20 Jul 2015 11:03
RNS Reach
Victoria Oil & Gas PLC (AIM:VOG)
20 July 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")
Installation Film on ENEO, Gas Fired Genset Connections H1 2015
A film showcasing the gas fired genset installations carried out in record time by VOG's wholly owned subsidiary; Gaz du Cameroun S.A. ("GDC"), is now available online. The plants are located at the Bassa and Logbaba power stations in the major African commercial city of Douala, Cameroon and were successfully installed and commissioned within 21 days from the time equipment arrived at the intended sites. The film has been created by Altaaqa Globa, the equipment supply partners to the project who are operating in Cameroon for the first time.
The film provides an overview of the on the ground work power engineers undertake in Africa, and how modular power solutions can be efficiently and rapidly installed for successful operation.. Within a month of installation the GDC-Altaaqa power solution has supplied the maximum 50MW required into the local grid to power businesses and homes.
FILM:
A link to the video showing the inauguration and power plant installation can be found here
Installation Info
The successful installation follows an agreement in December 2014 by VOG's wholly owned subsidiary Gaz du Cameroun S.A. ("GDC"), with ENEO Cameroon S.A ("ENEO"), Cameroon's integrated utility Company, to supply gas to two power stations, Bassa and Logbaba, located in the city of Douala. Altaaqa Global provided the power generation equipment for the project, and imported and installed the generators at the Logbaba and Bassa sites, with GDC supplying the gas to the rental gas power stations at both sites. GDC has worked with Altaaqa since the start of the year to make the gas connections.
The power plant is the largest and fastest-installed rental power plant of this size in the history of the energy industry. It has added reliable power to the country's grid, and demonstrates the deep commitment of companies such as GDC and Altaaqa Global in addressing Cameroon's critical infrastructure needs and the effects of electricity shortages.
The power plants were inaugurated at Logbaba in Douala with the ceremony attended by Dr Atangana Kouna Basile, Minister of Water Resources and Energy of Cameroon; members of the government; and senior executives from ENEO and GDC.
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Kevin Foo / Laurence Read Tel: +44 (0) 20 7921 8820
Numis Securities
John Prior / Ben Stoop Tel: +44 (0) 207 260 1000
Strand Hanson Limited
Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494
Bell Pottinger
Daniel Thöle / Charles Stewart / Joanna Boon Tel: +44 (0) 20 3 772 2499
Notes to Editors
About Victoria Oil & Gas Plc
Victoria Oil & Gas (VOG.L) is a gas utility company with operations in the industrial port city of Douala in Cameroon, which is the business hub to Central Africa.
The Company's subsidiary, Gaz du Cameroun S.A. ("GDC"), supplies cost effective, clean and reliable gas to industries in the Douala region from its onshore Logbaba Gas Project. Industrial customers are primarily supplied with gas through a 32.9km pipeline network built by GDC in Douala.
Through thermal gas supply and provision of energy to the Douala grid, under the ENEO terms of agreement, GDC is helping to ensure that the Cameroon economy is underpinned with stable power. By developing a full integrated gas supply network, connected to wells located within the city itself, GDC has established a new range of energy product types within Douala that are cost effective, reliable, safe and cleaner than liquid fuel alternatives.
The Company generates cash flow from the Logbaba Project which is 60% owned and managed by GDC, with RSM Production Corporation, an affiliate of Grynberg Petroleum Company of Denver, Colorado holding a 40% participating interest.
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. The field has C1 plus C2 reserves of 14.4mmboe (under the Russian resource classification system, analogous to proven and probable reserves under Western conventions) in addition to best estimate prospective resources of 1.4bboe.
Cameroon Energy Market
Cameroon is a stable African country that is host to a developing economy serving most of Central Africa with goods and services. A power deficit remains a major hindrance to Cameroon's economic expansion. The power grid is reliant on hydroelectric dams to supply 75% of power and the shortfall is made up from heavy fuel oil and gas. Hydroelectric dams are highly seasonal, with stream rates significantly varying from 6,000m3 per second in the wet season to 50m3 per second in the dry season. As with many hydro electrical systems transmission loss is also a constant issue when balancing power loads across distances to different consuming regions. The port-city of Douala is the major industrial zone within Cameroon and it requires high levels of consistently delivered grid power all year round. Currently Cameroon's energy demand is growing at 7% annually and gas is seen as a key element to Cameroons national energy strategy.