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Totally_Wired 22 Jul 2019

General Interest VOG have a new website ran by a different developing company! [link]

Totally_Wired 21 Jul 2019

In The Media A land of opportunities In this edition of your magazine, we talk about some of the multinationals that are faring well in Cameroon. This is proof that the country is a good place for investors. A condition it owes first to its geographic location. Indeed, Cameroon lies between Nigeria and ECCAS (Economic Community of Central African States) countries and thus serves as a gateway to a market of more than 300 million consumers, straddling West and Central Africa. Moreover, the country has many natural riches and comparative advantages that are poorly exploited, and unexploited even. Let’s take for example the Eastern region where many world-class ore deposits have been lying for eons, awaiting to be exploited at an industrial scale. Same goes for Cameroon’s hydropower potential; it is the third largest in Africa, after DRC and Ethiopia. Yet, the country, ironically, still is plagued by power outages. Between 2015 and 2017, Cameroon imported about XAF1000 billion of frozen fish and rice, despite having abundant arable lands and a sea coast that spans nearly 1,500 km. There are also opportunities in mass retail. The country, according to French mass retail giant Casino Group, is one of the very few in Africa to have 10 cities with at least 100,000 residents each. The last thing that makes Cameroon a perfect destination for investors is its business climate which the government keeps improving through multiple reforms and incentives. The most important of these reforms is the 2013 law facilitating private investment in the Republic of Cameroon. This law, revised in 2017, provides investors tax exemptions, and other incentives, for a period of 5 to 10 years. This has got many investors flooding to the country and so far, even if many projects are taking time to be concretized, the Investment Promotion Agency (API) has identified 181 contracts inked with various investors. This shows that, in spite of more or less justified concerns (the country has been experiencing major security crises since 2013) expressed by institutions like Coface or U.S ratings agency Standard & Poor’s, Cameroon still finds support from many investors. There is a simple reason explaining this: the plethora of opportunities the country holds overshadows any other concern. [link]

Totally_Wired 21 Jul 2019

In The Media The July/August edition of ‘Business in Cameroon’ is out with a repeat of the 27th June article about Gaz du Cameroun (GDC). [link]

Totally_Wired 20 Jul 2019

In The Media Couldn’t find this article before but only had a quick look, anyway I found it! "The Mail on Sunday14 Jul 2019jamie.nimmo @mailonsunday.co.uk Contributor: Ben Harrington My sources say the AIM-listed firm, which extracts gas from Cameroon, has signed a deal to supply gas to Aksa Energy, Turkey’s biggest power company. VOG will supply up to 25 million cubic feet per day of gas to Aksa’s planned power station in Cameroon. The deal is still subject to government sign-off and won’t start until next year. But it will be a big step towards profitability." [link] Below is a link to the Aksa Group website: [link]

Totally_Wired 18 Jul 2019

Tr-1: notification of major interest in shares I forgot to update, better late than never! Securities in Issue Number of shares in issue: 256,428,061 Percentage of shares not in public hands: 33.43% Free Float: 66.57% Holdings of Significant Shareholders As of July 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 60,913,330 23.755% Hadron Capital LLP 27,440,962 10.701% Zug Finance 8,471,991 3.304% Forest Nominees Limited (GC1) 7,775,366 3.032% [link]

Totally_Wired 08 Jul 2019

RNS-Historic 8 July 2019 Victoria Oil & Gas Plc Directorate Change Victoria Oil and Gas Plc today announces that John Bryant has resigned as an independent non-executive director of the Company with immediate effect. Roger Kennedy, Chairman of VOG, said, “We thank John for his service and contribution to the Company over the last 4.5 years and we wish him well in his future endeavours.”

Totally_Wired 05 Jul 2019

RNS-Historic 5 July 2019 Victoria Oil & Gas Plc (“VOG” or the “Company”) Post-AGM Q2 2019 Operations Update Victoria Oil & Gas Plc, whose wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), the fully integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide an update on the 27 June 2019 announcement (that included gas production and sales figures from 1 April to 25 June inclusive) to include the full production and sales figures for the period from 1 April to 30 June 2019 inclusive (“Q2 19” or “the Quarter”). Highlights: · Overall Q2 19 average gas production rate during the period of 9.66 mmscfd (Q1 19: 10.10 mmscfd) · Q2 19 gross gas sales of 882mmscf (Q1 19: 903mmscf) · ENEO Cameroun S.A (“ENEO”) payments received for January and February 2019, with management confident that regular payments will be in line with the existing binding term sheet Logbaba - Quarterly Production Update Q2 19 (1 April 2019 to 30 June 2019) gross and net gas and condensate sales at Logbaba are as follows: Amounts in bold are gas and condensate sales attributable to GDC (57%): Via link at BOP Grid Power Update The Company is pleased to announce that further to the 27 June 2019 announcement, in which VOG detailed that it had received the ENEO invoice for January 2019, the Company has received further payment from ENEO to settle the February 2019 invoice totaling $0.8 million (net). An amount of approximately $2.6 million (net) remains outstanding, not including amounts to be invoiced for June. Now that all the necessary financial processes have resumed, the GDC management team is confident that all future ENEO payments will be forthcoming in accordance with the existing binding term sheet. As noted in the announcement of 27 June 2019, this term sheet will soon be supplemented by a fully termed agreement and payment guarantee. Cameroon Holdings Limited (“CHL”) Royalty Agreement CHL has commenced proceedings against both Gaz du Cameroun S.A and Victoria Oil and Gas Plc with regard to payments CHL believes it is entitled to under the Royalty Agreement. The Company proposes to vigorously defend such claim and is currently preparing its defense. Further updates as required will be made in due course. [link]

Totally_Wired 05 Jul 2019

Tr-1: notification of major interest in shares YF Finance Limited / Askar Alshinbayev have increased their stake in VOG from 20.90% to 23.75%. [link]

Totally_Wired 27 Jun 2019

In The Media Translated via google: Thanks to Cameroon’s gas network, 41 industrial companies now use natural gas as a source of energy Thursday, June 27, 2019 16:31 (Invest in Cameroon) - The National Hydrocarbons Company (SNH), a public company whose mission is to negotiate and monitor oil and gas contracts in Cameroon, informs that as of 1 June 2019, 41 industrial companies are connected to the distribution network built by Gaz du Cameroun (GDC). According to SNH, the 41 industrial companies connected to the GDC network have converted their burners and use natural gas as a source of energy. " The gas distribution network is being expanded to allow the connection of other industries. This network now extends over fifty kilometers ", welcomes the public company. GDC, a subsidiary of Victoria Oil & Gas, is a partner of SNH in the Logbaba association. The association put into production the natural gas reserves of the eponymous field, located in the suburbs of the economic capital Douala, to supply industries in the Bassa and Bonabéri areas with clean energy and cheaper than oil or diesel. The average gas production rate of the Logbaba field operated by GDC in early 2019 is 8.5 million standard cubic feet per day (mmscfd). This production is up 51% compared to the fourth quarter of 2018. The record level of 12.96 mmscfd was reached on January 18th. In general, the quantities of domestic gas delivered on the market are estimated by the SNH at 8,058.61 tonnes between January 1 and April 30, 2019. [link]

Totally_Wired 27 Jun 2019

RNS-Historic 27th June 2019 16:15 Victoria Oil & Gas Plc Result of Annual General Meeting (“AGM”) Victoria Oil and Gas Plc, is pleased to announce that, at the AGM of the Company held this afternoon, all of the resolutions that were proposed in the Notice of Annual General Meeting which was sent to shareholders, dated 24 May 2019, were duly passed.

Totally_Wired 27 Jun 2019

RNS-Historic 27th June 2019 13:10 Victoria Oil & Gas PLC Pre-AGM Trading Update Victoria Oil & Gas Plc, whose wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), the fully integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide an update on the Group’s operations prior to today’s Annual General Meeting. This update covers the period from 1 April to 25 June 2019 inclusive (“Q2 19” or “the Quarter”). Highlights: · Q2 19 average gas production rate during the period of 9.72 mmscfd (Q1 19: 10.10 mmscfd) · Q2 19 ENEO Cameroun S.A (“ENEO”) gas consumption consistently over 5.1 mmscfd · Q2 19 gross gas sales of 838 mmscf (Q1 19: 903mmscf) · ENEO payment of January 2019 invoice received by GDC · GDC and ENEO finalising a fully termed agreement and payment guarantee to supplement the existing binding term sheet Ahmet Dik, Chief Executive Officer of VOG commented: "The Company has continued to perform well over the past Quarter, delivering consistent production figures following the resumption of the ENEO contract whilst reducing operating costs. We have been pleased to receive the January payment from ENEO. “We continue to diversify our client base as we pursue material opportunities with other Independent Power Producers in the region that are recognizing the increasing demand for power in Douala. We remain confident about the long-term future of this business and are focused firmly on the development and expansion of our operations.” Logbaba - Quarterly Production Update Q2 19 (up to 25 June 2019) gross and net gas and condensate sales at Logbaba are as follows: See link at BOP Grid Power Update GDC has been supplying natural gas to ENEO for the 30MW power plant, located in Logbaba, over and above contracted minimum levels since it recommenced gas consumption in December 2018. Daily average gas consumption by ENEO by month has ranged between 5.1 and 6.2 mmscfd from 1 January 2019 to 25 June 2019 inclusive, with peak rates during those months ranging between 6.8 and 7.0 mmscfd. The Company is pleased to announce that payments have been received from ENEO to settle the January 2019 invoice totaling $0.8 million (net). An amount of $3.5 million (net) remains outstanding, not including amounts to be invoiced for June. GDC and ENEO are working to finalise a fully termed agreement and payment guarantee to supplement the existing binding term sheet pursuant to which the parties are currently operating. GDC continues to work closely with ENEO and interested Independent Power Producers, with a view to further establishing itself as an integral part of the growth in demand and supply of electricity to the grid power network in Douala. Trade Indebtedness During the Quarter, the Company announced that it had signed a settlement agreement with Weatherfords Services and Rental Ltd and a full and final payment of $1.4 million has been made to extinguish the outstanding debt. In accordance with the settlement, the parties have signed and filed with the relevant court consent orders for the statutory demand to be set aside, which has been approved by the judge, and the court process completed on 5 June 2019. La-108 remediation & facilities enhancement programme Planning activities are progressing for the removal of the stuck perforation gun in La-108. The work will be performed using a hydraulic work-over unit. A clean out of the wellbore (tubing and lining) will then be carried out followed by perforation of the Upper Logbaba Sands. The La-108 well will then be tied-back to the existing flowline and the flowline made permanent. Planning and engineering for enhancements to the process plant are also progressing to tie in with the La-108 well remediation. These projects are expected to be carried out in H2 19. ISO Certification GDC reported in the Q1 19 update that it had completed the International Organization for Standardization compliance (“ISO”) audit process for ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. The Company is pleased to announce that the certifications have now been received confirming that GDC’s Quality, Environmental and Occupational Safety and Health management systems conform to international ISO standards. Cameroon Holdings Limited (“CHL”) Royalty Agreement GDC is in dispute with CHL and its legal advisers have received documentation from CHL purporting to commence litigation against GDC and the Company. Our legal advisers are assessing the validity of the claim and the Company will make further announcements in due course. Long term incentive plan - Management options Further to the Company’s circular to shareholders dated 11 March 2019, the Board is currently finalising documentation to implement a long-term incentive programme for directors and senior management, with the issue of options over a number of Ordinary Shares, priced at 14p, with an exercise period of 5 years. It is expected that such long-term incentive programme will be finalised during Q3 2019 and a further announcement will be made accordingly. [link]

Totally_Wired 14 Jun 2019

In The Media Cameroon: Victoria Oil and Gas’ average gas production reached 8.5mln mmscfd as at Jan. 19, up 51% from Q4 2018 Friday, 14 June 2019 (Business in Cameroon) - Gaz du Cameroun (GDC), the local subsidiary of Victoria Oil & Gas (VOG), saw its production increase at the beginning of 2019, after a rather difficult 2018. As at January 19, the company produced an average of 8.5 million standard cubic feet per day (mmscfd) of gas at its Logbaba field, reliable sources revealed. Record level of 12.96 mmscfd was reached on January 18. “This increase follows the resumption on 22 December 2018, under a three-year contract, of gas supplies to power utility Eneo, whose consumption has doubled. According to GDC, Eneo’s gas consumption is higher than the 4.88 mmscfd take or pay level (mechanism through which the seller guarantees the delivery of a certain quantity of gas and the buyer guarantees the payment, whether he takes delivery or not); this allows GDC to produce 30 MW of electricity,” source said. In Q4 2018, GDC’s sales increased by 14% to 403.8 mmscf compared to the third quarter. Gas production increased by 20% to 4.45 mmscfd. Throughout 2018, the average daily gas production rate was 3.75 mmscfd and sales reached 1,410 mmscfd. [link]

Totally_Wired 11 Jun 2019

In The Media Possibly getting one step closer to the Cameroon government paying ENEO so they can pay VOG/GDC what they owe for this year! (Invest in Cameroon) - For fiscal year 2018, the volume of floating debt of Cameroon amounted to more than 128 billion FCFA, according to the budget execution report of the Ministry of Finance (Minfi). According to this Administration, floating debt refers to all expenditures on domestic debt appropriations to pay unpaid government bills accumulated in the Consolidated Revenue Fund. These outstanding payments stem from, among other things, contractual commitments of the general government, current consumption, rents, shortfalls of the National Refining Company (Sonara) and marketers, in connection with the fuel price support at the pump and offset tax debts. Only, notes the Minfi, the payments made by the Directorate General of the Budget (DGB) to settle the unpaid invoices of the State at the level of the budgetary chain contributed considerably to the reduction of the stock of the floating debt. But the fact remains, it is added, that this practice poses a problem of accounting sincerity and efficient management of the treasury. " Controlling the volume of floating debts is not perfect. Moreover, they are charged to domestic debt credit lines, irrespective of the economic nature of the transactions, in contravention of the principle of budgetary specialization. In addition, the payment of these operations strike the cash requirements of the exercise, and raises the problem of their predictability, "says the Minfi. In order to control and avoid the advent of new floating debts, the Minfi, in its report, thinks " that it would be appropriate to carry out an inventory of all the liabilities of the State upstream of the Treasury as well as debts in good and due form. The results of this audit should be forwarded to the Autonomous Sinking Fund (CAA) for payment in respect of the unstructured domestic debt according to a predetermined schedule ". In addition, underlines the report, a mechanism for monitoring new unpaid bills at the DGB would be possible. Objective: to have a good control and ensure the systematic inclusion in the respective budgets of the administrations that have generated or in the common chapters for other cases, while respecting the economic nature of said operations. [link]

Totally_Wired 07 Jun 2019

In The Media Translated via google: By the end of April 2019, more than 150 Cameroonian communities were without electricity (Eneo) (Invest in Cameroon) - In its report of activities at the end of April 2019, Eneo, the concessionaire of the public electricity service in Cameroon, confesses a " deterioration " of the quality of service on its network. " Certainly, work on the network has been intensified, but there is an increase in micro-cuts (less than an hour), with an average of more than two each day, " says the company. This power generation and distribution company also reveals that more than 150 Cameroonian communities were not supplied with electricity by the end of April 2019. Fifty-one of these localities are in the western region of the country. . " In general, the recovery time has lengthened for the following reasons: the difficulties of access in the Center, the Sanaga maritime, the Ocean and the East; the security situation in the South West, North West and Far North; the difficulties of supplying wood poles; the difficulties of having foreign currency to pay suppliers abroad, "explains Eneo. In addition to these underperformances in the distribution of electricity, Eneo Cameroon announces having recorded a " rate of extra billing and other anomalies slightly up, several cases of irregular cut-off periods after effective deposit of bills and a significant decrease in the rate of treatment. claims ". However, says the company, " improvement actions are underway ". [link]

Totally_Wired 05 Jun 2019

Tr-1: notification of major interest in shares VOG have updated their website to reflect todays news: Securities in Issue Number of shares in issue: 256,428,061 Percentage of shares not in public hands: 33.43% Free Float: 66.57% Holdings of Significant Shareholders As of June 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 20.791% Hadron Capital LLP 27,440,962 10.701% Zug Finance 8,471,991 3.304% Forest Nominees Limited (GC1) 7,775,366 3.032% [link]

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