11 Feb 2013 14:00
11 February 2013
Victoria Oil & Gas Plc
("VOG" or "the Company")
Notice of General Meeting to be held on 1 March 2013 and Investor Presentation
VOG, the AIM quoted oil and gas exploration and production company with assets in Cameroon and the FSU, announces that it has today posted to shareholders the Notice of General Meeting to be held on Friday, 1 March 2013 at VOG's offices, together with the form of proxy. Both documents are available from the Company's website at www.victoriaoilandgas.com.
As previously announced on Wednesday 6 February 2013, a General Meeting is being held to seek shareholder approval to update the existing Directors' authorities to allot shares that will allow the completion of a £23.4 million equity financing to fund the execution of VOG's downstream strategy at the Logbaba Gas and Condensate Project in Cameroon.
Part one of a two stage equity placing completed, following the admission of 510,000,000 ordinary shares to trading on the AIM Market today, the Company's issued share capital is 3,393,223,309 ordinary shares of 0.5 pence each.
A copy of the latest Investor Presentation is also available from the Company's website.
For further information, please visit www.victoriaoilandgas.comor contact:
Victoria Oil & Gas Plc Kevin Foo / Martin Devine | Tel: +44 (0) 20 7921 8820 |
Fox-Davies Capital Daniel Fox-Davies/ Richard Hail | Tel: +44 (0) 20 3463 5010 |
Strand Hanson Limited Simon Raggett / Angela Hallett | Tel: +44 (0) 20 7409 3494 |
Tavistock Communications Ed Portman / Conrad Harrington / Simon Hudson | Tel: +44 (0) 20 7920 3150 |
About Victoria Oil & Gas
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 Company's Logbaba total proved and probable reserves 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 over the medium term. 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.