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Deloitte Development Cost Report & $10.1m Cash Call Issued

11 Dec 2014

Victoria Oil & Gas Plc, the Cameroon utility company, today announces that Akintola Williams Deloitte, Nigeria ("Deloitte"), a member firm of Deloitte Touche Tohmatsu Limited, has submitted its final report to both the Company and RSM Production Corporation ("RSM"), an affiliate of Grynberg Petroleum Company of Denver, Colorado  pertaining to development costs at the Logbaba gas project, Cameroon.

Deloitte were appointed by RSM and VOG jointly under a settlement agreement announced in January 2014 to review the cash calls issued to RSM for:

  • RSM's participating interest share of incurred expenses from inception of the Logbaba gas project to 31 December 2013; and
  • An advance for RSM's participating interest share of anticipated expenses for January 2014.

Following receipt of the Deloitte report the Company has today issued to RSM a billing statement in the amount of $9.4m covering underpayments outstanding for the 2013 Logbaba development costs together with a billing statement in the amount of $726,817 for development work detailed in the January 2014 cash call. The January cash call and $3 million of the payments due up to December 2013, has been transferred by RSM and the remaining $6,433,306 balance will be paid on January 5, 2015.

For further information, please visit www.victoriaoilandgas.com or contact: 

Victoria Oil & Gas Plc

Kevin Foo/Laurence Read Tel: +44 (0) 20 7921 8820

Numis Securities

John Prior/Ben Stoop Tel: +44 (0) 207 260 1000 

Strand Hanson Limited

Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494

Tavistock Communications

Ed Portman / Simon Hudson Tel: +44 (0) 20 7920 3150

RSM Production Corporation

Gene Webb            Tel: +1 303 8507490