Victoria’s strategy is to grow into a mid cap 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.
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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 and the FSU. In particular, the Company plans to grow by:
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Dec 11
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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.
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 Limted
Pre-commissioning of production facilities and pipeline commences
First commercial gas production
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Nov 09
Mar 10
Mar 10
Nov 10
Feb 11
Sep 11
Sep 11 Nov 11
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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
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
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| Market Statistics | |
| Listing: | Aim, London |
| Ticker Symbol: | VOG |
| Shares in Issue (mm) | 2,562,862,931 shares |
| Share price (December 2011) | 4p |
| Current Market Capitalisation(£M) | 103 |
Analyst Coverage and Targets
| Firm Name | Recommendation | Date | Tgt Price | View Report |
| West House Securities | Buy | 13/9/11 | 10.8p | View |
| Edison | NR | 9/9/11 | 16p1 | View |
| Fox Davies Capital Limited | Buy | 9/9/11 | 15p | View |
| Jefferies International | Hold | Jan 11 | 6p | View |
1- Edison RENAV
Key Shareholders
| Key Shareholders | % of Shares |
| Management | 2.8% |
| Noor Petroleum | 3.8% |
Strand Hanson Limited, Nominated Advisor
Macquarie Capital (Europe Limited), Broker
Fox Davies Capital, Broker
Hatfield House
52/54 Stamford Street
London SE1 9LX