25 May 2012

Victoria Oil & Gas raises £9.5m 

27/09/2011 Robert Tyerman

Energy hopeful Victoria Oil & Gas (VOG) has secured £9.5 million at 3.25p for its key Logbaba gas project in Cameroon. The AIM-quoted company, steered by seasoned sector player Kevin Foo, has raised the money in an  oversubscribed placing, handled by broker Fix-Davies, to complete development of the West African  project, where it hopes to start production before the end of this year.

London-based Victoria recently upped its holding in Logbaba to 95 per cent and argues it has thereby increased its attributable net proved and probable gas reserves by some 80 billion cubic feet and lifted its net present value by $270 million ( £169 million) to $676 million. Victoria also owns 100 per cent of the West Medvezhye project in Siberia, holding an estimated 1.4 billion barrels of oil equivalent.

Floated at 20p in 2004, Victoria shares suffered from setbacks on its original projects. Having traded between 6.7p and 3.01p over the past year, they now change hands at the 3.25p placing price, and offer speculative recovery prospects, provided oil and gas do not lose their lustre altogether. 

Tags: AIM market, Cameroon, Gas, Kevin Foo, Logbaba, Siberia

Sector: Oil & Gas Producers

Companies: Victoria Oil & Gas

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