LONDON, October 5, 2015 /PRNewswire/ --
Petroleum Economist
Recognises Victoria Oil and Gas as Energy Company of the Year
(Small Cap)
Victoria Oil and Gas (AIM: VOG), a gas
utility company with operations in the industrial port city of
Douala in Cameroon, is pleased to
announce its success at the 2015 Petroleum Economist Awards, held
on 17th September 2015 in
London.
VOG won the "Energy Company of the Year (Small Cap)" award.
VOG has been one of the few companies to successfully monetise
gas in sub-Sahara Africa by developing the Logbaba gas field in
Douala, Cameroon. It has done so
with the full support of the Government of Cameroon and its partner RSM of Denver. Through its subsidiary Gaz du Cameroun
S.A it is delivering gas to thermal and power customers in the
private sector and to grid power suppliers.
The Petroleum Economist Awards is an annual event designed to
celebrate the people, companies and projects which epitomise the
best of the global energy industry. The scheme's judges
included: Abdalla El Badri,
Secretary General of Opec; Torstein Indrebø, Honorary Secretary
General of the IGU; and Malcolm
Graham-Wood, founding partner of HydroCarbon Capital and
acclaimed industry commentator. The winners were announced at
a black-tie ceremony held on 17 September
2015 at Banking Hall, City of
London.
VOG Chairman Kevin Foo said: "We
are honoured to have been recognized with this award, as a
testament to the hard work and dedication of our teams in Douala
and London. VOG has made great
strides in the last 12 months and we are now a growing utility
company in Cameroon."
Notes
About Victoria Oil & Gas Plc
Victoria Oil & Gas (VOG.L) is a gas utility company with
operations in the industrial port city of Douala in Cameroon, which is the business hub to
Central Africa.
The Company's subsidiary, Gaz du Cameroun S.A. ("GDC"), supplies
cost effective, clean and reliable gas to industries in the Douala
region from its onshore Logbaba Gas Project. Industrial customers
are primarily supplied with gas through a 31.3km pipeline network
built by GDC in Douala.
Through thermal gas supply and provision of energy to the Douala
grid, under the ENEO terms of agreement, GDC is helping to ensure
that the Cameroon economy is
underpinned with stable power. By developing a full integrated gas
supply network, connected to wells located within the city itself,
GDC has established a new range of energy product types within
Douala that are cost effective, reliable, safe and cleaner than
liquid fuel alternatives.
The Company generates cash flow from the Logbaba Project which
is 60% owned and managed by GDC, with RSM Production Corporation,
an affiliate of Grynberg Petroleum Company of Denver, Colorado holding a 40% participating
interest.
VOG also holds 100% of the West Medvezhye oil and gas
exploration project near Nadym, Russia. The field has C1 plus C2 reserves of
14.4mmboe (under the Russian resource classification system,
analogous to proven and probable reserves under Western
conventions) in addition to best estimate prospective resources of
1.4bboe.
RNS Reach Number: 4735Z
Victoria Oil & Gas PLC (AIM: VOG)
For further information
visit http://www.victoriaoilandgas.com