Executive Summary
Victoria Oil & Gas plc (LON:VOG) is an independent oil and gas E&P business that focuses in particular on projects in prolific hydrocarbon producing regions of Africa and the Former Soviet Union. VOG's key assets are the Logbaba gas and condensate project in Cameroon (60%), the West Medvezhye gas field in Siberia (100%) and and 100% of the Kemerkol oil field in Kazakhstan (100%). Victoria's major shareholder is a Middle Eastern consortium led by Dhabi-based investment house, Noor Capital which made a £20m investment in early 2008.
Assets
Logbaba is located in the northern Douala Basin within the eastern suburbs of Douala, the economic capital of Cameroon.
The field was discovered in the 1950s by Elf Serepca who drilled four exploration wells, each of which flowed gas. Three wells were tested and delivered rates between 12Mmcf/d and 62Mmcf/d.
An independent reserve report by RPS Energy in July 2008 estimated 2P reserves for a limited part of the field at 64 bcf with an NPV 10 valuation of $169m.
West Medvezhye is situated in the Yamal-Nenetsk region of Siberia, the largest gas producing region in the world and is near Gazprom’s main Medvezhye field which has been in production since 1972.
An independent reserve audit by Degolyer and MacNaughton estimated gross prospective resources for West Med of over 1.1 billion barrels of oil equivalent.
Kemerkol lies in the Atyrau Oblast of Western Kazakhstan, close to a number of producing oil and gas fields. This deposit of 65 square kilometre licence has oil reserves and resources of C1-8.7 Mmbbl, C2-26.3 Mmbbl, C3-25.1 Mmbbl.
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Victoria Oil & Gas considers that the Russian and the Central Asian Republics, which account for some of the largest hydrocarbon deposits in the world, represent an attractive area for investment. Oil production in the key ?Caspian? countries, namely Kazakhstan, Azerbaijan and the Caspian Sea Region, has doubled during the last ten years and is expected to double again by 2010.
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