Victoria Oil & Gas PLC Bowleven General Meeting Result (5539Z)
March 15 2017 - 7:30AM
UK Regulatory
TIDMVOG
RNS Number : 5539Z
Victoria Oil & Gas PLC
15 March 2017
15 March 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")
Bowleven General Meeting Result
Victoria Oil & Gas Plc notes the result of the General
Meeting of Bowleven plc ("Bowleven"), requisitioned by Crown Ocean
Capital P1 Ltd ("COC"), convened in Edinburgh on 14 March 2017 and
announced this morning, which has resulted in several changes to
the Bowleven board.
VOG shareholders are also referred to the joint announcement by
VOG and Bowleven on the 6 March 2017 which summarised the Farm-Out
Agreement ("Agreement") signed between Victoria Oil & Gas Plc
and Euroil Limited, a wholly owned subsidiary of Bowleven.
Specifically, as set out in the detail of the conditions
precedent to closing of the proposed Farm-Out, it should be noted
that only VOG has the option to terminate the Agreement as a result
of Bowleven's General Meeting yesterday and resultant changes to
its board.
VOG continues to look forward to developing the Bomono project
with Bowleven and will shortly be in contact with the board of
Bowleven in this respect.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kevin Foo / Ahmet Dik / Laurence Read Tel: +44 (0) 20 7921
8820
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Stuart Faulkner / James Dance Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 20 7408 4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright / David van Erp Tel: +44 (0) 20 7448 0200
Notes to Editors
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 supplied with gas through a 50km pipeline network built by GDC
in Douala. Another subsidiary Gaz du Cameroon Matanda S.A is the
holder of 75% interest in the Matanda PSC.
GDC's gas supply to the thermal, grid power and retail power
markets in Douala, is helping to ensure that the Cameroon economy
is underpinned with stable energy. By developing a fully integrated
gas supply network, connected to wells located within the city
itself, GDC has established an energy supply within Douala that is
cost effective, reliable, safe and cleaner than liquid fuel
alternatives.
The Group 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. Given the challenging economic environment in Russia, The
Group has fully impaired the West Medvezhye assets and is seeking a
farm in partner or sale of this asset.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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