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Presidential Visit and Launch of Gaz du Cameroun

19 Nov 2013

Victoria Oil & Gas, the emerging African energy utility company, today announces a successful visit by His Excellency Paul Biya, the President of the Republic of Cameroon. The visit was for a formal Inauguration of the Company's gas plant and pipeline in the City of Douala, Cameroon. The visit took place on Friday 15 November, and President Biya, together with dignitaries including the First Lady, Presidents of The Senate and The National Assembly, the Minister for Energy, the Regional Governor and the British High Commissioner toured the Company's Logbaba gas facilities in front of a crowd of several thousand people.

Importance of Energy to Major Industrial Zone

In a speech made by President Biya, he stressed the importance of sustainable, low carbon energy to Cameroon and thanked all the members of VOG's operations for their work. The Minister for Energy and the Governor of Douala also made speeches regarding the key role energy has to play in supporting the economic development of Douala, a city of 2.5 million. It is one of the major industrial hubs of both Cameroon and Central Africa. Douala has a thriving port and hosts a range of medium to heavy industries including breweries, cotton production, dairies and food manufacturing. Major development work is also being undertaken in the region with two new cement works under construction in the Wouri River and port areas.

President Biya made a ceremonial inauguration of the plant, cutting a ribbon and turning on a gas flare valve. A granite plaque also commemorated the event.  The inauguration was of significant importance in Cameroon, covered by all the major national news agencies.  

President Paul Biya, speaking at the ceremony on Friday said:

"I want the General Director of Rodeo Development Limited and his entire team to know that Cameroon fully appreciates the huge investments that have been made on the Ndogpassi gas field concession, in Douala III Subdivision, which investments, I am pleased to salute and recognise today. 

Valued at more than 100 million US dollars, that is, about 50 billion CFA francs, there is no doubt that these investments will produce many positive economic, technological and social effects, to mention just these few, for the benefit of the population and enterprises in the city of Douala."

Subsidiary Rebrand

Marking the inauguration and the transition of the Cameroon operations from development to utility the VOG subsidiary company was rebranded from "Rodeo Development Limited" to "Gaz du Cameroun." Following recent major restructuring in Cameroon by VOG, with new sales and operating heads being appointed, the Gaz du Cameroun brand was launched last Friday as part of a major initiative to expand the existing customer base. The presidential visit has given major national exposure to Gaz du Cameroun and positions the Company as a recognized part of the country's domestic energy strategy. 

Commenting today Kevin Foo, Chairman said;"The visit by President Biya was a great honour and very important to us as we work with customers making major conversions from Heavy Fuel Oil generators to gas. The endorsement of our project by the President and his visit to Douala, one of the major industrial zones in the region, helps to clearly align our goals with customers and Government objectives.

The rebrand to Gaz du Cameroun also tells customers we are here for the long term, supplying local energy solutions to local customers. Our operations and sales team in Douala are building customer confidence by consistently delivering power through multiple energy supply channels. Douala is a microcosm of the new Africa: industrialized with access to world markets, but needing new infrastructure to unlock the real potential and this is the real opportunity for Gaz du Cameroun."

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

Victoria Oil & Gas Plc

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

Fox-Davies Capital

Daniel Fox-Davies                                                                         Tel: +44 (0) 20 3463 5010

Strand Hanson Limited

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

Tavistock Communications

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

About Victoria Oil & Gas ("VOG")

Victoria Oil & Gas is an AIM quoted gas production and energy company operating in Cameroon, West Africa. It has a 95% ownership of the Logbaba gas and condensate field in Cameroon and has developed the field into production, supplying local industrial customers. Currently VOG's primary activities in Cameroon, through its subsidiary Gaz du Cameroun are the expansion of its gas supply pipeline into urban areas and the rapid expansion of its customer base, supplying medium to heavy industries. Key customers include: SABC, Guinness Breweries, Prometal, UCB and Cicam. Gaz du Cameroun also supplies gas condensate to SONARA the state oil refinery. The Company is also looking to expand into a number of areas including the supply of gas to customers to allow them to produce their own electricity supply through gas fuelled generators.

The Company also holds a 100% interest in the West Medvezhye oil and gas project in Russia.

Full speech by President Biya here:

https://www.prc.cm/en/news/speeches-of-the-president/459-speech-by-h-e-paul-biya-president-of-the-republic-on-the-occasion-of-the-inauguration-ceremony-of-the-natural-gas-processing-unit-of-ndogpassi-douala-15-november-2013

Official Attendees at Inauguration:

His Excellency, Paul Biya, President of Cameroon, First Lady Chantal Biya, The President of The Senate, President of the National Assembly, The High Commissioner of Great Britain and Northern Ireland, Members of the Diplomatic Corps, Governor of the Littoral Region, Prefect of the Department of Wouri, Government Delegate to Urban Community of Douala, Members of Parliament, Director General of Rodeo Development (Gaz du Cameroun), Political Authorities, Elites of the Littoral Region and Business Leaders.

In the press:

Cameroon tribune: http://allafrica.com/stories/201311140476.html

DirectorsTalk: http://www.directorstalk.com/paul-biya-inaugurates-the-unit-production-of-natural-gas-in-douala-ndogpassi/