Victoria Oil & Gas PLC Energy Company of the Year Award
September 18 2015 - 2:00AM
RNS Non-Regulatory
TIDMVOG
Victoria Oil & Gas PLC
18 September 2015
18 September 2015
Victoria Oil & Gas Plc
("VOG" or "the Company")
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 17(th) 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 Cameroon 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 Malcom 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 Doula and London. VOG has made great
strides in the last 12 months and we are now a growing utility
company in Cameroon."
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kevin Foo / Laurence Read Tel: +44 (0) 20 7921 8820
Bell Pottinger
Daniel Thöle / Charles Stewart Tel: +44 (0) 20 3 772 2499
Notes to Editors
About Petroleum Economist
Petroleum Economist is a business magazine, publishing
high-level intelligence and analysis on the energy industry for a
global audience of C-level subscribers within IOCs, NOCs,
government agencies and financial institutions. Launched in 1934,
today it provides investors in 85 countries with the facts needed
to guide their decisions all along the value chain. Petroleum
Economist is owned by Euromoney Institutional Investor PLC, listed
on the London Stock Exchange and a constituent of the FTSE 250
Index. The brand is also renowned for its energy maps and also runs
several country conferences.
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.
Cameroon Energy Market
Cameroon is a stable African country that is host to a
developing economy serving most of Central Africa with goods and
services. A power deficit remains a major hindrance to Cameroon's
economic expansion. The power grid is reliant on hydroelectric dams
to supply 75% of power and the shortfall is made up from heavy fuel
oil and gas. Hydroelectric dams are highly seasonal, with stream
rates significantly varying from 6,000m(3) per second in the wet
season to 50m(3) per second in the dry season. As with many hydro
electrical systems transmission loss is also a constant issue when
balancing power loads across distances to different consuming
regions. The port-city of Douala is the major industrial zone
within Cameroon and it requires high levels of consistently
delivered grid power all year round. Currently Cameroon's energy
demand is growing at 7% annually and gas is seen as a key element
to Cameroons national energy strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRALPMATMBIBMAA
(END) Dow Jones Newswires
September 18, 2015 02:00 ET (06:00 GMT)
Victoria Oil & Gas (LSE:VOG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Victoria Oil & Gas (LSE:VOG)
Historical Stock Chart
From Apr 2023 to Apr 2024