Totally_Wired
04 Apr 2019
RNS-Historic 4 April 2019 Victoria Oil & Gas Plc Appointment of Independent Non-Executive Directors The Company is pleased to announce the appointment of two Independent Non-Executive Directors to the Board. John Daniel and John Knight bring with them a wealth of experience and expertise to strengthen the Board: John Knight John Knight has worked in the global Oil & Gas industry over the past 35 years. From 2002 to 2018, Mr Knight held various leadership roles and board positions at Equinor (formerly known as Statoil ASA), the Norwegian-based developing oil, gas, wind and solar energy company with projects in more than 30 countries worldwide. Since his departure from Equinor, Mr Knight has been a Senior Partner at HitecVision, one of world’s largest oil and gas private equity funds. Mr. Knight began his career in commercial law and investment banking at various large institutions, including Shell International Petroleum, Chase Manhattan Bank, UBS and Salomon Brothers Inc. He holds a MA in Law from Emmanuel College, University of Cambridge and was a Barrister called at Middle Temple. Additional Information on Mr Knight The following additional information on Mr Knight is provided pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies. (Via Link at BOP) John Daniel John Daniel has 35 years of experience in the upstream oil and gas sector, including roles within operations, exploration management and business development. In November 2017, Mr. Daniel founded JD Oil and Gas Consultancy Limited, an independent oil and gas consultancy, specialising in technical and commercial due diligence for upstream oil and gas transactions. Prior to this, between 2011 and 2017, Mr Daniel was Technical Director at Kerogen Capital (UK) Limited, a Private Equity fund specialising in upstream oil and gas investments. In addition, Mr. Daniel held senior positions in exploration at Conoco, Lasmo and Ranger Oil, and in business development at Marathon Oil Company, MND Exploration and Production Limited and Sasol Petroleum International. Mr. Daniel has a MSc in Petroleum Geology from Imperial College, London and a BSc in Geology from Sheffield University. He is a Fellow of the Geological Society and a member of the PESGB. Roger Kennedy, Executive Chairman of VOG commented: “These appointments, combined with the recent fundraising, allow the Company to leave behind a challenging year and focus on implementing our strategy, optimizing our operations in Cameroon, and increasing shareholder value. We welcome John Knight and John Daniel, with their wealth of contacts, experience and knowledge, and look forward to working with them.â€
Totally_Wired
03 Apr 2019
General Interest VOG were quick in removing Kevin Foo from the ‘Directors & Management’ website page: [link]
Totally_Wired
03 Apr 2019
RNS-Historic 3 April 2019 Victoria Oil & Gas Plc Result of General Meeting (“GMâ€) and Board Changes On 7 March 2019, Victoria Oil & Gas Plc (AIM: VOG) 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 proposed to be 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. Full details of the Fundraising and a Notice of General Meeting were set out in the Circular dated 11 March 2019. General Meeting The Company is pleased to announce that, at the General Meeting held this morning, the Resolution that was proposed in the Notice of General Meeting was duly passed. Board Changes Kevin Foo retired as Director and Executive Chairman at the conclusion of the General Meeting. Roger Kennedy, formerly Senior Non-Executive Director, has assumed the role of Executive Chairman. The Subscription is conditional, inter alia, on various board changes including the appointment of two independent non-executive directors (“INEDsâ€). The search for such INEDs has progressed and the Company expects to announce their appointments prior to Admission. Completion of Subscription and Placing and Admission The Company’s issued share capital, following Admission, will comprise 255,073,945 Ordinary Shares with voting rights. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the FCA’s Disclosure Guidance and Transparency Rules. The New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue. Roger Kennedy, Executive Chairman of VOG commented: "The result of this morning’s General Meeting is a fresh beginning for Victoria Oil & Gas. The soon to be newly constituted Board and management of the Company are dedicated and excited to implement our strategy to optimize our operations in Cameroon, generate shareholder value, and create a model for cleaner and more cost-effective energy in Africa. I would like to wish Kevin Foo success in his retirement and thank him for his years of service to VOG." Capitalised terms used in this announcement have the meanings given to them in the Circular regarding, inter alia, the Fundraising, unless the context provides otherwise. [link]
Totally_Wired
31 Mar 2019
UK Investor Show Victoria Oil and Gas @victoriaoilgas Mar 30 Ready for the doors to open at #UKInvestorShow [link]
Totally_Wired
16 Mar 2019
UK Investor Show UK Investor Show 2019 I checked a few weeks ago and VOG were not showing as either attending as a ‘Speaker’ or ‘Exhibitor’ but they are now down as one of the exhibitors! "Victoria Oil & Gas Plc (“VOGâ€) is a fully-integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon. Through the Company’s wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDCâ€), VOG delivers gas via a 50km gas distribution pipeline network to a range of major industrial customers. Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned Logbaba gas project. GDC provides clean and reliable gas to major industrials customers, as well as providing over 30MW of power to the Douala grid." [link]
Totally_Wired
11 Mar 2019
VOG twitter and facebook updates [link]
Totally_Wired
11 Mar 2019
Malcy Emmerson #EML Malcy on #SOU #ECHO #VOG #FPM #DGOC #RRE Alan Green on #BOWL #SO4 #ECR #KDNC ‎Jul‎ ‎3‎, ‎2018‎ ‎12‎:‎42‎ ‎PM [link]
Totally_Wired
11 Mar 2019
VOG-Interviews Victoria Oil and Gas raises £13.5mln to develop and expand Cameroon operations 09:51 08 Mar 2019 Victoria Oil & Gas PLC (LON:VOG) chief executive Ahmet Dik caught up with Proactive London’s Andrew Scott after the company confirmed the result of its equity raise, with VOG successfully selling 59.35mln new shares priced at 13p each. The placing was oversubscribed with new and existing investors taking up shares. Dik says the capital raised will allow them to significantly strengthen its financial position and focus on the development of its operations and customer base in Cameroon. [link]
Totally_Wired
11 Mar 2019
RNS-Historic 11 March 2019 Victoria Oil & Gas Plc (“VOG†or the “Companyâ€) Posting of Circular & Notice of General Meeting Victoria Oil & Gas Plc, the integrated natural gas producing utility company in Cameroon, is pleased to announce, further to its announcements of 6 March 2019 and 7 March 2019, that the Shareholder Circular, including the Notice of General Meeting, and Form of Proxy are now available on its website at: www.victoriaoilandgas.com/shareholdermeetings Copies of the above-mentioned documents are expected to be posted on 13 March 2019 to those Shareholders who have elected to receive hard copy shareholder communications from the Company. The General Meeting to seek Shareholder approval for the proposed allotment of the New Ordinary Shares in respect of, inter alia, the Subscription and Placing will be held at 11.00 a.m. on 3 April 2019 at the offices of Kerman & Co LLP, 200 Strand, London, WC2R 1DJ. Admission to trading and total voting rights Application will be made to the London Stock Exchange for the admission to trading on AIM of 104,357,488 new Ordinary Shares pursuant to the Subscription and Placing announced on 6 March and 7 March 2019 and a further 270,000 new Ordinary Shares to be issued to Shore Capital Stockbrokers Limited as part of its fees earned in connection with the Fundraising. Subject to Shareholder approval of the Resolution at the General Meeting, it is expected that Admission will occur and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 4 April 2019 at which time it is also expected that the New Ordinary Shares will be enabled for settlement in CREST. Following the issue of the New Ordinary Shares, the Company will have 255,073,945 Ordinary Shares in issue and there are no shares held in treasury. Accordingly, this figure will be the total number of voting rights in the Company and may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules. Capitalised terms used in this announcement have the meanings given to them in the Circular dated 11 March 2019 regarding, inter alia, the Fundraising, unless the context provides otherwise. [link]
Totally_Wired
07 Mar 2019
In The Media Translated via Google: A discreet investor from Kazakhstan strengthens his control over Gaz du Cameroun Thursday, 07 March 2019 (Invest in Cameroon) - YF Finance, a London-based investment company (UK), has invested an additional 5.85 million pounds sterling ($ 7.7 million) in the capital of Victoria Oil and Gas, a junior oil company listed on the London Stock Exchange and the majority shareholder of Gaz du Cameroun. The investor is 100% owned by Askar Alshinbayev, a 55-year-old businessman from Kazakhstan, and at the typical discretion of all new rich people from the states of the former Soviet republic. YF Finance is already the largest shareholder of VOG with 6.5% equity investments, and will strengthen in the capital of the latter, if the transaction receives the approval of the General Meeting of shareholders. It should be recalled that this initiative is being deployed as part of a capital increase through the issuance of new shares, which has enabled Victoria Oil and Gas to receive investors’ subscription offers for an aggregate amount of £ 13.6 million. ($ 17.7 million). The mobilized resource will be totally dedicated to strengthening its cash position. VOG had a difficult 2018 year, which was impacted by the non-renewal of the consumer contract of ENEO, a major customer of its portfolio. Also, the company had to restructure its debt to maintain its liquidity. The capital increase that has just been completed is another good news, as it demonstrates the effective support of its investor base, including the largest. It adds to the fact that a new agreement in principle was signed with Eneo in late 2018, which will allow it to increase its business volume. But it’s clear that more conservative people are at the helm of VOG’s Board of Directors. The group should continue with the reduction of its costs. The salary of senior executives is expected to fall by 53%, that of the Chairman of the Board of Directors by 50% and that of the Chief Executive Officer by 33%. The company has no choice. According to its unaudited accounts, it ended 2018 with a turnover that dropped by more than half to $ 10.6 million. Its cash position of $ 3.6 million is far from $ 11.4 million at the end of 2017. Its net debt was $ 17.3 million. At the same time, it will continue with the development of new acquisitions including Matanda. [link]
Ripley94
07 Mar 2019
58 or 50? VOG… XXXX Placing yesterday @ 13p no OO for holders . It appears the newspaper reports January 28th correct just delayed . Poster below link to Malcy comment on it .
Totally_Wired
07 Mar 2019
RNS-Historic 7 March 2019 Victoria Oil & Gas Plc Result of Placing Capitalised terms used in this announcement (the “Announcementâ€) have the meanings given to them in the announcement made at 7.30 a.m. on 6 March 2019 regarding, inter alia, the proposed placing (the “Placing Announcementâ€), unless the context provides otherwise. Victoria Oil & Gas Plc, the integrated natural gas producing utility company in Cameroon, is pleased to announce that further to the Placing Announcement released yesterday, the bookbuild has been successful and is now closed. In order to satisfy demand from investors, but without causing undue dilution to existing Shareholders, the Company has, with YF Finance’s approval, increased the size of the Placing and the overall Fundraising while YF Finance has agreed to reduce slightly the size of the Subscription. The Company has successfully placed 59,357,488 new Ordinary Shares at an Issue Price of 13 pence per share, raising gross proceeds of £7.72 million. Together with the reduced number of 45,000,000 Subscription Shares agreed to be subscribed for by YF Finance, amounting to a subscription value of £5.85 million, the Company has successfully conditionally raised gross proceeds of, in aggregate, £13.57 million from the Fundraising. The Placing was oversubscribed and was supported by existing as well as new Shareholders and was conducted by way of an accelerated bookbuild process. GMP FirstEnergy and Shore Capital acted as joint bookrunners and brokers in relation to the Placing, whilst Strand Hanson acted as Nominated & Financial Adviser, in relation to the Fundraising. The Fundraising is subject to the requisite shareholder approval and, accordingly, the issue of the New Ordinary Shares is conditional on, inter alia, the passing of the Resolutions by Shareholders at the General Meeting expected to be held on 3 April 2019, notice of which, together with full details of the Fundraising, will be set out in the Circular to be posted to Shareholders shortly. Admission to trading and total voting rights Application will be made to the London Stock Exchange for the admission of the New Ordinary Shares to trading on AIM. Subject to Shareholder approval of the Resolutions at the General Meeting, it is expected that Admission will occur and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 4 April 2019 at which time it is also expected that the New Ordinary Shares will be enabled for settlement in CREST. Following the issue of the New Ordinary Shares, the Company will have 254,803,945 Ordinary Shares in issue and there are no shares held in treasury. Accordingly, this figure will be the total number of voting rights in the Company and may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules. Upon completion of the Fundraising, the Subscriber will hold approximately 22.0 per cent. of the Company’s ordinary share capital, as enlarged by the Fundraising. Ahmet Dik, CEO of VOG, commented: “We are very pleased with the results of the Fundraising and would like to thank our investors for their participation. The capital raised will allow VOG to significantly strengthen its financial position whilst allowing management to focus on the development and expansion of its operations and customer base in Cameroon.†[link]
Totally_Wired
06 Mar 2019
Malcy Victoria Oil & Gas 6 March 2019 Raising money today and what is looking like quite a shake-up at VOG who are raising £12.6m of which £6.5m comes from YF Finance Ltd and there is a proposed placing of up to £6.1m at 13p. After the book build and raise is complete Kevin Foo, executive Chairman is retiring from the board as a director and Executive Chairman to be replaced by Roger Kennedy currently Senior Non Executive Director. Ahmet Dik remains as CEO but it is noticeable that this shake-up comes with significant cost reductions including executive salaries and company wide ‘savage’ cost cutting. Some major league international investors are said to be behind this action and the Government in Cameroon are supportive, indeed if actions were louder than words commitment to Logbaba gas in the last quarter has been immense. VOG has been a very difficult call of late and I have many people, perhaps justifiably, questioning my faith in the company that remains friendless in the Bucket List. I do feel that this is exactly what needed to be done and with the huge gas demand in Douala giving opportunities now as well as in the future as the company develop Matanda gives me significant optimism. Again more later… Malcy’s Blog
Totally_Wired
06 Mar 2019
RNS-Historic Additional information on the Fundraising is set out below. Attention is also drawn to the section headed ‘Important Notice’ and to the Appendix to this Announcement containing, inter alia, the terms and conditions of the Placing (representing important information for Placees only). The final number of Placing Shares to be issued in connection with the Placing will be determined by GMP FirstEnergy and Shore Capital at the close of the book build process, and the results of the Placing will be announced as soon as practicable thereafter. The timing of the closing of the book, pricing and allocations is at the absolute discretion of the Company, GMP FirstEnergy and Shore Capital. Subscription & Placing & Proposed Board Changes (continued)
Totally_Wired
06 Mar 2019
RNS-Historic 6 March 2019 Victoria Oil & Gas Plc (“VOG†or the “Companyâ€) Subscription and Placing to raise up to approximately £12.6 million and Proposed Board Changes Victoria Oil & Gas Plc, the integrated natural gas producing utility company in Cameroon, is pleased to announce a £12.6 million (c.US$16.5 million) equity fundraise. Highlights: · Binding conditional direct share subscription by YF Finance Limited to raise £6.5 million · Proposed Placing to raise up to £6.1 million · Fundraising to be conducted at an issue price of 13 pence per share · The Placing is being conducted by way of an accelerated book build process which will open with immediate effect following this announcement · On completion of the Fundraising, Kevin Foo will retire as Director and Executive Chairman · Roger Kennedy, currently Senior Non-Executive Director, will assume the role of Executive Chairman · Two additional independent non-executive directors will be appointed to the Board Fundraising Details: The Company has entered into a conditional agreement for a subscription of 50,000,000 new Ordinary Shares, at an issue price of 13 pence per share (the “Issue Priceâ€), by YF Finance Limited (“YF Finance†or the “Subscriberâ€) to raise £6.5 million, before expenses (the “Subscriptionâ€). YF Finance is the Company’s largest shareholder and is currently interested in 11,085,239 ordinary shares, representing approximately 7.37 per cent. of the Company’s existing issued share capital. YF Finance is wholly owned by Mr Askar Alshinbayev and has investments in several other international oil & gas companies. In addition, the Company is seeking to raise an additional £6.1 million, before expenses, by way of a proposed placing to certain new and existing institutional and sophisticated investors via its joint brokers, Shore Capital Stockbrokers Limited (“Shore Capitalâ€) and FirstEnergy Capital LLP (“GMP FirstEnergyâ€), at the Issue Price (the “Placingâ€). The maximum targeted amount for the fundraising, comprising the Subscription and the Placing, is approximately £12.6 million (approximately US$16.5 million) (the “Fundraisingâ€). The Subscription is not conditional on any minimum amount being raised in the Placing. The Placing is being conducted as an accelerated book build process which will open with immediate effect following this announcement. The Fundraising is subject to the requisite shareholder approval and, accordingly, the issue of the New Ordinary Shares is conditional on, inter alia, the passing of certain resolutions by Shareholders (the “Resolutionsâ€) at a duly convened general meeting of the Company (the “General Meetingâ€), notice of which, together with full details of the Fundraising, will be set out in the circular to be posted to Shareholders shortly. "This morning’s announcement to raise up to £12.6 million in conjunction with the proposed Board changes is a new beginning for VOG. 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 of the gas pipeline network, the Company can now look to develop its Matanda project and optimise its Logbaba operations with a view to becoming cashflow positive in the near term. “Finally, a reduction of director salaries, which I welcome, is evidence of the new Board’s focus to drive the Company to ensure Shareholder returns.†Subscription & Placing & Proposed Board Changes
