Share Name Share Symbol Market Type Share ISIN Share Description
Victoria Oil & Gas Plc LSE:VOG London Ordinary Share GB00BRWR3752 ORD 0.5P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.25 -4.17% 5.75 632,860 15:02:11
Bid Price Offer Price High Price Low Price Open Price
5.50 6.00 6.00 5.75 6.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 15.70 -84.42 -36.34 15
Last Trade Time Trade Type Trade Size Trade Price Currency
16:25:27 O 330,000 6.00 GBX

Victoria Oil & Gas (VOG) Latest News (3)

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Victoria Oil & Gas Daily Update: Victoria Oil & Gas Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker VOG. The last closing price for Victoria Oil & Gas was 6p.
Victoria Oil & Gas Plc has a 4 week average price of 5.50p and a 12 week average price of 3.75p.
The 1 year high share price is 8.02p while the 1 year low share price is currently 2p.
There are currently 257,067,218 shares in issue and the average daily traded volume is 236,967 shares. The market capitalisation of Victoria Oil & Gas Plc is £14,781,365.04.
rayfenn: British oil firm Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), announces that it recently raised $7.5 million (over XAF4 billion) thanks to a facility agreement with Meridian Capital. The funds will finance drilling operations on the Matanda license, adjoining the Logbaba gas fields GDC is currently exploiting in the Littoral region, in Cameroon. "We are delighted and appreciative that our major shareholder is backing our efforts to resolve legacy issues and increase our working capital. The use of such funds includes helping us progress our very prospective Matanda license,” commented Roy Kelly, CEO of VOG. VOG and its subsidiary announced exploration works on this license in 2020. In July 2020, the gas potential of the 1,235 km2 Matanda block was upgraded to 1,196 billion metric cubes. In November 2020, it obtained a 1-year extension of its license on this block. This license is 75% owned by GDC and 25% by Afex Global Limited. According to the production-sharing contract, National Hydrocarbons Corporation (SNH) will receive a 25% stake in the project once a production license is issued. hTTps://
appychappy: Malcy: Victoria Oil & Gas Victoria Oil & Gas has announced that it has entered into a definitive financing agreement with Meridian Capital (HK) Limited (“MeridianR21;) (“Facility Agreement”) to raise maximum gross proceeds of US$7.5 million through the issue of unsecured loan notes (the “Facility̶1;). The proceeds of the Facility will be utilised for general working capital purposes, including long lead Items for the proposed well on the Matanda licence. I am reproducing the details in full so that investors can make appropriate calls, after I have spoken to the VOG management I will add further comment. The Facility is comprised of two series of loan notes – A Loan Notes and B Loan Notes (together the “Loan Notes”). The key terms of the Loan Notes are set out below: A Loan Notes: unsecured loan notes with no conversion rights total principal amount of US$3.3 million, fully drawn on signing of the Facility Agreement two-year term with early redemption permitted at no additional cost interest at 10% per annum accruing daily from the date of issue and compounding monthly B Loan Notes: unsecured convertible loan notes total principal amount of US$4.2 million, which can be drawn down in tranches at the Company’s option term expires on the second anniversary of the date of the Facility Agreement with early redemption permitted at any time at no additional cost, with Meridian having the ability to convert the outanding B Loan Notes interest at 10% per annum accruing daily from the date of issue and compounding monthly principal and interest convertible wholly or partially into VOG shares at the Noteholder’s option from the first anniversary of signing the Facility Agreement and on certain other specified events conversion price of £0.078 per share (being a 30% premium to the volume weighted average trading price of VOG’s shares as traded on AIM over the 10-day period immediately before the date of entry into the Facility Agreement) draw down conditional on The Takeover Panel (“Panel”) agreeing to a waiver of Rule 9 of the Takeover Code (“Code”) and independent shareholder approval being obtained (see below). Meridian (owned equally by Askar Alshinbayev and Yevgeniy Feld) is an associate of Askar Alshinbayev and YF Finance Limited (a company controlled by Mr Alshinbayev) and they are all deemed to be acting in concert as defined in the Code (collectively, the “Concert Party”). The Concert Party holds 60,913,330 ordinary shares of £0.005 in the Company’s share capital (“Ordinary Shares”), representing 23.7 per cent. of the issued share capital of the Company. In the event that the Company issues the maximum amount of B Loan Notes to Meridian at the likeliest earliest opportunity under the Facility Agreement and conversion occurs at the latest date under the Facility for the full principal amount and all accrued interest, the Concert Party would have a resultant holding of 106,848,390, representing 35.3 per cent. of the then issued shares (assuming the current £/$ exchange rate), assuming no other shares are issued. The Company will apply to the Panel for a waiver from the obligation for the Concert Party to make a general offer that would otherwise arise as a result of the issue of the Ordinary Shares in the event that the Concert Party were to convert the B Loan Notes in full, subject to the approval, on a poll, of independent shareholders (the “Whitewash Resolution”). Accordingly, with the consent of the Panel, the Whitewash Resolution will be proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which will be set out in the Circular to be distributed to Shareholders shortly. Given Askar Alshinbayev’s and YF Finance Limited’s current interest is more than 10 per cent. of the issued ordinary share capital of the Company, and they are therefore a substantial shareholder, the entry into the Facility Agreement is deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies (“AIM Rules”). For the purposes of the AIM Rules, the Directors of the Company, having consulted with the Company’s Nominated Adviser, Strand Hanson Limited, consider that the terms of the transaction are fair and reasonable so far as its shareholders are concerned. Roy Kelly, Chief Executive Officer, commented: “We are delighted and appreciative that our major shareholder is backing our efforts to resolve legacy issues and increase our working capital. The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in.” A flash blog as I am away from my desk, and finally really only about England v Scotland at Wembley tonight and Royal Ascot in the rain…
johncasey: derampers out in force over at lse...some of the silly comments maisydaisy Price: 5.50 No Opinion RE: Nice and steady Roy...Today 07:31 Drills are dangerous to Share prices! Up, down, dusters ,funding etc. More concerned about finding paying end users. If ASKA goes ahead then no worries imho. Just a patient game sadly, everthing taking long time periods. 3cardbrag Price: 5.50 No Opinion RE: Nice and steady Roy...Today 07:18 Welcome news maisy but this is far from over . There's a very expensive and by no means risk-free Matanda drilling campaign to come and that means one thing. Heavy dilution. Still 75% down after 11 years and if this spikes to 8 or 9p today, I reckon I'm going to bale maisydaisy Price: 5.50 No Opinion Nice and steady Roy...Today 07:06 Cash paid - despite the doubters. All else still in progress unsurprisingly. Steady Roy at the helm. bigsmoke Price: 5.50 No Opinion RNSToday 07:06 Zzzzz
rayfenn: Gas supply from the Etinde field is very important to VOG. VOG to then sell gas on to AKSA power plant. Currently gas supplied from the Logbaba concession and sold to customers has a revenue split of 57% VOG / 5% SNH and 38% to the shysters at RSM. Matanda gas (if found) is currently 75% VOG and 25%W AFX If VOG can get gas from Etinde then 100% of the revenue for AKSA gas sales goes to VOG. Remember the gas from Etinde is a by product of their condensate production. I would guess that VOG might pay a token $1-2 per mmbtu for it. VOG have agreed a price of $6.75 from AKSA. Lets assume VOG get a net $5 per mmbtu. Min take or pay is 70% of 25 mmscf/d = 17.5 mmscf/d. 17.5 x 5 = $87,500 a day or $32 million a year. Based on a GSA being signed with AKSA then debt finance would be forthcoming to pay for the 60km pipeline from Limbe into Bekoko power plant. As this is all motorway then pipeline laying should be pretty easy along the route. No urban districts to go through. Just can't work out if the Etinde partners would process the gas in a suitable processing plant or if VOG would need to pay and build such a plant.
appychappy: Posted for HappySparrow, hope they don't mind....RE: AltaaqaToday 09:09interesting post from Rayfenn on advfn:' "We offered to develop, in less than a month in Douala, a 300 MW electricity generation project, which will immediately start producing electricity at less than XAF40 per kilowatt," said Zeynep Harezi, Karpowership's commercial director. All well and good but electricity generated by AKSA's new power plant works out at XAF28 per kilowatt based on paying VOG $6.75 per bbtu of gas. In other words elecy from the ship is much more expensive than from using VOG gas....'.From RNS 20/01/16: GDC price for gas to customers ranged from $9 to $16 per mmbtu, a weighted average price of more than $60/BOE.From RNS 26/06/17: Eneo contract extended to 31/12/17, and interim gas price of $7.5 mmbtu has been agreed. (They take more than 50% of our gas)From RNS 22/10/18 : average gas price to customers now about $13 per mmbtu.From RNS 24/12/18: Eneo contract renewed at gas price of $6.75-6.95 mmbtu.From the above, the point I wish to make is that if Karpowership produces at XAF40 per kilowatt, and AKSA at XAF28 per kilowatt (giving us $6.75 per mmbbtu), then there is considerable scope (a competitive price gap) to increase the price paid by Eneo for short-term supply through Altaaqa gensets at Logbaba power plant. Karpowership and Altaaqa gensets are the two current alternatives for an immediate increase in supply; whereas AKSA power plant (reliant on Etinde FID and pipeline build) is probably one year or more away. So, if Eneo needs supply asap, which their recent re-financing, their quick settlement with VOG, the recent powercuts, and the trouble with hydropower projects, all suggest, then I would not be surprised to see VOG negotiating $9+ per mmbtu for a one to two year contract. Ray - any thoughts on this? (perhaps post your reply and calculations, on the other side, please).
rayfenn: They were your exact words liar. You said VOG woudln't get a bean from ENEO. ENEO have paid $5 million and they did not get any gas for their money. There are no gensets at Logbaba and ENEO will not be taking gas anytime soon from VOG. The genset energy solution was only a temporary measure. It was never a long term plan. It is the likes of AKSA that is the long term plan for VOG. People buying at sub 4p like me have already got their money back with interest. You keep talking about the past. Move on. The past is history. VOG in the past was run into the ground by useless Directors who have all gone. I have NOT issued one single lie about VOG. When West Med is sold shortly then VOG will have no reason to raise money in the short term. They might raise soem cash at 10p+ in the medium term. Keep watching the share price like a hawk troll. You should have piled in like me. LOL Instead all you do is talk about the past. Roy Kelly is the real deal. 10p soon. Am I allowed to say that as a flag waver ?
speny: appychappy- the only obvious fact we can deduce is Vog required working capital, as they burn through it far faster than they earn it. The figure of £1.25m may well had been all Haldron were willing loan, and may have nothing to do with Eneo payments coming or the potential sale of West med. The recent news is somewhat positive, but it means absolutely nothing if its not backed up with revenue arriving at the bank. At this very moment there is no guarantee any of it will 100% equate to money in the bank, hence where the share price is today. I hope the sell west med for a nice chunk (although any offer will be low ball due to vogs desperate situation) and eneo decide to cough up in full, that will move the share price to maybe 12-15p.
rayfenn: You can just picture old pensioner SPARTY sitting in front of his PC watching the VOG share price like a hawk waiting for a tick downwards so he can post a comment.
rayfenn: You don't have get your knickers in a twist over fractional share price movements. What is wrong with you. I couldn't care less what happens the share price today or tomorrow or next week and I own lots of shares.
rayfenn: MALCY TODAY: Victoria Oil & Gas Victoria Oil & Gas has provided a general corporate and operational update on key matters this morning including Cameroon operations and a general corporate. Recent weekday production has been 5.5 to 6.0 MMscf/d gross gas, but with the usual daily and weekly fluctuations, with one customer returning having paid off aged debt, and one customer increasing its consumption for both power and thermal In addition, Well La-108 was brought online on 15 February. The well was initially producing on its own and more recently in combination with another well to ensure that operations could be managed given contrasting wellhead pressures. The well started producing significantly more water than the other wells, and above what might be expected as water of condensation. Analysis of this water suggests it is significantly fresher than formation water and thus likely composed of drilling and completions fluid lost from the drilling (which started in 2016), through to the attempted remediation in 2019 and then successful remediation in 2020. The water-gas-ratio stabilised at around 50 bbls/MMscf, and has fallen below this in the last week. This level of water production (up to 200 bbl/d) is being managed well by the operations team. We propose to produce a larger volume from the well and then carry out a pressure build-up test. Finding the water came as a surprise but the modest amount causes no operational problems and of course other wells have shown no sign of such liquids. With regard to West Med the company say, ‘We have signed a non-binding term sheet with a potential buyer of VOG’s wholly owned subsidiary, ZAO SeverGas-Invest (SGI), which owns the West Medvezhye (West Med) licence. This buyer has instructed recognised third-party specialist advisors to conduct what we hope will be final, confirmatory due diligence on the asset. This potential buyer has a period of exclusivity which runs to 31 May 2021. The asset was fully impaired in VOG’s accounts in 2014’. With regard to Kemerkol, ‘At the end of December 2020, VOG notified the Republic of Kazakhstan of its intention, failing an amicable settlement with the Government, to commence an investment arbitration under the Energy Charter Treaty. VOG has retained counsel and the arbitration is fully funded by specialist disputes funder Therium. The dispute arises out of a series of actions and omissions by the Government and its courts which ultimately deprived VOG of the value of its investment in the Kemerkol oil field located in Atyrau Oblast. After investing over US$35 million into the Kemerkol Field, Kazakhstan invalidated VOG’s rights to the Kemerkol Field, seized assets on site, and VOG was forced to suspend oil production in June 2008. In the event the Parties are unable to make concrete progress towards resolving their dispute amicably by the end of May 2021, VOG will commence proceedings. Kemerkol was fully impaired in VOG’s accounts in 2009′. At Matanda, well planning, procurement of long lead items and rig selection are underway, and the farm-out process has been started with several parties registering interest. The Environmental and Social Impact Assessment (“ESIA”) has been delivered for the Ministry’s consideration and the company are clearly very happy with progress here and that well planning is underway. With regard to New Age the LOI has expired and it is expected to ‘expedite discussions with SNH’ on the way forward in line with the Gas Code and Gas Master Plan. VOG will take offtake up to 25 MMscf/d from Etinde conditional on a number of points such as FID so it won’t be overnight, but over the longer term I imagine that the company could fill a substantial amount of gas sales. The RSM litigation continues to go through the courts and the first arbitration of the hearing panel is due in the 3rd week of April and it may take 3-6 months to deliberate and give their ruling. VOG continues to ‘vigorously defend the claims’ but this will take some time yet. Roy Kelly, Chief Executive of the Company, commented: ” We are very pleased at the significant progress that we have made as a company over the course of the past few months on a number of corporate and operational fronts. The company now has a well stock of four wells at Logbaba, albeit with very different production characteristics. The operations team have done a great job managing the different wellhead pressures during the multi-well operations, and the higher water production. In the Matanda license, we’re pleased with progress on the ranking of prospects and the start of the well planning phase. We have initial interest in the farm-out of Matanda but there is of course a long way to go in that process. The interest shown in West Med has been very encouraging and we have for the first time entered into a short period of exclusivity with a potential buyer as they conduct serious due diligence using well-known specialists. Of course, we know this may not result in a binding bid or a sale but is nonetheless encouraging.” I see VOG coming out of a long, difficult period in pretty good shape. From the above it can be seen that they have been very busy on a number of fronts and they will have to be sorted which I can see happening. The key parts of the company have a lot going for them, gas sales are up and continuing to rise and progress with ENEO would be a good way of taking the company forward even more. Messrs Kelly and Collins probably didn’t see it panning out quite like this but right now VOG shareholders have much to thank them for.
Victoria Oil & Gas share price data is direct from the London Stock Exchange
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