Victoria O&G Appoints New CEO

Junior firm Victoria Oil and Gas announced Tuesday that it has appointed John Scott as its new CEO.

Scott, who started out his career at BP, has more than 30 years' experience in the upstream and downstream sectors of the oil and gas industry, and in energy banking. He has served in technical and senior commercial roles with the British National Oil Company and Halliburton. He has also held various investment banking roles with Citigroup, Standard Bank and ABN Amro.

With its operations focused on Cameroon and the former Soviet Union, Victoria noted Scott's corporate finance experience in both West Africa and Russia.

Most recently, Scott served as an executive at Indus Gas – an oil and gas exploration company focused on Rajasthan, India.

Victoria Chairman Kevin Foo commented in a company statement:

"John has helped steer Indus through a period of major growth in shareholder value and has outstanding operational and transactional experience. We believe he is the right man to guide VOG through its transition to a successful mid-cap oil and gas company over the next few years."

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Victoria Now Fully Funded to Develop Cameroon Field

West Africa-focused Victoria Oil & Gas announced Wednesday that it was fully funded to meet long-term corporate objective and to commercialize its Logbaba gas discovery in Cameroon after raising approximately $36 million with institutional investors.

Victoria said the funds, along with a $15 million lending facility, will be used to fund the build-out phase of Logbaba project as the company increases production and sales. The company believes that having found substantial gas, established a market and completed an initial pipeline to that market, the optimal use of its capital is to complete the second phase of its pipeline, purchase power generation units and pay off existing financial and trade debts.

At the end of January the company reported that it now had 15 contracted customers taking gas at rates of 2.8 million standard cubic feet per day and that there remain a further 10 contracted customers awaiting conversion of their facilities to take gas. The firm has also identified more than 60 prospects for gas and/or on-site gas-fired power demand along existing and planned pipeline routes.

Victoria Chairman Kevin Foo commented in a statement:

"The last three years have been extremely challenging but we have become the first onshore gas producing company in Cameroon. We have made a significant gas discovery and in this period we have delivered gas to a hungry market. Our gas and condensate field lies in the heart of a city of three million people that is the industrial hub of Central Africa, with a rapidly increasing demand for energy and power."

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Victoria Finds More Customers for Cameroon Gas

West Africa-focused Victoria Oil & Gas (VOG) announced Wednesday that 15 customers are now taking gas from its Logbaba field in Cameroon. The firm said that since its last update in mid-December a further four customers have been commissioned and begun gas consumption, while another 10 contracted customers are awaiting conversion of their facilities to take gas.

VOG said that weighted average production is currently 2.8 million standard cubic feet per day for a standard operating week. The company, through its wholly-owned subsidiary Rodeo Development, holds a 95-percent interest in Logbaba and is the operator.

VOG added that it has identified more than 60 prospects for gas as well as on-site gas-fired power demand along the existing and planned route of its pipeline.

The firm also announced that Societe Generale has committed to a lending facility of $15 million, which VOG believes will satisfy a substantial part of its future funding requirements.

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Victoria Finds More Customers for Cameroon Gas

West Africa-focused Victoria Oil & Gas (VOG) announced Wednesday that 15 customers are now taking gas from its Logbaba field in Cameroon. The firm said that since its last update in mid-December a further four customers have been commissioned and begun gas consumption, while another 10 contracted customers are awaiting conversion of their facilities to take gas.

VOG said that weighted average production is currently 2.8 million standard cubic feet per day for a standard operating week. The company, through its wholly-owned subsidiary Rodeo Development, holds a 95-percent interest in Logbaba and is the operator.

VOG added that it has identified more than 60 prospects for gas as well as on-site gas-fired power demand along the existing and planned route of its pipeline.

The firm also announced that Societe Generale has committed to a lending facility of $15 million, which VOG believes will satisfy a substantial part of its future funding requirements.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here