Company Information for Victoria Oil & Gas Plc

Company stock charts - 6 Month chart

AIM; VOG

Company Statement

Victoria is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company’s principal assets are 60 per cent of the Logbaba gas and condensate project in Cameroon and 100per cent of the West Medvezhye gas field in Siberia, Russia. Logbaba is located in Douala, the economic capital of Cameroon. The field was discovered by Elf SEREPCA in the 1950s and all four exploration wells flowed gas at rates of up to 62Mmcf/d. West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia. An independent reserve audit estimated prospective resources for West Med of over 1.1 BnBOE.

Operations and Technology

Cameroon: Logbaba
Victoria’s key asset is a farm-in for 60 of the Logbaba natural gas and condensate project in Cameroon. Logbaba is located in the northern Douala Basin within the eastern suburbs of Douala, the economic capital of Cameroon. Four wells were drilled in the 1950s, all encountering gas – three were tested at between 12Mmcf/d and 62Mmcf/d.

The first new appraisal well, Well La-105, was spudded on August 31 2009 and reported encouraging results with approximately 90 feet of gross sandstone pay at approximately 4000 psi pressure at depths of 6,030-6120 ft.. Following testing of the well a second was expected to spud before the end of 2009 or early in 2010. The second well will start from the same location.

Douala is the major commercial city in the country and VOG has signed letter of intent for gas offtake with a number of the major industrial users in the city at a price of US$16/mcf. On successful completion of the first well, the Company will commence construction of a gas processing unit and 15km pipeline for delivery to the industrial market.

Russia: West Medvezhye
The West Medvezhye gas and gas condensate licence near Nadym in Western Siberia, Russia, lies in one of the most prolific gas producing regions in the world. In 2004 the Company acquired 74.8 per cent interest in Russian company ZAO SeverGas-Invest (SGI), which holds the licence for the West Medvezhye field and in 2005 Victoria acquired the remaining 25.2 per cent bringing its total shareholding to 100 per cent.

West Med lies near to the super-giant Medvezhye field about 120km from Urengoy, the largest gas and gas condensate field in the world. In 2008 the Company was awarded the exploitation licence by the Russian Ministry of Natural Resources following drilling of its first discovery well. Total C1+C2 reserves of 14 million barrels of oil equivalent have been approved for the discovery and 170 million barrels of C3 resources calculated for three other undrilled structures.

The Company plans to drill 3 new exploration wells by the end of 2012 and conduct a new passive seismic survey over the eastern section of the licence area where the project boarders the supergiant Medvezhye field.

Kazakhstan: Kemerkol
In 2005 Victoria acquired 100 per cent of the Kemerkol exploration and production licence, located in the Atyrau Oblast of Western Kazakhstan close to a number of existing oil and gas fields. Kemerkol is a 65 square kilometre oil field with 8.7 million barrels of proven C1 reserves and 26.3 million barrels of C2, with a further C3 resource of 25.1 million barrels.

Production from the field has been temporarily suspended following a legal challenge to Victoria's ownership of Kemerkol during 2008. The Company believes that this challenge is totally without legal merit and is seeking to establish its good title to the asset in the Kazkh Courts, whilst considering damage claims in the UK Courts.

Falcon Option
Victoria has signed a 12 month option to acquire the assets of Falcon Petroleum
Falcon has a 50 per cent interest in the PSA for Block 17 in Mali and 90 per cent of PSA over Blocks Ab1, Ab4 and Ab7 in the Blue Nile Basin in Ethiopia. Total acreage covers over 45,000km2

Geographical Spread

Board of Directors and Key Management

Kevin Foo, Chairman

Kevin has over a 30 year career in all aspects of mining, including technical, operational, project management and running public companies. He has worked on five continents including 19 years in Kazakhstan and Russia and is a specialist in the development of mines in the FSU. Kevin was the former managing director of Celtic Resources Plc.

Rashed Al-Suwaidi, Non-Executive Director

Rashed is a petroleum engineer, the former Exploration and Production Director for the Abu Dhabi National Oil Company (ADNOC). After leaving ADNOC, Rashed acquired Dalma Energy, a drilling company with operations in Oman, Qatar, Saudi Arabia and India and clients include Qatar Petroleum, Saudi Aramco and Cairn Energy. Dalma Energy was sold to Aabar Petroleum Investments Company in 2005, of which he was appointed a director and vice-chairman. Rashed also holds directorships in some of the largest investment companies in the UAE including the Abu Dhabi National Investment Company, Noor Capital and is Chairman of Oman-based Al Maha Petroleum, the largest petrol station owner in the country.

Grant Manheim, Deputy Chairman

Grant has extensive financial experience in the City of London gained over 37 years at N.M. Rothschild and Sons Limited with 25 years as a main Board Director. In addition to his financial experience, he also has knowledge of the oil and gas sector having been the Deputy Chairman of the Executive Committee of New Court Natural Resources Plc, a company whose business was the investment in and development of oil and gas properties in the United States.

Robert Palmer, Finance Director

Robert is a Chartered Accountant. He combines his role as Finance Director with his position as a senior partner in The Gallagher Partnership LLP, a business consultancy-based accountancy practice where he specialises in providing financial advice to small and medium sized enterprises. He holds a number of Directorships in private companies.

George Donne, Executive Director

George was previously the General Manager of Victoria with responsibility for the administration of the Company’s head office in London. George is a former investment banker with JP Morgan in both London and Johannesburg, specialising in natural resources advisory.

Austen Titford, Executive Director

Chartered accountant with over 10 yrs experience in natural resources sector. Austen previously held position with BHP, Lasmo, Lonrho and Celtic Resources Holdings, including postings in the Middle East and Central Asia.

Philip Rand, Non-Executive Director

Philip has over 30 years of financial experience of which 17 have been in the upstream energy sector. He is currently the chief executive and chief financial office of AIM-quoted oil and gas exploration company Equator Exploration Limited. He has been chief financial officer of Burren Energy, group treasurer of Monument Oil & Gas and held senior financial roles at Deminex and Louisiana Land & Exploration. Philip is a Fellow of the Association of Corporate Treasurers. Philip is Chairman of the Remuneration and Audit Committees.

Mukhtar Tuyakbayev, Non-Executive Director

Mukhtar qualified at Moscow State Technical University in electronics engineering. He has had a successful business experience in different fields including more than 10 years in mining and exploration industries. He was an Executive Director of Celtic Resources Holdings Plc with responsibility for finding and acquisition of new projects, attracting local banks to project financing and relations with FSU state institutions.

Radwan Hadi, Chief Operating Officer

Senior petroleum engineer with Blackwatch with over 25 yrs experience in oil and gas including in Nigeria, Ghana and Equatorial Guinea.

Company Address

Hatfield House
52-54 Stamford Street
London, United Kingdom SE1 9LX


Telephone:	+44 (0)207 921 8820
Facsimile:	+44 (0)207 921 8821
Email:	info[at]victoriaoilandgas.com
Website:	http://www.victoriaoilandgas.com

Capital

Total Ordinary Shares of 0.5 pence each Shares issued at 20 April 2009 - 482,748,706

Nominated Brokers

Fox Davies Capital
Whitefriars House
6 Carmelite Street
London
EC4Y 0BS

Nominated Advisors

Strand Partners Limited
26 Mount Row
London
W1K 3SQ

Major Shareholders

Shareholder	Shares Held
Management	8.6%
Noor Petroleum Limited	8.4%
Barclays	6.5%
Hydrocarbons Technologies	4.6%
Shares in non-public hands	21.5%

Most Recent Statement

09/03/10 - Test Results
01/03/10 - Placing of New Shares & Directors' Share Interests
17/02/10 - Letter to Shareholders
17/02/10 - Letter to Shareholders
09/02/10 - Update on Logbaba Gas & Condensate Project, Cameroon
04/02/10 - Results of Passive Seismic Survey at Logbaba

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