27 Apr 2017 07:00
27th April 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")
ENEO Gas Supply, Cameroon
Update on Contract Renewal
Victoria Oil & Gas Plc announces that negotiations continue between its wholly-owned subsidiary, Gaz du Cameroun S.A. ("GDC"), Altaaqa Alternative Solutions Projects DWC-LLC and ENEO Cameroun S.A. ("ENEO"), in relation to the contract renewal for the supply of gas.
GDC continues to sell gas from Logbaba to ENEO at normal consumption rates for this time of year given the demand for power in Douala.
The Company will announce final agreements reached with ENEO in due course.
This announcement contains inside information.
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Kevin Foo / Laurence Read Tel: +44 (0) 20 7921 8820
Strand Hanson Limited
Rory Murphy / Stuart Faulkner / James Dance Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408 4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright / David van Erp Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
Notes to Editors
About Victoria Oil & Gas Plc
Victoria Oil & Gas (VOG.L) is a gas utility company.
The Company's subsidiary, Gaz du Cameroun S.A. ("GDC") owns a 60% participating interest and operates the onshore Logbaba Gas Project. The Logbaba Gas Project supplies cost effective, clean and reliable natural gas to industries in the Douala region of Cameroon. RSM Production Corporation, an affiliate of Grynberg Petroleum Company of Denver, Colorado holds the remaining 40% participating interest.
GDC owns and operates a 75% participating interest in the Matanda block, which neighbours the Logbaba block. The remaining 25% participating interest is held by AFEX. GDC has recently acquired an 80% participating interest in the Bomono block, which neighbours both the Logbaba and Matanda blocks. The assignment of the participating interest is subject to regulatory approvals. Bowleven Plc will retain the remaining 20% participating interest.
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. The Group is actively seeking partners to develop this field.