The Board of Directors of Victoria Oil & Gas Plc (AIM: VOG), the oil and gas exploration and production company with assets in Cameroon and the Former Soviet Union, today announces that Mr. George Donne is taking a 12-month leave of absence from the Company and is stepping down as Executive Director of the Company. Mr. Donne will leave the Board on 31 March 2010. Mr Jonathan Scott-Barrett will join the management of VOG as commercial director, reporting to the Board of Directors.
Commenting on the announcement, Kevin Foo, Chairman of the Company, said: "Over the past five years, George has been instrumental in building VOG into an internationally diversified exploration company. He now wishes to pursue his passion for hiking and mountaineering and on behalf of the Board, I would like to thank George for his very valuable contribution to the Company and wish him a safe return."
Mr Foo added, "I would also like to take this opportunity to welcome Jonathan Scott-Barrett to the VOG team. Jonathan has a wealth of natural resources experience and has guided a number of small companies through the exploration phase and into production. To assist in our company's transition into an established production company, the Board intends to make further technical and administrative appointments in due course."
Victoria Oil & Gas Plc
Tel: +44 (0) 20 7921 8820
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Simon Raggett / Angela Peace
Tel: +44 (0) 20 7936 5220
Daniel Fox-Davies / Oliver Stansfield
Tel: +44 (0) 20 7429 6611
Jonathan Charles / Ed Portman
Background Information on Victoria Oil & Gas Plc
Victoria Oil & Gas is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye gas field in Siberia, Russia. Logbaba is located in Douala, the economic capital of Cameroon. Well La-105 tested at rates in excess of 55 MMscf/d of natural gas and 1,000 barrels of condensate per day (together approximately 10,000 barrels of oil equivalent per day). VOG has signed in-principal agreements with industrial customers in Douala for around 8 MMscf/d of natural gas at a price of US$16 per thousand cubic feet.
West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia. An independent reserve audit estimated prospective resources for the field of over 1.1 billion barrels of oil equivalent.