake-up after CEO quits

Victoria Oil & Gas Reports Improvement In Average Production Rate

Victoria Oil & Gas reports increasing production at Logbaba

Victoria Oil Approved To Buy 75% Stake In Cameroon Licence From Glencore

Victoria Oil & Gas Third Quarter Production Up On New Customers

Victoria Oil & Gas Interim Loss Narrows Despite Sales Agreement Ending

Victoria Oil & Gas Production And Sales Decrease In Second-Quarter

Victoria Oil & Gas confident of power supply resolution with ENEO

UK Shareholder Meetings Calendar - Next 7 Days

Victoria Oil & Gas Restructures Debt With Cameroonian Bank

Victoria Oil & Gas Quarterly Revenue Slumps On Lack Of Power Supply

Victoria Oil & Gas Non-Exec Director Iain Patrick Leaves Immediately

Victoria Oil & Gas achieves record monthly production in January

Victoria Oil & Gas Posts 24% Year-On-Year Rise In Logbaba Gas Sales

Victoria Oil & Gas Continues Batch Drilling At Logbaba Gas Project

Victoria Oil & Gas Says Logbaba Plant Drilling Rig Arrives In Cameroon

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