VOG.L Regulatory News (VOG)

21 Feb 2005 07:51

Victoria Oil & Gas PLC21 February 2005 Victoria Oil & Gas Plc 21 February 2005 Placing to raise approximately £5.5 million Victoria Oil & Gas Plc ("Victoria" or "the Company") announces today that it proposes to place 10,132,969 new ordinary shares of 0.5 pence each in the Company with institutional and other investors at a price of 55 pence per share to raise approximately £5.5 million before expenses representing (if fully placed) 12.6% of the enlarged issued share capital of the Company. The proceeds of the placing will be used to fund: • The acquisition of the Kemerkol oil project in the Atyrau Oblast, Kazakhstan;• The Company's current development programme at West Medvezhye gas and gas condensate project in the Yamal Nenetsk Autonomous District, Russia; and• General working capital purposes. These new ordinary shares will rank pari passu in all respects with the existing ordinary shares in the Company. Application will be made for the new ordinary shares to be admitted to trading on the Alternative Investment Market of the London Stock Exchange, and it is expected that trading will commence on 1 March 2005. For further information please contact: Kevin Foo / George Donne Victoria Oil & Gas Plc +44 (0)207 921 8820 Jamie Cumming / Tracy MackenzieBell Lawrie+44 (0)141 314 8103+44 (0)141 314 8220 Leesa Peters/ Laurence ReadConduit PR+44 (0)207 618 8760+44 (0)7979 955 923 This information is provided by RNS The company news service from the London Stock Exchange