LONDON, October 5, 2015 /PRNewswire/ --
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 17th 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 Cameroun S.A 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 Malcolm 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 Douala and London. VOG has made great strides in the last 12 months and we are now a growing utility company in Cameroon."
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.
RNS Reach Number: 4735Z
Victoria Oil & Gas PLC (AIM: VOG)
For further information visit http://www.victoriaoilandgas.com
SOURCE Victoria Oil & Gas Plc