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Totally_Wired 24 May 2019

VOG-Interviews Proactive Investors Stocktube Published on May 24, 2019 Victoria Oil & Gas PLC’s (LON:VOG) Ahmet Dik recaps on 2018 following the release of the company’s results as well as expectations for the year ahead. In March this year VOG made significant changes to its management team and raised £13.5mln of new equity. Dik says the company’s getting back on track with ENEO now consistently taking more than 5.5mln cubic feet of gas per day – in the first quarter of 2019 the average group production rate was up 127% to 10.10mln cubic feet per day. [link]

Totally_Wired 24 May 2019

RNS-Historic Chief Executive Officer’s Review of Operations 2018 in Overview Grid Power Customer, ENEO ceasing consumption Resulting year of consolidation and cost reduction Customer diversification strategy Non-essential capital projects put on hold to preserve cash 8 additional customers consuming gas during the year Key Statistics/Events 62% decrease in annual gas sold Gross 1,410 mmscf /Net 804 mmscf (2017: Gross 3,684 mmscf /Net 2,163 mmscf) 66% decrease average daily gas production 3.75mmscfd (YE 2017: 10.98mmscfd) La-108 wireline cutting Operations Review 2018 was a challenging year with the non-renewal of the Gas Sales Agreement with Eneo Cameroon S.A (“ENEO”) in January forcing a change in plans. Management responded rapidly to readjust the Company and its costs to do all that it could to remain a going concern through 2018. A number of positive things have come out of the situation including management’s focus being shifted to increase the diversification of customers and its revenue base for the Company by seeking higher value for its gas from industrial power customers. The focus on industrial power customers has generated a lot of interest and GDC has secured a number of signed gas sales agreements. Alongside seeking higher value gas and additional revenue, given the reduced revenues for 2018, cost cutting became a major focus for GDC and the Company. This was achieved successfully and is more likely to see a larger impact in the financials for 2019. I am pleased to report a reduction of operating costs by 24% year on year. With ENEO resuming gas consumption, the company anticipates much better results in 2019. I want to thank shareholders for their patience and support throughout 2018. Further detail on some of the specific topics are noted below. More via link below: [link]

Totally_Wired 24 May 2019

RNS-Historic Preliminary Results for the year ended 31 December 2018 (Continued) Chairman’s Letter Dear Shareholders, This is my first Letter to the Shareholders as Executive Chairman. I will begin by reiterating that the recent changes in significant shareholders and the Board, along with the realignment of management, mark a “a positive, new beginning for Victoria Oil & Gas Plc (“VOG”)”. Let me be more precise as we look back at the past year’s achievements, challenges and mistakes, and look forward to how we can make VOG into a sustainable growth story in Cameroon and potentially other parts of Africa. What first drew my interest to VOG was the business model and its applicability to the rest of Africa and to developing economies globally. The supply of energy in Africa is some of the most expensive and unreliable in the world. Although many countries have seasonal hydro and dirty coal power plants, most are chronically short of power and rely on expensive diesel fuels to help power their communities and businesses between blackouts and brownouts. There is an abundance of stranded gas deposits throughout Africa. While many may criticise the environmental impact of natural gas and its exploitation, its usage is cleaner than the burning of coal or oil, emitting far less carbon dioxide. VOG is one of a handful of companies that has been able to successfully explore, develop and commercialise gas in an environmentally friendly manner, resulting in a reliable, economic power supply and blue skies in Douala. The development and implementation of the VOG business model in Cameroon through its wholly owned subsidiary Gaz du Cameroun S.A. (“GDC”) was commendable, and credit has to be given to those who successfully implemented the strategy and built the company. The story of VOG is not of your typical AIM natural resources company: it has successfully explored for and commercialised gas, has financed and constructed a processing facility and 50 kms of pipeline to provide gas to clients, and is a fully operational business in Africa. That statement in itself is exceptional, and I have reminded many of you of the unique story of VOG. The challenge has been and continues to be making the model sustainable. Historical mistakes at VOG have accentuated this challenge, and the impact on VOG’s share price has been considerable. Let me highlight the larger issues and later in this letter provide you with an explanation of how we will address each of these issues: Single Asset Risk: The Logbaba Project is the only operating field in our Company. As the gas from each well at Logbaba depletes, to maintain resources and reserves we have to drill new wells periodically. Drilling for gas in the Douala region is deep, the geology is challenging and the costs per well have proven to be high. Technical problems during our last drilling programme only served to highlight the risk. Customer Concentration: The Company had 39 customers at the end of 2018; however, one, ENEO Cameroon S.A. (“ENEO”), accounted for the majority of total revenue in the three years during which it consumed gas. Inability to Manage Operating Margins: The Cameroon Holdings Limited (“CHL”) royalty structure attached to Logbaba is more of a revenue sharing arrangement, not netting out costs of production and has paid out 15% of all revenue produced at Logbaba to third parties. The operating expenses in both London and Douala have scope for further reductions, which along with ENEO’s postponement of the renewal of its contract in 2018, have made the operational results of VOG less than stable. Not Separating Logbaba into Upstream and Downstream Businesses: The Government of Cameroon has historically requested the separation of our business to comply with the country’s Petroleum and Gas Codes. This is a major task and management is working with Société Nationale Hydrocarbures (“SNH”) to achieve this. Achieving compliance in this regard will deliver clarity on the downstream fiscal arrangements in Cameroon. Establish Strategic Identity: VOG started off as an oil exploration company in Russia. Over the years it ventured into Kazakhstan and other countries. After it successfully developed the Logbaba project in Cameroon, VOG called itself an oil and gas exploration company when in fact it is both a successful upstream gas and a gas utility company. The vision of how to grow VOG outside of Logbaba and Cameroon, particularly after the setbacks of 2018, is a work in progress by both the new Board and management. None of these matters have proven fatal. Thanks to you our shareholders, who have believed in our company’s business model and have supported us, we have a chance to immediately address and remedy them. The new injection of capital and realignment of the Board and management completed on 3 April 2019 allows us to take decisive actions to develop VOG into a long-term, profitable and sustainable business. Let me outline how. First, GDC received on 17 December 2018 the Presidential Decree confirming the transfer of the interest in the Matanda Production Sharing Contract (“Matanda PSC”) assigned from Glencore, securing GDC’s 75% ownership and operatorship. Matanda is a large block adjacent to Logbaba, which at 1,235km2 (“Matanda”), is over 60 times the area of the Logbaba licence with significant prospectivity. Management has commenced planning to meet our obligations under the PSC, including reappraisal of historic seismic completed by Glencore and others and drilling of at least one well by end 2020. At Logbaba, the planning for the remediation work on well La-108 has commenced, specifically the extraction of the perforating gun stuck in the production tubing, the remaining perforation and subsequent well testing. This work is projected to be completed in Q4 2019. Based on the successful completion of well La-108, we will seek to obtain an independent third party reserve and resource report. Simultaneously, management has initiated engineering works to commercially optimise the Logbaba processing facility. The combined field work at Matanda and Logbaba will move VOG away from single asset risk and is expected to significantly increase our reserves and resources and position VOG to not only supply gas to existing industrial and grid power demand, but also to prospective Independent Power Producers (“IPPs”) that have expressed interest in developing new, demand intensive power projects in the Douala area. The Government of Cameroon (“Government”) has stated that it requires additional grid power to meet the growing power demand in the Douala region. Several IPPs have contacted GDC for the purpose of supplying gas for power generation equipment. The Company has and will continue to actively engage with these IPPs to achieve gas sale agreements. On existing and new clients, let me clarify one point and explain our strategy to mitigate our customer concentration risk. First, for the initial contract which ended 31 December 2017, ENEO has paid all of its invoices to GDC. It was clear to us, and power users in Douala throughout 2018, that the Government needed to add more grid power. After months of negotiations between the Government and ENEO, a new 10-year extension of its concession was signed by ENEO on 11 November 2018. Subsequently, ENEO recommenced acquiring gas from GDC on 22 December 2018 based on a binding term sheet executed between the parties, the terms of which we announced to the market. We are now in the process of completing a fully termed gas supply agreement with ENEO. Many of you have voiced doubts on ENEO paying us, particularly as they have yet to pay us for gas consumed in the first quarter of 2019. Let us remember that ENEO only had their concession extended at the end of 2018. They have in the past paid in full for the gas that was supplied to them by GDC. VOG and GDC have a firm expectation that ENEO will honour their contractual commitment and pay their invoices. Second, apart from increased demand from ENEO and prospective demand from IPPs entering the market, we have another 38 paying industrial customers and we are confident that we can secure additional customers, particularly customers using gas for industrial power as we concurrently work to establish additional long-term reserves and production from Logbaba and Matanda. As promised to you in our announcement of the last capital raise, management has been and continues to be focused on substantially cutting operating costs and improving operating margins. The programme commenced in 2018 will continue throughout 2019, reducing headcount, salaries and non-necessary cost items in both London and Douala, while actively working to increase production and revenue, thus enhancing productivity. As of the writing of this letter, management has successfully extinguished the major trade payables relating to our last drilling programme, with the exception of Weatherford Services and Rental Limited (“Weatherford”), with whom we have a recently reached agreement in principle to settle their outstanding debt. This settlement brings all GDC creditors to within agreed trading terms. VOG today is in a much improved financial and operational position. Q1 2019 results showed a strong set of production figures and we look to emulate and better those figures in the remaining quarters of 2019. Our goal is to make VOG profitable for full year 2019 and in the years to come. To assist in meeting this objective, as noted in our Q1 2019 operations update, the VOG Board has taken steps to review the CHL royalty and has suspended payments until such review is completed. The validity of this suspension is disputed by CHL. The newly constituted VOG Board has further agreed that: We cannot work under the historical assumption or expectation that the insurance claim relating the La-108 well incident will be paid. The insurance claim has been declined by the insurer based on their opinion that there was insufficient evidence of an underground blow-out as defined in the insurance policy. Expert technical advisors to the Company have produced information contrary to what the insurer has put forward and the Board proposes to pursue the claim through litigation in Cameroon; and All costs relating to non-core assets, namely the West Medvezhye project in Russia, will be reduced solely to maintain the licenses and work towards achieving a sale or exit. A new realistic, focused sales process will be commenced and concluded as soon as practicable. The Company is in ongoing negotiations with SNH regarding the mechanism for splitting the Logbaba activities into the upstream and downstream components to determine, amongst other items: the potential participation of SNH in the downstream activities; the allocation of assets, liabilities, revenues and costs; the associated transfer pricing mechanisms; and the net settlement required by SNH to take ownership of their entitlement. In terms of Strategy, we first have to get VOG right in Cameroon. We believe that the Government, ENEO, prospective IPPs, and industrial clients will establish for us the natural ceiling of the gas market in Cameroon. GDC is a gas production and gas utility company. As I stated earlier, all other assets that do not fit this strategy will be disposed. VOG has built a company in Cameroon that is recognised as an outstanding entrepreneurial example of creating a cash generating business from stranded gas deposits. It is a model that under the right conditions can be replicated across Africa’s many stranded gas deposits. The Board will explore strategic opportunities, development of profitable downstream operations, and farm-ins to other potential blocks in Cameroon and other parts of Africa. While we are restructuring our finances and refocusing our operations and strategy, we will look to strengthen our technical abilities and management. The Company has restructured and strengthened our Board, with the appointment of two Independent Non-Executive Directors: John Knight, appointed Senior Independent Director, and John Daniel, both bringing with them a wealth of experience and expertise to VOG. Apart from the Audit Committee, now led by John Knight, and the Remuneration Committee under the continued leadership of John Bryant, a new Technical Committee has been established under the oversight of John Daniel, which will assist management in the planning of all future exploration and field development. The changes implemented at VOG on 3 April 2019 and the steps taken since the end of 2018 are meant to stabilize and grow the company and restore investor confidence in VOG. We are confident that we have identified all the substantive issues that need to be tackled by the Board and will work methodically to resolve each of them. This process will take time and I will make a personal commitment to you our shareholders that we will remain transparent in our reporting as we progress. In our opinion VOG’s share price is massively undervalued. We understand that to rebuild the trust of investors and the value of the company we will have to not only clear operational milestones in Cameroon, but successfully execute a strategic plan for growing the company outside of Cameroon in the long term. We thank our shareholders for their continued support and patience. Thanks are also given to the management and employees for their continued dedication, our independent Non-Executive Directors for their ongoing guidance, and our partners; RSM Productions Corporation (“RSM”), AFEX Global Ltd (“AFEX”) and SNH. Roger Kennedy Executive Chairman 23 May 2019 [link]

Totally_Wired 24 May 2019

RNS-Historic Preliminary Results for the year ended 31 December 2018 24 May 2019 The Company is pleased to announce the financial information for the year ended 31 December 2018. Year in Review Grid Power customer, ENEO, ceased consumption in January 2018 62% decrease in annual gas sold - Gross 1,410 mmscf /Net 804 mmscf (2017: Gross 3,684 mmscf /Net 2,163 mmscf) 66% decrease in average daily gas production 3.75mmscfd (2017: 10.98mmscfd) Attributable revenue of $10.8 million (2017: 23.5 million), EBITDA a loss of $0.53 million, (2017: $4.59 million), Loss before tax $8.3 million, (2017: $10.7 million) Cost cutting programme commenced - 24% reduction year-on-year 8 additional customers consuming gas with 39 customers at year end On 21 December 2018, ENEO entered into a three-year binding term sheet with GDC for gas to power supply to 30MW Logbaba Power Station peak delivery of 6.1mmscfd on an 80% minimum Take or Pay basis - a minimum gas supply of 4.88mmscfd initial gas sale price of $6.75/MMBtu to increase over the three-year term of the agreement by $0.10/MMBtu annually Post period-end Highlights Board strengthened: Roger Kennedy appointed Executive Chairman following the retirement of Kevin Foo John Knight and John Daniel appointed Independent Non-Executive Directors $17.7 million (gross) raised through the issuance of 104,357,488 new Ordinary Shares at 13 pence per share Board reviewing CHL Logbaba royalty and has suspended payments until review is completed Operating cost reduction programme continued to improve operating margins Q1 2019 average gas production rate increased by 127% during the period to 10.10mmscfd (Q4 2018: 4.45mmscfd) ENEO gas consumption consistently over 5.5mmscfd during the Quarter having recommenced on 22 December 2018 [link]

Totally_Wired 20 May 2019

In The Media Cameroon: natural gas market still “non-competitive” according to public authorities posted the May 17, 2019by Energies Media This lack of competition in the use of natural gas for electricity generation leads to “still very high” costs of production factors for manufacturing firms, according to the government The costs of the factors of production of manufacturing companies in Cameroon, as regards the generation of electricity from natural gas, remain “still very high” , according to the report made at the cabinet meeting chaired on April 25 in Yaounde by Prime Minister Joseph Dion Ngute . The government, which has not, however, officially presented figures on the cost of access to electricity from natural gas, calls into question the "non-competitive nature of the Cameroon natural gas market, linked to the reduced number of operators in this sector. " The supply of electricity from natural gas has been provided in Cameroon since 2012-2013 by two main operators: Kribi Power Development Company ( KPDC ) - a subsidiary of the British investor Globeleq - which has a 216 MW gas plant in Kribi (South Cameroon), and Gaz du Cameroun - a subsidiary of Britain’s Victoria Oil and Gas - which also supplies natural gas to a 30 MW gas plant in Douala, in the Littoral region. These plants supply their energy directly to the national distribution network operated by Eneo . Gaz du Cameroun also supplies gas to individuals, mainly companies located in the industrial areas of Bassa and Bonabéri in the Littoral region. According to the National Hydrocarbons Corporation (SNH), Cameroon produces about 180 million cubic feet of natural gas per day , but only 34 million cubic feet of gas per day is absorbed by the national market whose size is judged " embryonic " . To improve the level of national consumption of natural gas in meeting electricity needs, SNH is already planning to set up a 300 MW gas-fired plant in Limbe (South-West) and conversion to gas. several diesel or fuel-fired power plants, pending the arrival of other operators. [link]

Totally_Wired 15 May 2019

Tr-1: notification of major interest in shares VOG have updated their website but left “As of April 2019”, all very strange! Securities in Issue Number of shares in issue: 255,073,945 Percentage of shares not in public hands: 33.43% Free Float: 66.57% Holdings of Significant Shareholders As of April 2019 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital YF Finance Limited 53,313,929 20.901% Hadron Capital LLP 27,440,962 10.758% Zug Finance 8,471,991 3.321% Forest Nominees Limited (GC1) 7,775,366 3.048% [link]

Totally_Wired 15 May 2019

Tr-1: notification of major interest in shares Not sure what to make of todays TR1, it states that YF Finance Limited increased their holding from 7.37% to 20.90% but……………. after a TR1 (Zug Finance) on the 6th April 2019 VOG updated their website and showed YF Finance Limited had 56,085,239 shares equating to 21.988%. Todays TR1 shows YF Finance Limited / Askar Alshinbayev where previous TR1’s were just YF Finance Limited. It also shows that Askar Alshinbayev holds 3.26% of the 20.90% Askar Alshinbayev, from what I can gather, was one of the owners of Meridian Capital Limited or Meridian Capital International which owned YF Finance Limited [link]

Ripley94 14 May 2019

58 or 50? VOG … XXXX It’s fell back more since. Limit did not lift @ 11.5 p

Totally_Wired 11 May 2019

In The Media Please remember Malcy is just a share pundit at end of day! Victoria Oil & Gas In my abbreviated blog yesterday and after the disaster that befell it I promised to add to my comments on VOG, mainly to be honest as at that time I hadn’t had my conversation with CEO Ahmet Dik, I now have had that discussion. Let’s take as read all the stuff about increased gas production, new customers and the strength of the balance sheet and the new board. The market has been incredibly concerned that although the contract with ENEO was signed last December and sales started that month, that ‘invoices for gas consumed in 2019 worth $3.6m remain outstanding’. As part of the discussions with ENEO the two companies are working on a fully termed agreement including a bank guaranty which one might argue should have been signed before production but that is surely 20:20 hindsight. Right now I have been convinced that once this is sorted, and I believe it will be, VOG will soon be paid for the overdue amount and then monthly payments thereafter in a ‘comfortable and regularised manner’. One of the reasons for this is that in the next few years ENEO will need significantly more power from VOG to the tune of 100-150 MW probably in 2020 and 2021 due to grid deficits that can already be identified. If they are going to use VOG and there is precious little choice, then they are going to have to start paying and quickly and regularly. I may be giving everybody the benefit of the doubt here, I may be too trusting even after all this time, so shoot me, at this stage this is what I think will happen, after all it is only 3 months invoices unpaid and there are companies out there that have 120 day payment terms, just saying….no names… [link]

Totally_Wired 09 May 2019

In The Media Please remember Malcy is just a share pundit at end of day! Victoria Oil & Gas I will update more on VOG tomorrow, this blog is already late thanks to rubbish internet on a railway but wanted to comment on the Q1 update. The update shows gross production up 127% to 10.1mmscfd in the quarter with ENEO making 5.5mmscfd of that. The company signed two new clients that both took thermal and industrial power which is a good way of reducing the reliance on ENEO. The Weatherford dispute is still in dispute but VOG are working to complete the matter. With Roger Kennedy now Executive Chairman and added to by two more highly experienced non-execs, the balance sheet strengthened by tge £13.6m raise and a doubling in revenues VOG looks in good shape, recent history has meant that the shares remain a bit in the doldrums but the upside now is there for all to see. [link]

Totally_Wired 09 May 2019

In The Media Victoria Oil & Gas boasts 127% rise in output as ENEO restart kicks in 08:39 09 May 2019 “VOG is in a much improved financial and operational position," said new chairman Roger Kennedy. Victoria Oil & Gas PLC (LON:VOG) highlighted a 127% rise in output for the first quarter of 2019, thanks to the restart of supply into a gas-fired power plant. Following the resumption of supply to Cameroon state utility ENEO, VOG’s Gaz du Cameroun (DGC) business produced at an average rate of 10.1mln cubic feet of gas per day over the three months ended 31 March. READ: Victoria Oil & Gas on recovery trail after funding boost ENEO consumed more than 5.5mln cubic feet per day consistently during the quarter, following the 22 December restart. Gross sales amounted to 903.2mln cubic feet for the period. Outside of the ENEO supply agreement, the company noted that two other customer gas sales deals were signed. On a corporate level notable changes came after the end of the quarter, with the company raising £13.57mln of new capital to facilitate a new growth strategy and longstanding director and executive chairman Kevin Foo stepped down. New executive chair Roger Kennedy, in today’s statement, said: “The past month has marked a positive new beginning for VOG, as the business restored a stable platform for future growth through the delivery of a strong set of Q1 19 production figures, in addition to the post period end completion of the fundraising and the reshaping of the board. “VOG is in a much improved financial and operational position. “As the only onshore gas supplier and operator of a gas pipeline network, we are well placed to take advantage of the increasing gas demand in Douala, Cameroon.” He added: “As a management team, we are confident about the future of this business, and are firmly focused on the development, diversification and expansion of our operations and customer base in Cameroon." [link]

Totally_Wired 09 May 2019

Quarterly Operations Updates Q1 2019 Operations Update (Continued) Industrial Customer Updates Gas Sales Agreements have been signed with two new customers during the quarter, each with thermal and industrial power requirements. Commissioning of these customers is anticipated in Q4 19, and mid 2020 respectively. Grid Power Update ENEO have consistently consumed gas from GDC in excess of 5.5mmscf/d, which is above the contracted consumption volume. The parties are currently operating on a signed binding Term Sheet and are working together to finalise a Fully Termed Agreement, which includes the provision of an appropriate bank guarantee. The invoices for gas consumed in 2019, totaling approximately $3.6 million (net), remain outstanding. Management expect payment shortly and is actively engaging with both ENEO and the Government to resolve this. Trade Indebtedness The Company has settled with a large creditor from its last drilling program and now trades with its creditors within trading terms. GDC has received a statutory demand in the BVI from Weatherford Services and Rental Ltd (“Weatherford”) for payment of invoices relating to various services provided by Weatherford for the La-107 and La-108 drill program for an amount of approx. US$2.9m. The Company contends that this matter was in dispute prior to service of the statutory demand and has made an application to have the statutory demand set aside. The Company has also formally disputed that the full funds demanded are due and is working to resolve the matter. Cameroon Holdings Limited (“CHL”) Royalty Agreement Since January 2019 the Company has ceased to make any payments under the Royalty Agreement. The Board is in the process of reviewing the governing documents regarding the payment of royalties to CHL and the Company is not currently making any payments under the Royalty Agreement. ISO Certification GDC has been working on International Organization for Standardization compliance (“ISO”) 9001, 14001 & 45001 ISO since 2017. It has developed and implemented its Integrated Management System (IMS) based upon the requirements of these International Standards. We are pleased to announce that following an audit by an external certifying authority, GDC has completed the audit process for ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 with certifications being expected by end of Q2 19. This achievement is evidence that Gaz du Cameroun has established management systems; Quality, Environmental and Occupational Safety and Health, which conform to international ISO standards. This accomplishment demonstrates our continued commitment to providing a high-quality product and delivering a consistent service to all our clients, alongside the investment of time and money into new technology, staff, processes and procedures by the Company. Logbaba La-108 Insurance Claim The insurance claim to recover the costs associated with the La-108 well control event has been declined by the insurer based on their opinion that there was insufficient evidence of an underground blow-out as defined in the insurance policy. Expert technical advisors to the Company have produced information contrary to what the insurer has put forward and the Board believes it has reasonable prospects of success in pursuing the claim through litigation in Cameroon. The parties relating to the Logbaba Project are evaluating their options. La-108 remediation As a result of increased production demand, planning has commenced for works to recover the perforating gun lost down-hole and to conduct further perforating and flow testing to complete well La-108. Matanda Following the receipt of a Presidential Decree conferring title over the Matanda PSC in December 2018, in Q1 19 planning commenced for the next phase of subsurface work on the block involving completion of the evaluation of the prospectivity and de-risking of existing prospects. [link]

Totally_Wired 09 May 2019

Quarterly Operations Updates 9 May 2019 Victoria Oil & Gas Plc Q1 2019 Operations Update Victoria Oil & Gas Plc, owner of Gaz du Cameroun S.A. (“GDC”), the Cameroon based gas and condensate producer and distributor, provides an update on the Group’s operations for the three months ended 31 March 2019 (“Q1 19” or “the Quarter”). Highlights: · Overall Q1 19 average gas production rate increased by 127% during the period to 10.10mmscfd (Q4 18: 4.45mmscfd), driven by the resumption of the contract with ENEO · ENEO gas consumption consistently over 5.5mmscfd during the Quarter having recommenced on 22 December 2018 · Peak rate of 12.85mmscfd reached in Q1 19 · Q1 19 gross gas sales of 903.2mmscf (Q4 18: 403.8mmscf) · 2 new customer gas sales agreements signed · International Organization for Standardization compliance (“ISO”) 9001, 14001 & 45001 audits successfully completed, emphasising the Company’s commitment to international standards in its management systems Post Period End: · Completion of £13.57 million (gross) fundraise to strengthen the Company’s financial position and provide a stable growth platform for the business · Completion of Board Changes: · Kevin Foo stepped down as Director and Executive Chairman · Roger Kennedy assumed the role of Executive Chairman. · Appointment of John Daniel and John Knight as Independent Non-Executive Directors Roger Kennedy, Executive Chairman of VOG commented: "The past month has marked a positive new beginning for VOG, as the business restored a stable platform for future growth through the delivery of a strong set of Q1 19 production figures, in addition to the post period end completion of the fundraising and the reshaping of the Board. VOG is in a much improved financial and operational position. As the only onshore gas supplier and operator of a gas pipeline network, we are well placed to take advantage of the increasing gas demand in Douala, Cameroon. As a management team, we are confident about the future of this business, and are firmly focused on the development, diversification and expansion of our operations and customer base in Cameroon." Corporate Update On 7 March 2019, the Company announced that it had conditionally raised £13.57 million (gross), with new and existing shareholders, comprising a Placing of 59,357,488 New Ordinary Shares and a Subscription of 45,000,000 New Ordinary Shares, with 270,000 Fee Shares issued in connection with the Fundraising. The issue of the New Ordinary Shares was conditional upon, inter alia, the passing of the Resolution at the General Meeting held on 3 April 2019, which was duly passed. The net proceeds of the Fundraising will enable the Company to: · maintain and expand its existing operations in Cameroon, with a focus on securing new customers and increasing revenue; · complete Well LA 108 at Logbaba and fund the ongoing planning of the Matanda project, a key focus for the Company; · continue to implement its cost reduction programme in both the London and Cameroon operations; and · fund its working capital requirements. Board Changes Kevin Foo stepped down as Director and Executive Chairman at the conclusion of the General Meeting. Roger Kennedy, formerly Senior Independent Director, has assumed the role of Executive Chairman. The Company was pleased to announce the appointment of two Independent Non-Executive Directors to the Board: John Knight, appointed Senior Independent Director, and John Daniel, both of whom bring a wealth of experience and expertise to strengthen the Board. Logbaba - Quarterly Production Update >>>Via Link Below>>> [link]

Totally_Wired 01 May 2019

VOG-Interviews Proactive updated their VOG ‘Overview’ on Monday: Victoria Oil & Gas on recovery trail after funding boost 149 29 Apr 2019 “2018 was a tough year for the company but we ended the year on a high." *Gas supplier to businesses in and around Douala in Cameroon *Sales recovering, contract with ENEO re-negotiated *£13.7mln fund raise to develop fully assets at Logbaba and Matunda *Company valued at £37mln at 14.5p What it does Victoria Oil & Gas plc (LON:VOG) has started to grow revenues again after a hiatus with Cameroon power group ENEO ended in December. The contract was suspended a year earlier when Victoria seemingly became collateral damage in the much larger issue of power supply in Cameroon. Through its Gaz Du Cameroun subsidiary, Victoria was producing and supplying almost 15mmscf (million cubic feet) gross per day from the Logbaba field when the ENEO contract was at its height. Output recovered to 4.45mmscf/d for the final quarter of 2018, with a peak of 7.67mmsf/d just after Christmas. Industrial Power To boost gas consumption, Victoria Oil is also working to install generators at the sites of industrial customers in return for a ten-year commitment with minimum agreed volumes. Most of these power customers are already connected to GDC’s gas pipeline, so adding a gas-fired generator would involve minimal downstream costs. GDC is working with Altaaqa and other equipment suppliers to fast track six generators for customers that want to have power online this year. The target is to have over 18 gas to power customers online by end of 2019, consuming over 4.5mmscf/d of gas with no seasonality, in addition to the thermal demand. Fund raising In March, VOG raised £13.6mln through separate equity issues both priced at 13p, which comprised £7.72mln gross from a placing while VOG’s largest shareholder YF Finance subscribed for £5.85mln of new shares. The money will be used both to optimise production from the Logbaba field and to kick-start development of much larger Matanda. Boardroom change Roger Kennedy has become executive chairman replacing the long-standing Kevin Foo, who has retired. Victoria said: “The fundraising will strengthen the company’s financial position and provide the necessary support for the new board and senior management to take the company to the next level. “Given the gas demand in the industrial city of Douala Cameroon, and the company’s strategic position of being the only onshore gas supplier and operator othe gas pipeline network, the company can now look to develop its Matanda project and optimise its Logbaba operations with a view to becoming cash flow positive in the near term.” What the boss says: Ahmet Dik, chief executive “2018 was a tough year for the company but we ended the year on a high. “We’ve turned the corner with ENEO back on and the aim now is to become cash generative in the near term and longer term to monetise the massive reserves at Logbaba and Matunda.” Video [link] Inflection points *Power deficit in Cameroon remains *Companies are looking to install gas supply into to the grid *Industrial power arm continues to develop *The strategy was delayed for a year by the ENEO issue but evidence the strategy now is on track. [link]

Totally_Wired 26 Apr 2019

Tr-1: notification of major interest in shares Web page has now been updated: Securities in Issue Number of shares in issue: 255,073,945 Percentage of shares not in public hands: 33.43% Free Float: 66.57% Holdings of Significant Shareholders As of April 2019 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached: Name Number of Shares Percentage of issued share capital YF Finance Limited 56,085,239 21.988% Hadron Capital LLP 27,440,962 10.758% Zug Finance 8,471,991 3.321% Forest Nominees Limited (GC1) 7,775,366 3.048% [link]

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