25 May 2012

Victoria sees gas sales by year end 

29/11/2011 Robert Tyerman

West Africa-focused Victoria Oil & Gas (VOG) says it is on schedule for first gas sales from Logbaba in Cameroon before 2012. The London-based AIM company, headed by seasoned Australian sector player Kevin Foo, reports production facilities are 'substantially complete', with a pipeline installed at its first customer hub at the Magzi Industrial Estate.

With estimated gas reserves of 212 billion cubic feet, equivalent to 35.3 million barrels of oil, Victoria argues Logbaba, where it holds 95 per cent, should be able to take sales to eight million cubic feet of gas a day by the end of its first year of operations, rising to a hoped-for 44 million cubic feet a day by 2014. Bulls even suggest the hitherto loss-making company should be able to make more than £4 million pre-tax in the year to next May, with more than 10 times that on the cards for 2012-13.

Victoria, which also has an interest in the potentially significant West Medvezhye gas project in Siberia, recently raised £9.5 million at 3.25p, the same price at which Growth Company Investor highlighted the shares last month. Having traded between 3.09p and 6.30p over the past year, they now change hands at 4p and have scope for improvement over the medium term.

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

Sector: Mining

Companies: Victoria Oil & Gas

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