VOG 2005 New Thread

LONDON (ShareCast) - Victoria Oil & Gas (LSE: VOG.L - news) jumped today after the explorer focused in the former Soviet Union said it has secured Advertisement

£12.8m of extra funds through a placing with institutions and other investors.

The Aim listed group will place over 16m shares at 78p each and use the funds to progress its gas and gas condensate project in Russia and its Kemerkol oil project in Kazakhstan.

Victoria will now be able to well test operations at Well 104 and the drill and test Wells 106 and 103 at West Medvezhye in the Yamal-Nenetsk region of Russia. The money will also cover the re-entry of three shut-in wells, the drilling of one twin well, a 3D seismic survey, and further new wells and outstanding acquisition costs at Kemerkol