Fact Sheet

Description

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 57% 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".

Strategy

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 and the FSU. 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
Developing the giant West Medvezhye oil and gas deposit in Russia

Recent (3 Years) Milestones - Logbaba

Dec 08
Feb 09
Aug 09
Sept 09
Feb 10
Feb 10

May 10
June-Aug 10
July 10
Sept 10
Dec 10
Jan 11
Jan 11

Feb 11

Mar 11

May 11
May 11

May 11

Acquisition of Bramlin
Rig contract signed
Rig arrives in Cameroon
Drilling of La-105 commences
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.
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.
Exploitation Licence Awarded by Presidential Decree

Recent (3 Years) Milestones - West Med

Nov 09
Mar 10
Mar 10
Nov 10

Feb 11

Confirmation by the Russian MNR of C3 recoverable resources of 170MMboe
Construction of 60km winter road
Our gas tomography and passive seismic surveys commenced last year
Gas Tomogrophy and passive seismic surveys confirm direct hydrocarbon indication in six accumulations.
Russian MNR approves work programme for the next two years

Valuation

Market Statistics
Listing:	Aim, London
Ticker Symbol:	VOG
Shares in Issue (mm)	2,138,840,271 shares
Share price (May 2011)	5p
Current Market Capitalisation(£M)	107

Analyst Coverage and Targets

Firm Name	Recommendation	Date	Tgt Price	View Report
Fox Davies Capital Limited	Buy	6/5/11	12p	View
West House Securities	Buy	9/5/11	7.4p	View
Jefferies International	Hold	Jan 11	6p	View

Key Shareholders

Key Shareholders	% of Shares
Management	2.8%
Noor Petroleum	3.8%

Key Advisors

Strand Hanson Limited, Nominated Advisor
Fox Davies Capital, Broker

Head Office & Registered Office

Hatfield House
52/54 Stamford Street
London SE1 9LX