Victoria Oil and Gas (“VOG” or the “Company”), the AIM quoted emerging markets natural gas utility and production company with assets in Africa and the Former Soviet Union, is pleased to announce that at the General Meeting of the Company held this morning, all of the resolutions proposed in the notice of meeting sent to shareholders dated 11 February 2013 were duly passed.
Accordingly, the 955,329,020 ordinary shares of 0.5p each (“New Ordinary Shares”) have now been issued pursuant to the secondary placing.
The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares and application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission").
It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 4 March 2013. Following Admission, the Company's issued ordinary share capital will consist of 4,348,552,329 Ordinary Shares with voting rights. VOG does not hold any Ordinary Shares in treasury.
The above figure of 4,348,552,329 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, VOG under the Financial Services Authority's Disclosure and Transparency Rules.
About Victoria Oil & Gas
Victoria Oil & Gas Plc is an emerging market natural gas utility and independent oil and gas exploration and production company with producing assets in Africa and exploration assets in the Former Soviet Union. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye project in Siberia, Russia. Logbaba is located in Douala, the largest city and industrial capital of Cameroon. The field was discovered in the 1950s when all four exploration wells drilled at the time encountered gas. The Company drilled two successful development wells in 2009/10 and was awarded an Exploitation Licence in April 2011.
The Company’s Logbaba natural gas and condensate field is estimated to hold sufficient proven and probable reserves to supply an average of 30 mmscf/d for the next 20 years to industrial customers. Under current management projections, the Company forecasts industrial gas demand to rise to 44 mmscf/d along the current and planned pipeline expansion route. In the next 18-24 months, the Company will continue meeting the known demand of contracted customers and connecting them to the Company’s infrastructure to generate increased sales and revenues. The Company has signed gas sales agreements with industrial customers to serve their energy requirements and anticipates in excess of 40 customers over the medium term. In the longer term, the Company will investigate the potential opportunity to supply natural gas to large gas-fired power stations connected to the grid, with either VOG investing in an independent power producer joint-venture or selling the gas to third parties.
West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia. An independent audit, carried out by Mineral LLC in 2011, estimated prospective resources for the area of over 1.4 billion barrels of oil equivalent (‘boe’). The Company also has a discovery well, 103, with C1 and C2 reserves, independently assessed under the Russian classification convention of 14.4 million boe as approved by the Russian Ministry of Natural Resources.
Development studies are in progress to commercialise the Well-103 discovery and prospective resources and a detailed well design study for the upcoming drilling campaign has commenced. The Company is currently investigating potential a farm-out or a joint-venture or alternative options relating to West Medvezhye ahead of the upcoming drilling programme.
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