Victoria Oil & Gas plc (VOG) said its financial situation was precarious after being ordered to pay $12 million to its partner, suspension of trading, and its inability to raise funds until a resolution is found. OPERATIONS The company’s wholly owned subsidiary Gaz du Cameroon S.A. (GDC) produces and distributes onshore gas in the port […]
Tag: Victoria Oil & Gas plc (VOG)
VOG seeks alternative rig provider for Matanda
Victoria Oil & Gas plc (VOG) said it was seeking an alternative rig provider for well operations at the Matanda onshore gas block in the port city of Douala, Cameroon. CONTRACTS The company, which is still suspended from trading on AIM due to financial uncertainty, produces and distributes gas through its wholly-owned subsidiary Gaz du […]
VOG temporarily stops trading after $12m award ruling
Victoria Oil & Gas plc (VOG)’s shares were yesterday suspended after an arbitral tribunal of the International Chamber of Commerce (ICC) ruled against the company’s subsidiary Gaz du Cameroon, making an award of US$12.1 million. NO DELAYS The dispute between GDC and RSM Production Corporation relates to previous work in Cameroon. The company said that […]
VOG to raise $1.15m with major shareholder Hadron
Victoria Oil & Gas plc (VOG) has agreed a US$1.15 million unsecured loan note with one of its major shareholders Hadron Master Fund. TERMS The company said it had entered into a definitive agreement and will receive the proceeds by 4 April 2022. VOG will repay 110% of the aggregate loan note principal amount without […]
VOG progresses with Matanda and Logaba gas operations
Victoria Oil & Gas plc (VOG) reported further progress from its onshore gas operations in Matanda and Logbaba in Douala, Cameroon. MATANDA In its report for Q4 2021, the company said its subsidiary Gaz du Cameroun S.A. (GDC) continued civil engineering work in readiness of drilling a vertical well at the Marula prospect. The company also continued […]
VOG granted one-year extension to Matanda Block licence
Victoria Oil & Gas plc (VOG)’s subsidiary and operator Gaz du Cameroun S.A. (GDC) has received a one-year extension for the Matanda Block licence in Cameroon. PROSPECTIVE RESOURCES The extension for the 1,235 km2 block which lies adjacent to GDC’s Logbaba concession is effective from 17 December 2021. VOG said its estimate of prospective resources […]