Small article in today's Telegraph about VOG. See below.
City trader
(Filed: 30/12/2005)
Victoria Oil & Gas yesterday raised £13.1m in a share placing that was two and a half times over-subscribed as investors flocked to the company that last month discovered it was sitting on vast natural gas reserves in Russia.
The Aim-listed energy minnow said it had placed 16.8m new shares at 78p each - a deep discount to the share price - to raise money to "maintain momentum on key projects". The shares, which jumped three-fold in November on news of the gas discovery, rose a further 10 yesterday to close at a fresh high of 124.5p.
A study carried out in the autumn showed reserves at the West Medvezhye gas field in Russia could contain as much as 2,300 billion cubic feet of recoverable gas - equivalent to about 13pc of proven natural gas reserves in the North Sea and elsewhere in Britain.
The company is waiting for further confirmation from a thorough report due in about a month's time.
Victoria also runs two smaller development projects in Kazakhstan.
Energy companies are in the spotlight after a steep rise in wholesale gas prices in Britain. Last month prices quadrupled to as much as 170p a therm.
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