Victoria also has strategic relationships with Blackwatch Petroleum Services, an international geoscience consultancy, and Geodynamics Research, developers of IPDS passive seismic technology.

Fact Sheet

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Victoria is an independent oil and gas exploration and production company with particular emphasis on projects within Africa and the FSU. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye licence area in Siberia. The Company is listed on the London Stock Exchange's AIM as "VOG".


Victoria’s strategy is to grow into a sizeable E&P company with the development of its existing high class fields and prospects and via the acquisition of opportunistic undervalued assets, particularly in Africa. In particular, the Company plans to grow by:

  • Building on cash flow and profits from the Logbaba gas project in Cameroon by becoming a leading player in new thermal and power projects in Cameroon
  • Acquiring suitably sized companies with outstanding reserve and production potential
  • Replicating our gas monetisation strategy in other areas of West Africa

Recent (3 Years) Milestones - Logbaba


Feb 10
Feb 10
May 10
June-Aug 10
July 10
Sept 10
Dec 10
Jan 11
Jan 11
Feb 11
Mar 11
April 11
May 11
July 11
Aug 11
Nov 11
Dec 11
May 12
July 12
Aug 12
Aug 12
Dec 12
Dec 12
July 13
Well La-105 tested at 55 MMscf/d, completed and suspended
Results of Passive Seismic indicating major potential accumulation around 2km north of the existing drilling location
SNH approve Discovery Report and Field Development Plan
Well La-106 tested at up to 22 MMscf/d, completed and suspended
Leased Early Production Facility contract awarded to the EXPRO Group
Pipeline HDPE arrives in Douala
Process plant arrives in Douala
All equipment for the Production Facility and HDPE Pipeline in Douala
Received a Certificate of Environmental Conformance from the Ministry of Environment and Nature Affairs
Transit Agreements negotiated with two state companies, Magzi Industrial Estate and Camrail, (the state railway company,) upon whose land part of the pipeline will be installed
Site and pipeline civils contracts ready to award to a Cameroonian contractor
Letter of Approval for the right to work in public roads from the Douala City Council, Public Works Department.
Exploitation Licence Awarded by Presidential Decree
Demolition and Construction Permits for civils works at the Logbaba Site have been reviewed and are ready to be granted from the Douala City Council, Department of Construction and Urban Environment.
Increased participation to 95%
Acquisition of 1/3 interest in 6.8% royalty interest via Cameroon Holdings Limited
Pre-commissioning of production facilities and pipeline commences
First commercial gas production
VOG completed the Phase 1 pipeline to and around central Douala. A total of 13.2km of pipeline has been installed and commissioned.
Commencement of continuous gas and condensate production operations at Logbaba
VOG reaches production milestone of 1 mmscf/d with three customers connected
First power Letters of Intent signed
VOG announces 2.4 mmscf/d from 11 connected customers
VOG has 25 contracted thermal customers and 7 power letters of intent signed
VOG has 30 contracted thermal customers and 17 connected customers

Recent (3 Years) Milestones - West Med

Mar 10
Mar 10
Nov 10
Feb 11
Sep 11
Sep 11
Nov 11
Feb 12
Mar 12
Aug 12
Construction of 60km winter road
Gas tomography and passive seismic surveys carried out
Gas Tomogrophy and passive seismic surveys confirm direct hydrocarbon indication in six accumulations.
Russian MNR approves work programme for the next two years
Prospective resources at West Med increased to 1.4 billion barrels of oil equivalent including increased oil prospectivity of 670 million barrels of oil
Early production scheme feasability study for West Med commenced
Application submitted to the Russian authorities requesting approval of our proposed drilling locations in 2012
Presentation of drilling candidate locations for the next five well locations to the Russian Yamal district authorities.
Drilling design contract for planned wells awarded to CJSC “TjumenNIPIneft”
Project plan and feasibility for an early production scheme for the West Med discovery area approved by the Russian Ministry of Natural Resources.


Market Statistics, July 2013  
Listing: Aim, London
Ticker Symbol: VOG
Shares in Issue (mm) 4,348,552,392 shares
Share price 1.3p
Current Market Capitalisation(£M) 57

Analyst Coverage and Targets

Firm Name Recommendation Date Tgt Price View Report
Edison Not Relevant 22/07/13 5.7 View
Fox-Davies Buy 18/07/13 5p View
Fox-Davies Buy 08/02/13 6p View
Macquarie Outperform 08/10/12 6p View
Macquarie Outperform 08/06/12 7p View
HB Markets Speculative Buy 06/06/12 9p View
Daniel Stewart & Company Buy 01/06/12 8.1p View

Key Shareholders

Key Shareholders (15 Feb 2013) % of Shares
Management 2.5%

Key Advisors

Strand Hanson Limited, Nominated Advisor

Fox Davies Capital, Broker

Head Office & Registered Office

Hatfield House

52/54 Stamford Street

London SE1 9LX