29 Aug 2012 13:30
29 August 2012
Victoria Oil & Gas Plc
('VOG' or 'the Company')
(AIM: VOG)
Directorate Change
The Board of Directors of Victoria Oil & Gas Plc (AIM: VOG), the oil and gas exploration and production company with assets in Cameroon and the Former Soviet Union, today announces that Mr Philip Rand has resigned as a non-executive director of the Company effective 28 August 2012.
Mr Rand has recently taken on the role of Managing Director of Allied Energy plc, which has production and development projects in West Africa and this will require him to spend most of his time in Nigeria and the USA.
Commenting on the announcement, Kevin Foo, Chairman of the Company, said: "On behalf of the Board, I would like to thank Philip for his invaluable contribution to the Company. We wish him well in his new role and we are taking active steps to replace him as soon as possible."
For further information, please contact:
Victoria Oil & Gas Plc - Tel: +44 (0) 20 7921 8820
Kevin Foo / Martin Devine
Macquarie Capital (Europe) Limited - Tel: +44 (0) 20 3037 2000
Jeffrey Auld / Steve Baldwin / Nicholas Harland
Fox-Davies Capital - Tel: +44 (0) 20 3463 5010
Daniel Fox-Davies/ Richard Hail
Strand Hanson Limited - Tel: +44 (0) 20 7409 3494
Simon Raggett / Angela Hallett
Tavistock Communications - Tel: +44 (0) 20 7920 3150
Ed Portman/ Simon Hudson
Background Information on Victoria Oil & Gas Plc:
Victoria Oil & Gas Plc is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye project in Siberia, Russia. Logbaba is located in Douala, the economic capital of Cameroon. The field was discovered in the 1950s when all four exploration wells drilled at the time encountered gas. The Company drilled two successful development wells in 2009/10 and was awarded an Exploitation Licence in April 2011.
The Logbaba proved and probable reserves of 212 billion cubic feet ('Bcf') are sufficient to supply an average of 30 mmscf/d for the next 20 years to industrial customers. Under current management projections, the Company forecasts industrial gas demand to rise to 44 mmscf/d by the end of 2014. In the longer term, as further reserves may be proven, gas may also be supplied to large gas fired power stations connected to the grid, with either VOG investing in an independent power producer joint venture or selling the gas to third parties. The Company has signed a multitude of gas sales agreements with industrial customers to serve their energy requirements and anticipates in excess of 40 customers over the medium term.
West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia. An independent audit, carried out by Mineral LLC in 2011, estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent ('boe'). The Company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention of 14.4 million boe as approved by the Russian Ministry of Natural Resources.
Development studies are in progress to commercialise the Well-103 discovery and prospective resources and a detailed well design study for the upcoming drilling campaign has commenced.