Victoria Oil & Gas Live Discussion

Totally_Wired 20 May 2019

In The Media Cameroon: natural gas market still “non-competitive” according to public authorities posted the May 17, 2019by Energies Media This lack of competition in the use of natural gas for electricity generation leads to “still very high” costs of production factors for manufacturing firms, according to the government The costs of the factors of production of manufacturing companies in Cameroon, as regards the generation of electricity from natural gas, remain “still very high” , according to the report made at the cabinet meeting chaired on April 25 in Yaounde by Prime Minister Joseph Dion Ngute . The government, which has not, however, officially presented figures on the cost of access to electricity from natural gas, calls into question the "non-competitive nature of the Cameroon natural gas market, linked to the reduced number of operators in this sector. " The supply of electricity from natural gas has been provided in Cameroon since 2012-2013 by two main operators: Kribi Power Development Company ( KPDC ) - a subsidiary of the British investor Globeleq - which has a 216 MW gas plant in Kribi (South Cameroon), and Gaz du Cameroun - a subsidiary of Britain’s Victoria Oil and Gas - which also supplies natural gas to a 30 MW gas plant in Douala, in the Littoral region. These plants supply their energy directly to the national distribution network operated by Eneo . Gaz du Cameroun also supplies gas to individuals, mainly companies located in the industrial areas of Bassa and Bonabéri in the Littoral region. According to the National Hydrocarbons Corporation (SNH), Cameroon produces about 180 million cubic feet of natural gas per day , but only 34 million cubic feet of gas per day is absorbed by the national market whose size is judged " embryonic " . To improve the level of national consumption of natural gas in meeting electricity needs, SNH is already planning to set up a 300 MW gas-fired plant in Limbe (South-West) and conversion to gas. several diesel or fuel-fired power plants, pending the arrival of other operators. [link]

Totally_Wired 15 May 2019

Tr-1: notification of major interest in shares VOG have updated their website but left “As of April 2019”, all very strange! Securities in Issue Number of shares in issue: 255,073,945 Percentage of shares not in public hands: 33.43% Free Float: 66.57% Holdings of Significant Shareholders As of April 2019 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital YF Finance Limited 53,313,929 20.901% Hadron Capital LLP 27,440,962 10.758% Zug Finance 8,471,991 3.321% Forest Nominees Limited (GC1) 7,775,366 3.048% [link]

Totally_Wired 15 May 2019

Tr-1: notification of major interest in shares Not sure what to make of todays TR1, it states that YF Finance Limited increased their holding from 7.37% to 20.90% but……………. after a TR1 (Zug Finance) on the 6th April 2019 VOG updated their website and showed YF Finance Limited had 56,085,239 shares equating to 21.988%. Todays TR1 shows YF Finance Limited / Askar Alshinbayev where previous TR1’s were just YF Finance Limited. It also shows that Askar Alshinbayev holds 3.26% of the 20.90% Askar Alshinbayev, from what I can gather, was one of the owners of Meridian Capital Limited or Meridian Capital International which owned YF Finance Limited [link]

Ripley94 14 May 2019

58 or 50? VOG … XXXX It’s fell back more since. Limit did not lift @ 11.5 p

Totally_Wired 11 May 2019

In The Media Please remember Malcy is just a share pundit at end of day! Victoria Oil & Gas In my abbreviated blog yesterday and after the disaster that befell it I promised to add to my comments on VOG, mainly to be honest as at that time I hadn’t had my conversation with CEO Ahmet Dik, I now have had that discussion. Let’s take as read all the stuff about increased gas production, new customers and the strength of the balance sheet and the new board. The market has been incredibly concerned that although the contract with ENEO was signed last December and sales started that month, that ‘invoices for gas consumed in 2019 worth $3.6m remain outstanding’. As part of the discussions with ENEO the two companies are working on a fully termed agreement including a bank guaranty which one might argue should have been signed before production but that is surely 20:20 hindsight. Right now I have been convinced that once this is sorted, and I believe it will be, VOG will soon be paid for the overdue amount and then monthly payments thereafter in a ‘comfortable and regularised manner’. One of the reasons for this is that in the next few years ENEO will need significantly more power from VOG to the tune of 100-150 MW probably in 2020 and 2021 due to grid deficits that can already be identified. If they are going to use VOG and there is precious little choice, then they are going to have to start paying and quickly and regularly. I may be giving everybody the benefit of the doubt here, I may be too trusting even after all this time, so shoot me, at this stage this is what I think will happen, after all it is only 3 months invoices unpaid and there are companies out there that have 120 day payment terms, just saying….no names… [link]

Totally_Wired 09 May 2019

In The Media Please remember Malcy is just a share pundit at end of day! Victoria Oil & Gas I will update more on VOG tomorrow, this blog is already late thanks to rubbish internet on a railway but wanted to comment on the Q1 update. The update shows gross production up 127% to 10.1mmscfd in the quarter with ENEO making 5.5mmscfd of that. The company signed two new clients that both took thermal and industrial power which is a good way of reducing the reliance on ENEO. The Weatherford dispute is still in dispute but VOG are working to complete the matter. With Roger Kennedy now Executive Chairman and added to by two more highly experienced non-execs, the balance sheet strengthened by tge £13.6m raise and a doubling in revenues VOG looks in good shape, recent history has meant that the shares remain a bit in the doldrums but the upside now is there for all to see. [link]

Totally_Wired 09 May 2019

In The Media Victoria Oil & Gas boasts 127% rise in output as ENEO restart kicks in 08:39 09 May 2019 “VOG is in a much improved financial and operational position," said new chairman Roger Kennedy. Victoria Oil & Gas PLC (LON:VOG) highlighted a 127% rise in output for the first quarter of 2019, thanks to the restart of supply into a gas-fired power plant. Following the resumption of supply to Cameroon state utility ENEO, VOG’s Gaz du Cameroun (DGC) business produced at an average rate of 10.1mln cubic feet of gas per day over the three months ended 31 March. READ: Victoria Oil & Gas on recovery trail after funding boost ENEO consumed more than 5.5mln cubic feet per day consistently during the quarter, following the 22 December restart. Gross sales amounted to 903.2mln cubic feet for the period. Outside of the ENEO supply agreement, the company noted that two other customer gas sales deals were signed. On a corporate level notable changes came after the end of the quarter, with the company raising £13.57mln of new capital to facilitate a new growth strategy and longstanding director and executive chairman Kevin Foo stepped down. New executive chair Roger Kennedy, in today’s statement, said: “The past month has marked a positive new beginning for VOG, as the business restored a stable platform for future growth through the delivery of a strong set of Q1 19 production figures, in addition to the post period end completion of the fundraising and the reshaping of the board. “VOG is in a much improved financial and operational position. “As the only onshore gas supplier and operator of a gas pipeline network, we are well placed to take advantage of the increasing gas demand in Douala, Cameroon.” He added: “As a management team, we are confident about the future of this business, and are firmly focused on the development, diversification and expansion of our operations and customer base in Cameroon." [link]

Totally_Wired 09 May 2019

Quarterly Operations Updates Q1 2019 Operations Update (Continued) Industrial Customer Updates Gas Sales Agreements have been signed with two new customers during the quarter, each with thermal and industrial power requirements. Commissioning of these customers is anticipated in Q4 19, and mid 2020 respectively. Grid Power Update ENEO have consistently consumed gas from GDC in excess of 5.5mmscf/d, which is above the contracted consumption volume. The parties are currently operating on a signed binding Term Sheet and are working together to finalise a Fully Termed Agreement, which includes the provision of an appropriate bank guarantee. The invoices for gas consumed in 2019, totaling approximately $3.6 million (net), remain outstanding. Management expect payment shortly and is actively engaging with both ENEO and the Government to resolve this. Trade Indebtedness The Company has settled with a large creditor from its last drilling program and now trades with its creditors within trading terms. GDC has received a statutory demand in the BVI from Weatherford Services and Rental Ltd (“Weatherford”) for payment of invoices relating to various services provided by Weatherford for the La-107 and La-108 drill program for an amount of approx. US$2.9m. The Company contends that this matter was in dispute prior to service of the statutory demand and has made an application to have the statutory demand set aside. The Company has also formally disputed that the full funds demanded are due and is working to resolve the matter. Cameroon Holdings Limited (“CHL”) Royalty Agreement Since January 2019 the Company has ceased to make any payments under the Royalty Agreement. The Board is in the process of reviewing the governing documents regarding the payment of royalties to CHL and the Company is not currently making any payments under the Royalty Agreement. ISO Certification GDC has been working on International Organization for Standardization compliance (“ISO”) 9001, 14001 & 45001 ISO since 2017. It has developed and implemented its Integrated Management System (IMS) based upon the requirements of these International Standards. We are pleased to announce that following an audit by an external certifying authority, GDC has completed the audit process for ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 with certifications being expected by end of Q2 19. This achievement is evidence that Gaz du Cameroun has established management systems; Quality, Environmental and Occupational Safety and Health, which conform to international ISO standards. This accomplishment demonstrates our continued commitment to providing a high-quality product and delivering a consistent service to all our clients, alongside the investment of time and money into new technology, staff, processes and procedures by the Company. Logbaba La-108 Insurance Claim The insurance claim to recover the costs associated with the La-108 well control event has been declined by the insurer based on their opinion that there was insufficient evidence of an underground blow-out as defined in the insurance policy. Expert technical advisors to the Company have produced information contrary to what the insurer has put forward and the Board believes it has reasonable prospects of success in pursuing the claim through litigation in Cameroon. The parties relating to the Logbaba Project are evaluating their options. La-108 remediation As a result of increased production demand, planning has commenced for works to recover the perforating gun lost down-hole and to conduct further perforating and flow testing to complete well La-108. Matanda Following the receipt of a Presidential Decree conferring title over the Matanda PSC in December 2018, in Q1 19 planning commenced for the next phase of subsurface work on the block involving completion of the evaluation of the prospectivity and de-risking of existing prospects. [link]

Totally_Wired 09 May 2019

Quarterly Operations Updates 9 May 2019 Victoria Oil & Gas Plc Q1 2019 Operations Update Victoria Oil & Gas Plc, owner of Gaz du Cameroun S.A. (“GDC”), the Cameroon based gas and condensate producer and distributor, provides an update on the Group’s operations for the three months ended 31 March 2019 (“Q1 19” or “the Quarter”). Highlights: · Overall Q1 19 average gas production rate increased by 127% during the period to 10.10mmscfd (Q4 18: 4.45mmscfd), driven by the resumption of the contract with ENEO · ENEO gas consumption consistently over 5.5mmscfd during the Quarter having recommenced on 22 December 2018 · Peak rate of 12.85mmscfd reached in Q1 19 · Q1 19 gross gas sales of 903.2mmscf (Q4 18: 403.8mmscf) · 2 new customer gas sales agreements signed · International Organization for Standardization compliance (“ISO”) 9001, 14001 & 45001 audits successfully completed, emphasising the Company’s commitment to international standards in its management systems Post Period End: · Completion of £13.57 million (gross) fundraise to strengthen the Company’s financial position and provide a stable growth platform for the business · Completion of Board Changes: · Kevin Foo stepped down as Director and Executive Chairman · Roger Kennedy assumed the role of Executive Chairman. · Appointment of John Daniel and John Knight as Independent Non-Executive Directors Roger Kennedy, Executive Chairman of VOG commented: "The past month has marked a positive new beginning for VOG, as the business restored a stable platform for future growth through the delivery of a strong set of Q1 19 production figures, in addition to the post period end completion of the fundraising and the reshaping of the Board. VOG is in a much improved financial and operational position. As the only onshore gas supplier and operator of a gas pipeline network, we are well placed to take advantage of the increasing gas demand in Douala, Cameroon. As a management team, we are confident about the future of this business, and are firmly focused on the development, diversification and expansion of our operations and customer base in Cameroon." Corporate Update On 7 March 2019, the Company announced that it had conditionally raised £13.57 million (gross), with new and existing shareholders, comprising a Placing of 59,357,488 New Ordinary Shares and a Subscription of 45,000,000 New Ordinary Shares, with 270,000 Fee Shares issued in connection with the Fundraising. The issue of the New Ordinary Shares was conditional upon, inter alia, the passing of the Resolution at the General Meeting held on 3 April 2019, which was duly passed. The net proceeds of the Fundraising will enable the Company to: · maintain and expand its existing operations in Cameroon, with a focus on securing new customers and increasing revenue; · complete Well LA 108 at Logbaba and fund the ongoing planning of the Matanda project, a key focus for the Company; · continue to implement its cost reduction programme in both the London and Cameroon operations; and · fund its working capital requirements. Board Changes Kevin Foo stepped down as Director and Executive Chairman at the conclusion of the General Meeting. Roger Kennedy, formerly Senior Independent Director, has assumed the role of Executive Chairman. The Company was pleased to announce the appointment of two Independent Non-Executive Directors to the Board: John Knight, appointed Senior Independent Director, and John Daniel, both of whom bring a wealth of experience and expertise to strengthen the Board. Logbaba - Quarterly Production Update >>>Via Link Below>>> [link]

Totally_Wired 01 May 2019

VOG-Interviews Proactive updated their VOG ‘Overview’ on Monday: Victoria Oil & Gas on recovery trail after funding boost 149 29 Apr 2019 “2018 was a tough year for the company but we ended the year on a high." *Gas supplier to businesses in and around Douala in Cameroon *Sales recovering, contract with ENEO re-negotiated *£13.7mln fund raise to develop fully assets at Logbaba and Matunda *Company valued at £37mln at 14.5p What it does Victoria Oil & Gas plc (LON:VOG) has started to grow revenues again after a hiatus with Cameroon power group ENEO ended in December. The contract was suspended a year earlier when Victoria seemingly became collateral damage in the much larger issue of power supply in Cameroon. Through its Gaz Du Cameroun subsidiary, Victoria was producing and supplying almost 15mmscf (million cubic feet) gross per day from the Logbaba field when the ENEO contract was at its height. Output recovered to 4.45mmscf/d for the final quarter of 2018, with a peak of 7.67mmsf/d just after Christmas. Industrial Power To boost gas consumption, Victoria Oil is also working to install generators at the sites of industrial customers in return for a ten-year commitment with minimum agreed volumes. Most of these power customers are already connected to GDC’s gas pipeline, so adding a gas-fired generator would involve minimal downstream costs. GDC is working with Altaaqa and other equipment suppliers to fast track six generators for customers that want to have power online this year. The target is to have over 18 gas to power customers online by end of 2019, consuming over 4.5mmscf/d of gas with no seasonality, in addition to the thermal demand. Fund raising In March, VOG raised £13.6mln through separate equity issues both priced at 13p, which comprised £7.72mln gross from a placing while VOG’s largest shareholder YF Finance subscribed for £5.85mln of new shares. The money will be used both to optimise production from the Logbaba field and to kick-start development of much larger Matanda. Boardroom change Roger Kennedy has become executive chairman replacing the long-standing Kevin Foo, who has retired. Victoria said: “The fundraising will strengthen the company’s financial position and provide the necessary support for the new board and senior management to take the company to the next level. “Given the gas demand in the industrial city of Douala Cameroon, and the company’s strategic position of being the only onshore gas supplier and operator othe gas pipeline network, the company can now look to develop its Matanda project and optimise its Logbaba operations with a view to becoming cash flow positive in the near term.” What the boss says: Ahmet Dik, chief executive “2018 was a tough year for the company but we ended the year on a high. “We’ve turned the corner with ENEO back on and the aim now is to become cash generative in the near term and longer term to monetise the massive reserves at Logbaba and Matunda.” Video [link] Inflection points *Power deficit in Cameroon remains *Companies are looking to install gas supply into to the grid *Industrial power arm continues to develop *The strategy was delayed for a year by the ENEO issue but evidence the strategy now is on track. [link]

Totally_Wired 26 Apr 2019

Tr-1: notification of major interest in shares Web page has now been updated: Securities in Issue Number of shares in issue: 255,073,945 Percentage of shares not in public hands: 33.43% Free Float: 66.57% Holdings of Significant Shareholders As of April 2019 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital YF Finance Limited 56,085,239 21.988% Hadron Capital LLP 27,440,962 10.758% Zug Finance 8,471,991 3.321% Forest Nominees Limited (GC1) 7,775,366 3.048% [link]

Totally_Wired 17 Apr 2019

General Interest Highlighting that SNH updated their website regarding ‘Gas Supply to Industries’: Gas supply to Douala-based industries for energy production The Logbaba Association, comprised of SNH and its partner Gaz du Cameroon, is producing the natural gas reserves of the eponymous field, located in the outskirts of Douala, the economic capital of Cameroon, to supply industries in the Bassa and Bonaberi areas with clean energy, cheaper than fuel oil or diesel. As of March 2019, 41 of the most important industrial companies have converted their burners and now use natural gas as a source of energy. The gas distribution network is currently being extended to permit the connection of other industries. It now extends over some 50 km. [link]

Totally_Wired 15 Apr 2019

Tr-1: notification of major interest in shares Securities in Issue Number of shares in issue: 255,073,945 Percentage of shares not in public hands: 3.26% Free Float: 96.74% Holdings of Significant Shareholders [this page is in the process of being updated following the Admission of shares on 5 April 2019 - please bear with us] As of April 2019 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital YF Finance Limited 56,085,239 21.988% Hadron Capital LLP 27,440,962 10.758% Zug Finance 8,471,991 3.321% Forest Nominees Limited (GC1) 7,775,366 3.048% [link]

Totally_Wired 15 Apr 2019

Tr-1: notification of major interest in shares Hadron Capital LLP have been accumulating and have reached a 10.76% holding: [link]

Totally_Wired 06 Apr 2019

Tr-1: notification of major interest in shares On 5th April 2019 Nicolas Mathys (Zug Finance) crossed the 3% threshold with 3.32% [link] The VOG website shows: Securities in Issue Number of shares in issue: 255,073,945 Percentage of shares not in public hands: 3.26% Free Float: 96.74% Holdings of Significant Shareholders [this page is in the process of being updated following the Admission of shares on 5 April 2019 - please bear with us] As of April 2019 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital YF Finance Limited 56,085,239 21.988% Zug Finance 8,471,991 3.321% Forest Nominees Limited (GC1) 7,775,366 3.048% [link]