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Victoria also has strategic relationships with Blackwatch Petroleum Services, an international geoscience consultancy, and Geodynamics Research, developers of IPDS passive seismic technology.
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 95% of the Logbaba gas and condensate project in Cameroon and 100% of 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:
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
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|
|Shares in Issue (mm)||4,348,552,392 shares|
|Current Market Capitalisation(£M)||57|
Analyst Coverage and Targets
|Firm Name||Recommendation||Date||Tgt Price||View Report|
|HB Markets||Speculative Buy||06/06/12||9p||View|
|Daniel Stewart & Company||Buy||01/06/12||8.1p||View|
|Key Shareholders (15 Feb 2013)||% of Shares|
|CREDIT SUISSE SECURITIES (EUROPE) LIMITED <PRINICIPAL>||3.6%|
Strand Hanson Limited, Nominated Advisor
Fox Davies Capital, Broker
52/54 Stamford Street
London SE1 9LX