Companies: VOG   

Victoria Oil & Gas’s chequered history in Kazakhstan continues. The latest exploration well in the previously untested eastern section of the Kemerkol licence area has almost certainly failed to turn up a commercial well. The next target, Well 72, is in the proven western part of the licence area. But its function is to lift production there and bolster cash flow before VOG returns to more exploration wells. At least the company can now process its production before selling it on, which will raise revenues. Two shut-in wells are set to reopen shortly, but production is currently running at just 450 barrels a day, compared with a target of 500 barrels.

The shares continue to slide. Now 41p compared with a 162.5p recommendation price here in January last year, Victoria remains a hold on the near certainty that its luck must change.

Victoria Oil & Gas	AIM	£13.54m	4.76p	0.26p
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Other company articles:
Victoria gets go-ahead			31/03/2008
VOG turning the corner?			11/01/2008
VOG hits a dry hole			10/08/2007
VOG still finds the going hard			20/07/2007
Victoria switches attention to Kemerkol			05/04/2007