Annual Report & Accounts 2012

1. Victoria Oil & Gas Plc
Annual Report & Accounts 2012
Growing
Production
Output
Clean and
Reliable Energy
Supply
Measuring
Progress

2. About Us
Victoria Oil & Gas is an oil and gas exploration and
production company with projects in Africa and the FSU.
The Group’s assets are 95% of the Logbaba gas and
condensate field in Cameroon and 100% of the West
Medvezhye oil and gas project in Siberia. Both projects are
operated by Victoria. The Company’s flagship development
asset is Logbaba, which commenced continuous production
operations in July 2012, located in the eastern suburbs of
Douala, the economic capital of Cameroon.
Since 2009, Victoria has invested over $100 million into the
Logbaba project including two wells, production facilities
and a pipeline reaching the main customer hub in the
economic capital of Douala. Production is set to ramp-up
significantly throughout the remainder of 2012 and during
2013. The Company anticipates cash flow break-even going
forward for the Group by the end of 2012.
Contents
Highlights 1
Objectives & Strategy 2
Logbaba Production Growth 2
Key Points 3
Map of Logbaba Operational Area 4
Cameroon: Process & Customers 4
Map of West Medvezhye 5
Progress 5
Chairman’s Statement 6
Logbaba: Project History & Market Discussion 7
Review of Operations 11
West Medvezhye: History & Market Context 14
Directors’ Biographies 16
Senior Management Biographies 17
Directors & Other Information 18
Directors’ Report 19
Statement of Directors’ Responsibilities 23
Independent Auditor’s Report 24
Consolidated Income Statement 25
Consolidated Statement of Comprehensive Income 25
Consolidated Balance Sheet 26
Company Balance Sheet 27
Consolidated Statement of Changes in Equity 28
Company Statement of Changes in Equity 29
Consolidated Cash Flow Statement 30
Company Cash Flow Statement 31
Notes to the Consolidated Financial Statements 32
Notice of Annual General Meeting 63
Notes to the Notice of Annual General Meeting 64
Glossary
Victoria Oil & Gas Plc Annual Report and Accounts 2012

3. Highlights
Logbaba Operational Highlights
Review
Continuous production operations commence at Logbaba in July 2012
Current peak production in excess of 1 mmscf/d
Production forecasted to reach 5 mmscf/d by the end of 2012
Commissioning of the process plant and 13.2km of pipeline to and
Governance
around Central Douala
Company increases participation in Logbaba to 95%
VOG becomes the first gas producer ever in Cameroon to supply the
industrial market
19 Gas Sales Agreements signed to raise steam/heat at $16/mmbtu
Accounts
($16/mcf)
13 Power Proposals delivered to customers of which 6 have advanced
to LOIs
The Phase 1 pipeline area (red route on map on page 4) is now complete
Other information
Independent CPR on the Logbaba gas and condensate field confirms a
50% increase in total 1P Reserves and 1C Contingent Resources
Independent Douala gas market study provides positive assessment of
Logbaba demand and supply considerations
Financial & Other Highlights
$16.4 million of equity finance and $5.5 million of debt raised in the year
$22.8 million invested in Logbaba project
Strengthening of senior management team with appointment of a
Director of Projects and additional sales staff
Macquarie Capital (Europe) Limited appointed as joint corporate broker
Senior secured debt facility expected to close in Q4 2012
Recent Milestones
2008 2009 2010 2011 2012
Victoria Oil & Gas enters In September, VOG The two-well drilling The President of the Commencement of
Cameroon in December spuds the first well, programme was Republic of Cameroon, continuous gas and
and becomes operator of La-105, the first onshore completed successfully; S.E. President Biya, signs condensate production
Logbaba. well in Cameroon since well La-105 tested at the Exploitation Licence operations in July.
the 1950s. 55 mmscf/d and La-106 on 29 April.
Year-end expected
tested at rates up to
First delivery of gas in production rate of
22 mmscf/d.
December. 5 mmscf/d.
Victoria Oil & Gas Plc Annual Report and Accounts 2012 1

4. Objectives & Strategy
Logbaba: 2011-12 Progress Logbaba: 2013-14 Aims
Become a mid-size E&P player by 2015 Flow 1 mmscf/d in July 2012
Flow 20 mmscf/d by end of 2013
Flow 5 mmscf/d at end of 2012
through organic growth and acquisition
Supply 40 customers in Douala
First gas to power in country
Focus on core area of West Africa and surrounding area
Pipeline Phase 2 commences Complete Pipeline Phases 2 & 3
Build on cash flow from Logbaba to fund
Attain positive cash flow from Introduce new technologies such
further exploration and development operations as compressed natural gas
opportunities
West Med: 2011-12 Progress West Med: 2013-14 Aims
Become a leading player in new thermal and Processing of new well data and Aim to secure Farm-in partner in
power projects in Cameroon surveys completed 2013
Acquisition of opportunistic, undervalued Submitted drilling candidate
locations for next drilling Complete winter road and drill pad
assets/distressed sellers programme
Announced 300 million boe
increase in gross prospective Complete drilling design project
resources to 1.4 billion boe
Obtained approval from Russian
Plan for drilling to start in Q4
Ministry for development plan of
2013
an Early Production Scheme
Logbaba Production Growth with Attractive Margins
from Sales to Industry
Independent Assessment of Forecast Peak Production
2 Victoria Oil & Gas Plc Annual Report and Accounts 2012

5. Key Points
Logbaba
Review
Customer Specific Benefits
(Thermal)
First natural gas supplier in Cameroon Energy demand is met by high-
cost liquid fuels (diesel and fuel
95% interest and operatorship in the Logbaba gas and condensate field oil) priced off international
benchmarks
Located in the heart of a substantial industrial and energy-hungry region
Natural gas supply contracts
Own and operate whole gas supply chain from wellhead to customer create approximately 30% total
Governance
cost savings
Excellent relationships with strong government support Improved boiler efficiencies and
longer life through reduction of
Diverse industrial customer base within 10km of wellhead scaling and soot
Reduced pumping, storage and
19 thermal gas sales agreements (“GSAs”) signed including multi-nationals heating costs of liquid fuels
GSAs have 20-year exclusive gas supply arrangement with price fixed at Reduced maintenance costs and
Accounts
less downtime
US$16/mmbtu ($16/mscf or $96/boe) for first 5 years
6 Letters of Intent signed for power Customer Specific Benefits
(Power)
Field production anticipated to reach 5 mmscf/d by year-end 2012 Cameroon industry challenged
with constant blackouts and
Forecast gross production to increase to 20 mmscf/d by year-end 2013 brownouts hampering expansion
Natural gas-fired power solutions
Other information
Current condensate yield of 18 bbls/mmscf will increase control and reliability
of energy delivery
Gross 2P reserves of 212 bcf of gas + 4 mmbbls condensate
Customers can expect significant
cost savings with a reliability
Outstanding potential in other areas of the Logbaba licence area premium
Additional 1 tcf gross best estimate prospective resources
Benefits for Cameroon
Advance of gas will pave the way
for increased industrial expansion
and foreign direct investment
Environment benefits: gas energy
of choice with fewer emissions
West Medvezhye
Major potential with best estimate prospective resources of 1.4 billion boe
Classical prolific West Siberian geology; targeting structural and
stratigraphic traps
2013 drilling programme catalyst for re-rating of VOG
4 wells drilled, one discovery well (Well-103)
Well-103 has C1+C2 Reserves estimated at 14.4 million boe
Recoverable Resources (C3) estimated at 170.6 million boe
Approval of Early Production Scheme by Russian Ministry of National
Resources
Early production facility to truck oil to Nadym, located 40km away, with
$60/bbl achievable
Victoria Oil & Gas Plc Annual Report and Accounts 2012 3

6. Map of Logbaba Operational Area
Total Existing and Potential Identified Customer Base
Cameroon: Process & Customers
Signed Thermal Customers and
Power LOIs
Gas for customers heat and power
requirements represents a market
anticipated to be in excess of 50 mmscf/d
over the medium term
Thermal GSAs
Food Processors Metallurgical
Imperial Foods 7 Coulée Continue 1
BSF 8 Laminoir n/a*
Camlait I 10 Prometal 3
Camlait II 23 Metafrique 6
Parlite Foods 27
Other
Chemical Industry SOLICAM 2
The gas processing facility drops
the pressure of the gas from the Plasticam 15 CICAM 12
well conditions to the sales gas HACC 18 Pack Industry 28
specification by separating and Unalor 19
stabilising the condensate and
water produced. VOG has LGCCA 21 Power LOIs
developed a local market for gas CCC* 51 Camlait 10
for heat/steam generation and CICAM 12
gas-fired power.
Breweries Plasticam 15
SABC I 9 Biopharma I 30
Guinness 13 Biopharma II 30
CCC 51
* New customer – spur line to be constructed
4 Victoria Oil & Gas Plc Annual Report and Accounts 2012

7. Map of West Medvezhye
Review
Governance
Accounts
Other information
Progress
Reserves Reserves
Survey Drilling 1 estimate 1 Drilling 2 estimate 2 Construction Production Supply
Logbaba
West Medvezhye
Net Proved and Probable Reserves Net Prospective Resources
Oil & Condensate Gas Total Oil & Condensate Gas Total
(mmbbls) (bcf) (mmboe) (mmbbls) (bcf) (mmboe)
Reserves Prospective Resources
Logbaba Field 4.0 201.4 37.6 Logbaba Area(2) 19.0 950.0 177.3
(1) (3)
West Med 103 Discovery 11.8 15.6 14.4 West Med Block 721.5 3,902.3 1,416.6
Total Reserves 15.8 217.0 52.0 Total Prospective Resources 740.5 4,852.3 1,593.9
(1) (2)
Victoria’s West Med Reserves, as approved by the Russian Ministry of Blackwatch estimate (2012).
(3)
Natural Resources, are classified as C1 and C2 reserves according to Mineral estimate (2011).
Russian convention and are broadly comparable to the Society of
Petroleum Engineers proved, probable and possible reserves Western
classification.
Note:
In addition, in September 2012, the Company announced an independent
CPR on the Company’s proved reserves only where ERC Equipoise Limited
assessed 1P reserves of 39.1 bcf plus 32.7 bcf of 1C contingent proved
resources.
Victoria Oil & Gas Plc Annual Report and Accounts 2012 5

8. Chairman’s Statement
Turning on the Taps
There have been a number of very positive developments on our
projects in 2012, most notably the commencement of continuous
production at the Logbaba Field, Cameroon (“Logbaba”) in July
2012. We are very proud of what we have achieved over the course
of three years. We landed the first onshore rig for over fifty years in
country and successfully completed two wells. Today we have a A boiler house at SABC. VOG is substituting
cornerstone project with robust and increasing domestic demand for heavy fuel oil and waste oil used in raising heat
with natural gas.
our gas and the supply capability to meet it. These key elements have
been independently verified as part of due diligence requirements for
a debt financing package that is close to being finalised. Our key
priority remains to ramp up gas off-take volumes through
conversions of existing contracted customers, in order to strengthen
the financial position of the Company and attain positive cash flow
for the Group.
Review of the Markets to move from an exploration and and around central Douala. We have
Throughout 2012, the global economy development company into one with installed nine pressure reduction and
has continued to slow with a mixture of continuous production and cash flow. metering stations (“PRMS”) at our
an austerity constrained Euro-zone and We have now achieved this and, in customers’ premises. The PRMS units
lower growth in emerging economies doing so, have distinguished ourselves reduce the gas pressure in accordance
and China in particular. The US has from the majority of our peers which with the customer’s acceptance
shown some green shoots of recovery are solely reliant on the equity capital requirements and measure the volume
having performed better than other markets for funding. of gas transmitted. This data is then fed
major developed economies, but further back to our control room at the
Production and cash flow from our
rounds of quantitative easing, high production plant. We have since ordered
flagship Logbaba project are set to
levels of unemployment and an additional 20 PRMS units which are
ramp-up significantly over the coming
forthcoming cuts to the federal budget expected to arrive in country before the
months as contracted customers
indicate that confidence will be fragile end of November 2012. These units
continue to come on line. This will
in the global economy in 2013. have been produced to individual
provide a solid platform for growth and
customer requirements and reflect our
Despite this, Africa has become a “hot the foundations upon which I believe we
platform for continued production
address” for investors this year with a can progress this Company into a
growth over the coming months.
considerable amount of corporate mid-market integrated E&P company.
activity in both East and West Africa. On a broad scale, one of Africa’s most Completion of the downstream works
However, many junior exploration critical problems is provision of reliable culminated in our announcement of
companies continue to see depressed energy. We believe that we have continuous production operations in July
share prices as investors’ price in established a strategically important 2012, by which time our first three
funding difficulties in the absence of solution for the provision of locally customers had completed their own
cash flow from production. I believe sourced energy. Furthermore, we believe conversion requirements downstream of
that during these challenging economic that this model, and our expertise, can be their PRMS unit and were able to accept
times, the now-producing Logbaba exported to many other countries within gas. We currently have four customers
Project is an exceptional project, as it is Africa, potentially forming a significant connected, with an aggregate peak off-
local conditions rather than global part of our future business strategy. take of in excess of 1 million standard
factors that will ensure its success and, in cubic feet per day (“mmscf/d”) and
Operational progress at Logbaba was
turn, the performance of this Company. average daily volumes (7 day week) of
maintained at a steady rate throughout
0.7 mmscf/d.
the financial year, with completion of all
Logbaba, Cameroon
of the key downstream elements of the Since July 2012, customer conversions
RDL 95% operated interest
project. This included the re-opening have not advanced at a rate I would
I am very satisfied with the progress
and commissioning of wells La-105 and have hoped for or expected, but I would
achieved by the Group throughout the
La-106, installation of the production like to reassure you that this does not
financial period and to date. In this
facilities and the completion and unduly concern me or impact on the
financial climate, it was essential for us
commissioning of 13.2km of pipeline to long-term fundamentals of this project.
6 Victoria Oil & Gas Plc Annual Report and Accounts 2012

9. Logbaba: Project History & Market Discussion
Logbaba is located in the city of Douala, onshore Cameroon. highlighted that industry in Douala is beset with chronic power
Review
The field was discovered in the 1950s by Elf SEREPCA with shortages and suggested that firms faced 128 outages in 2009
four wells that encountered gas and condensate in multiple which represented a total of at least 16 days. It is the
reservoir layers. No gas-water contacts were detected in any of unplanned nature of the outages when the grid overloads from
the sands encountered. The gas bearing reservoir sands are of excessive demand that causes the greatest disruption and
Campanian and Santonian age of the Logbaba Formation. cost to many industries as raw materials in process at the time
Exhibit 1 is a time structure map on top upper Logbaba. get thrown to waste. Therefore, customer benefits will be both
contracted monetary savings versus the local power supply
VOG owns and operates, through its subsidiary RDL, a 95%
Governance
charges, as well as savings resulting from less disruption costs
interest in the Logbaba gas and condensate project. Since
and the lost productivity that they regularly experience.
the beginning of September 2009, VOG has drilled two
appraisal wells which were completed as producers, installed The Company’s power contract prices will be individually
2 x 20 mmscf/d gas processing trains and installed 13.2km of tailored to each individual customer given that they will require
pipeline to deliver gas to industrial centres in and around different technical solutions and have different operating
central Douala. The Logbaba field is located onshore, on the regimes i.e. days worked per week and hours worked per day.
doorstep of the industrial city of Douala (approximately 4km Factors that will influence contract pricing include the quality of
Accounts
from the city centre) and has gross proved and probable the generator required, monthly load factor and daily variable
reserves of 212 bcf which is sufficient to supply an average of load of the customer, operating regime and the desirable
30 mmscf/d (approximately 5,000 boe per day) to the market contract term. In addition, VOG is requiring some level of ‘take
for the next 20 years. The proximity of the reserves to our or pay’ commitment in the contract in order to justify the
market, the industrial customers in Douala, represents a investment in the gas-fired generators which the Company will
distinct competitive advantage enabling infrastructure build out pay for unless the buyer wishes to own and operate their own
to deliver the gas to customers at significantly reduced cost. mini-plant/generator. Each contract where VOG is contracted
The initial target markets for Logbaba's natural gas are to sell power will have three pricing elements:
Other information
industrial customers in Douala for: > A monthly fixed charge to cover the cost of the generator
> Substitution of heavy fuel oil and waste oil used to generate over the contracted term;
heat with natural gas (thermal); and > A monthly O&M charge to cover the cost of maintaining the
> Power generation at customer sites using natural gas generator based on kwh consumed; and
displacing grid power (on-site power). > A monthly volume charge to cover the cost of the gas
utilised in generating electrical power.
Douala, the economic capital of Cameroon, is an energy
intensive city with a great variety of light and heavy industry. It The total contracted price to the customer will vary but is
also serves as the principal deep water port for all of the six estimated to be similar to thermal contract pricing. The volume
member states of Central Africa. Examples of charge to the customer will once again vary depending on the
Cameroon/Central African industry that reside here include efficiency of the electrical conversion process but is estimated
breweries, metallurgical foundries, food processing plants, to be in the range of $10-$16/mmbtu ($10-$16/mcf) on a gas
chemical plants, textile and packaging industries. equivalent basis. In the short term, to expedite the sale of
power and meet with clients wishes to replace grid power
VOG has secured a large local market to replace liquid fuels
provision as soon as possible, VOG will supply power to some
consumption to generate heat, including heavy fuel oil and
customers with the employment of rental power generators.
waste oil. These ‘competing’ fuels are priced according to
When the permanent power units become available, VOG will
international indices and are currently estimated to cost the
swap out the rental equipment with the permanent fixtures
customer on average in excess of 30% more than VOG’s
under the same contract. The standard contract terms being
contracted gas price. The Company has entered into ‘pay-as-
discussed with the customers are for ten years.
you-go’ gas sales agreements with customers to sell gas at
$16/mmbtu (ca. $16/mcf) with prices fixed for five years and the VOG has publicly declared production targets of 5 mmscf/d
contract term lasting 20 years. After conclusion of the first five day for year-end 2012 and 20 mmscf/d for year-end 2013.
year period, prices are fully re-negotiable between the seller
and the buyer. The buyer has no minimum contractual volumes
stipulated in his contract but is economically incentivised to
take our gas over more expensive liquid fuel alternatives. Exhibit 1: Well location map, Logbaba Field, on Top Upper Logbaba time
structure (TWT).
A recent independent study on pricing in Cameroon,
commissioned by VOG, estimated that the dated Brent
benchmark for crude would need to fall to a price below
$63/bbl to make competing liquid fuels more attractive.
In addition to gas for thermal heat requirements, VOG is
signing power contracts with industrial customers. The
Company has secured LOIs to replace power sourced from the
local grid, the primary power source of electrical energy, with
the employment of gas-fired power generators on the
customer premises. These generators will deliver a more
reliable power supply than the existing grid network where
power demand from the network far outstrips supply causing
significant problems for the customer. The pricing of VOG’s
power contracts will represent a significant saving for the
customer but a reduced saving compared to thermal contracts.
The principal attraction and focus of the customer is the
significantly increased reliability of this energy solution. For
example, a World Bank report on Cameroon in 2011
Victoria Oil & Gas Plc Annual Report and Accounts 2012 7

10. Chairman’s Statement continued
We also have a highly prospective market
for the direct supply of power. The lack
of a reliable power supply in Douala is a
major concern cited by industries in the
region, as it limits expansion plans and
causes major operational and production
issues including wastage, equipment
damage and cost overruns. The Company
has an established independent
distribution network (with Phase 1 of
the pipeline completed) that will allow
us to deliver a ‘total energy solution’ to
VOG has two wells, 2 x 20 mmscf/d
industrial customers to fulfil all their heat
production trains to condition and
and power requirements.
separate the gas and condensate, its
own pipeline distribution network and is While the gas to power market represents
rapidly developing a market with over 60 a larger and more lucrative opportunity
identified customers for gas and/or over the medium term, the Company has
power. 25 have already signed only recently engaged in contractual
contracts/LOIs and we expect a very discussions with customers regarding the
high conversion rate for the remainder. provision of power, as the capital cost to
the customer is higher, relative to thermal
conversion costs. Each solution must also
Under the terms of our gas sales > Contracting burner commissioning be individually tailored to a customer’s
agreements, the customer’s agents from one of three principal needs and generic solutions cannot be
responsibility is to complete all works manufacturers in a timely fashion has pre-ordered. This is explained more fully
required downstream of the PRMS proved challenging. These companies in the Logbaba History and Market
unit. This involves a cost to them on had a limited presence in Cameroon Discussion on page 7. With the Company
average of $50,000-$100,000 including and we are working hard to rectify this. having had continuous production
project management costs, engineering operations for approximately four
Throughout this process, however, we
design and installation of a dual fuel gas months, our customers are now able to
have gained valuable experience with
burner and a gas spur line from the witness a reliable gas distribution network
respect to customer conversion
boiler to the PRMS unit. The payback in place, which we anticipate will help
requirements and in-country contractor
for all signed customers is estimated to facilitate their investment decision on
competencies, and we are now taking a
be less than six months. The challenges committing to a gas generator through
greater role in assisting clients to
that we have encountered include the our proposed payment structure.
connect to our gas network. There have
following factors:
been two instances where we have We have recently sent 13 power offers to
> Not all customers have the skills
completed the prerequisite works for customers, of which six have been
required to undertake pipe work,
our customers and now that we have converted to Letters of Intent (“LOI”s),
burner and boiler specification,
continuous production operations and and we expect the first contract to be
construction work and project
satisfied customers, there is a backlog of signed in November 2012. With this
management.
additional customers waiting to be first power coming on line, together
> Some customers employed local
connected to the grid. I am confident with the thermal gas demand outlined
contractors who were not sufficiently
that we will have a minimum of 15 above, the Company anticipates year-end
qualified to undertake the works and
customers taking in excess of 3 mmscf/d production of 5 mmscf/d.
as a result failed the inspection and
of thermal gas by the end of 2012.
integrity tests set by Bureau Veritas, I am very optimistic about the
our pipe work inspectors. As a Our gas sales and marketing team have remainder of 2012 and our Company’s
company, we have a commercial identified over 60 suitable thermal prospects into 2013. Logbaba is a
interest, and a duty of care, to ensure and/or power customers in the region, fantastic project to be involved with. We
all works are performed in a safe and as represented in the map on page 4 of are in a privileged position to have a
robust manner and we have therefore this report. To date, we have signed 19 project which is neither demand nor
become much more involved in gas sales agreements (“GSAs”) for the supply constrained for the foreseeable
contractor qualification and selection. provision of thermal gas and the team is future. Both of these statements have
> While customer awareness for the very much focussed on finalising contracts recently been independently verified
project is high, there has been a in the Phase 1 pipeline area to maximise through third-party competent person’s
degree of hesitation in converting to revenue opportunities until we are in a reports produced by Challenge Energy
a new energy source and paying for financial position to embark on Phases 2 Limited (“Challenge”) and ERC
the alteration work. and 3 of the pipeline construction. Equipoise Limited (“ERCE”).
8 Victoria Oil & Gas Plc Annual Report and Accounts 2012

11. Chairman’s Statement continued
To date the Company has road in preparation for construction of
Review
exported five tankers of
condensate to the Limbe
a drilling pad planned for Q1 2013. We
refinery, located 60km will then look to qualify and finalise a
from the city of Douala.
selection of contractors for the next
drilling programme over the coming
months as well as contractors to
perform the logging and well-test
Governance
operations. The Company will then
commence drilling during the winter of
2013/2014 in targeted locations which
have been defined by the Mineral study
in the Well-103 area.
VOG owns and operates the entire supply Based on our recent geotechnical work,
Accounts
the Company believes that Well-103
chain from the wellhead to the final was drilled on the edge of a significant
consumer. We feel this is a considerable structure. Our next drilling campaign, if
in line with management expectations,
achievement and offers us a strategic could lead to a very significant reserve
advantage. upgrade for the Company in the Upper
Other information
Jurassic as well as the Lower Cretaceous
Achimov layers.
In light of the enhanced prospectivity of
A Gas Market Study, undertaken by extremely hard to meet our publicly
the asset, we would have liked to finance
Challenge, a leading advisory stated targets and are confident that
this drilling programme ourselves.
consultancy group to the oil and gas these targets will be achieved.
However, the Company is planning to
industry, highlights a very positive
farm-out a portion of its interest in West
assessment of the Logbaba project, West Medvezhye
Med to preserve capital and forge ahead
concluding: “VOG’s strategy to 100% operated interest
on the infrastructure roll-out and
displace refined products consumed by Progress at West Medvezhye (“West
customer expansion at Logbaba. We
industrial customers for thermal heat Med”) during the financial period and
have begun this process with some
generation and substituting grid power to date has been very pleasing and we
selected screening of potential candidates
in the major industrial centre of Douala have made two very notable
and anticipate concluding a farm-out
is robust and reasonable with few advancements on the project.
process by Q4 2013. We do not intend
material risks.” Challenge’s assessment
I have always maintained that West Med to use cash flow from Logbaba to fund
of gas and gas-to-power market
has the potential to become a company- exploration in West Med.
performance and growth split by phase
maker. Whilst we have a fairly modest
is highlighted on page 2. I often feel that West Med is overlooked
discovery to date of 14.4 mmbbls of oil,
to some degree by investors in our overall
In October 2012, we announced an there is very exciting geological potential
asset portfolio but its significance should
independent reserves estimate completed on the block and this was confirmed by
not be forgotten. Our first production
by ERCE on the Company’s proved an independent geological modelling
from West Med is currently estimated to
reserves. This was commissioned by the study and resource audit carried out by
begin in 2016 and should provide a
Company in relation to a debt funding Mineral LLC (“Mineral”). Following
strong platform for production growth
proposal that we are advancing. ERCE completion of their report in August
and cash flow over the medium term.
concluded a 50% increase in total 1P 2011, the Company announced an
Reserves and 1C Contingent Resource increase in best estimate unrisked
Management Changes
gas volumes with 1P (“Proven”) Reserves prospective resources in excess of
VOG has strengthened its senior
of 39.1 billion cubic feet (“bcf”), plus 300 million barrels of oil equivalent
management this year with the addition
32.7 bcf of 1C Contingent Resources (“boe”) to over 1.4 billion boe.
of a new Director of Projects, Neil
leading to a total potential 71.8 bcf of
The second notable achievement was the Kendrick, a professionally qualified
producible gas (gross), plus 1.14 million
approval of the development plan for an Mechanical Engineer and Project
barrels (“mmbbls”) of condensate. This
early production scheme by the Ministry Manager who has held a number of
endorses our supply capability for the
of Natural Resources in August 2012 for senior management and executive level
foreseeable future.
Well-103 and the surrounding area. We positions over the past 25 years with
I look forward to the coming months are making good progress at West Med both publicly and privately held
and years with genuine optimism. We with a well defined project and scope of companies in the oil and gas sector. As
have made great progress on the works for the next three years. Director of Projects, Neil is responsible
Logbaba project during the financial for all aspects of project delivery and is
We have commenced building a winter
period and beyond. We are working currently concentrating on leading the
Victoria Oil & Gas Plc Annual Report and Accounts 2012 9

12. Chairman’s Statement continued
VOG turned on the taps for the first time
in December 2011 when it commissioned
the process plant and the first 4.5km
section of pipeline. This was the first
ever commercial application of natural
gas in Cameroon.
customer conversion effort in Logbaba which may require additional funding in As anticipated in last year’s accounts,
and growing the business in Cameroon. the future. During the financial period RSM Production Corporation (“RSM”)
the Company successfully raised has initiated arbitration proceedings in
Under the leadership of Jonathan Scott
£10.1 million in equity to continue to relation to the forfeiture of their
Barrett, Managing Director of RDL, the
fund the development of its projects in interest in Logbaba. Since the initial
Company has expanded its sales and
Cameroon and Russia and for the Request for Arbitration was made by
marketing team in Douala with the
Group’s working capital requirements. RSM there have been significant delays
addition of dedicated professionals to
In addition, the Company drew down in the selection of the arbitrators and
help lead the effort in country. The team
$5.2 million under a short-term finalisation of the terms of reference,
has done an excellent job having signed
unsecured $8 million loan note facility. which were only agreed in final form
up 25 customers to date, including power
By the end of the period VOG has between the parties on 19 October
LOIs, and has identified a total of over
invested a total of $103.7 million in 2012 and are expected to be signed
60 existing customers and prospects.
Logbaba and $41.6 million in West Med. shortly. We will vigorously defend the
Philip Rand stepped down as Non- claims and our UK and US lawyers view
Subsequent to the financial year-end,
Executive Director this year to pursue is that the forfeiture should be upheld.
the Company raised a further
another opportunity that requires a The arbitration is currently expected to
£3.15 million in equity. These
greater degree of international travel take place in June of next year.
additional funds were drawn as a bridge
and a full-time commitment. We are
to positive cash flow from operations at I would like to thank all VOG employees,
grateful for Philip’s service to the
Logbaba. The Company expects to my fellow Directors and contractors who
Company over a number of years and
reach positive cash flow for the Group have participated in our progress this year.
wish him well in his future endeavour.
going forward before the end of the year. We have had some really notable
Going forward, we are also looking to achievements and I look forward to
In addition, the Company is currently
strengthen the Board with the expected carrying on our work together to
negotiating a large senior secured
addition of one or two directors in the continue to optimise our asset base going
revolving credit facility with a top-tier
near future, including an active search forward. I would also like to thank all our
financial institution to fund its ongoing
for a CEO to lead the Company into its shareholders for your continued support
capital requirements at Logbaba and to
next growth phase. of the Company. I believe the next 12
support the Group’s working capital.
months will bring some very exciting
VOG’s strategy for the next 12-18
Corporate news flow and developments and I
months is to complete Phases 2 and 3 of
The Board seeks to maximise sincerely hope you will continue to
the pipeline for Logbaba and achieve
shareholder returns when considering support us as we make this happen.
sales volumes of 20 mmscf/d. The
financial solutions for its ongoing capital
Company also hopes to announce within
requirements. The Company constantly
this time frame a farm-out of West Med
reviews asset and corporate investment Kevin Foo
to cover the next drilling programme
opportunities that will increase our Chairman
anticipated in the winter of 2013/2014.
exploration and production portfolio
10 Victoria Oil & Gas Plc Annual Report and Accounts 2012

13. Review of Operations
Ground-breaking Gas and Power in
Review
Cameroon
VOG has pioneered the first ever onshore gas delivery network to
industry in Cameroon. Having completed production drilling,
Governance
conceptual design and FEED, VOG set about implementing the
downstream elements of the Logbaba project in financial year 2012.
The Logbaba project involves taking high pressure gas from the The pipeline route of way has been selected to
wells, processing it to clean it, removing condensate and then minimise disruption to the population with the
majority of the pipeline running parallel to the
distributing it through a low pressure pipeline network to our state railway line or along public highways.
Accounts
customers. Meanwhile, appraisal of VOG’s West Med discovery took
a big step forward with the completion of its Early Production
Scheme project plan and its approval by the relevant authorities.
This scheme will pave the way to realising the full potential of the
1.4 billion barrels of oil equivalent prospective resources in VOG’s
Other information
West Med licence area.
Logbaba, Cameroon July and 900mm of rain in August. By VOG required a minimum daily average
95% interest September 2011, the production tree throughput of 0.5 mmscf/d. While total
assembly work for the wells had been gas thermal and power demand at the
Downstream Operational
completed and we had installed the first Magzi estate is anticipated to be in
Achievements
1.2km section of pipeline. At the site, excess of 5 mmscf/d over the next two
The financial year ended 31 May 2012
36 of the foundation piles were years, sufficient customers were neither
marked a period of tremendous
completed to a depth of 10 metres. converted nor ready at this time to take
operational progress on the ground.
Meanwhile, our gas plant contractor, gas so the Company put the process
You will recall that the Company was
Expro, had completed testing of the plant into standby mode after
awarded its Exploitation Authorisation
majority of the equipment at their base commissioning.
for Logbaba via Presidential Decree in
including process plant vessels, flow
April 2011, just before the last financial VOG continued the pipeline expansion
lines and ancillary equipment.
year end. This enabled the Company to northward to the city of Douala and
Specifications and sizing of PRMS units
embark on the downstream elements of completed the Phase 1 pipeline area of
for the first 20 customers had also been
the project which consisted of: 13.2km in May 2012 which is shown as
completed and the first nine units were
> Re-opening wells La-105 and the red line on the map on page 4.
being shipped into country.
La-106; In July 2012, the Company announced
> Trenching, jointing, installation and After the end of the rainy reason, work that the first three customers had
commissioning of the gas pipeline continued at a more rapid pace and by completed their gas conversion
network; December 2011, VOG had fully requirements and were taking gas
> Installation and commissioning of installed and commissioned the process with an average daily demand of
the process plant; and plant, commissioned the wells and 0.7 mmscf/d.
> Installation of pressure reduction, completed the first 4.5km of pipeline.
Recently, the Company received the
metering stations and boiler This enabled the Company to deliver
results of an independent gas market
conversions on customer premises. first gas to a customer on the Magzi
study carried out by Challenge. This was
estate by the end of December 2011
In June 2011, pipeline and civil commissioned at the request of a
during the commissioning process. This
contractors were mobilised, excavation financial institution as part of a financing
was a very creditable achievement for a
works commenced on our site for the package that is currently under
Company of our size and the result of
processing facilities and work began on negotiation. This report was a
hundreds of thousands of VOG
the production trees and baseline tremendous endorsement of
employee and contractor man hours.
caliper logs to prepare the wells for management’s projections and strategy
commissioning. To satisfy the minimum throughput and outlined a very robust demand curve
conditions of the processing plant, sized for gas and gas-fired power. Challenge
The works progressed satisfactorily over
at 20 mmscf/d for each of two also referred to successful analogues in
the next few months despite very tough
production trains, and to operate safely Tanzania and Ivory Coast and concluded
and almost unprecedented weather
and commercially on a continuous basis, that the Company is competitively well
conditions with 1,600mm of rain in
Victoria Oil & Gas Plc Annual Report and Accounts 2012 11

14. Review of Operations continued
Logbaba Gas Reserves, 100% Basis (bcf)
Category Oct 10
Health and safety is a key driver of the Logbaba Field
Group’s operational performance. In Logbaba Proved Reserves (1P) 49
2012, the Company has recorded over Proved + Probable Reserves (2P) 212
500,000 man hours from VOG employees Proved + Probable + Possible
Reserves (3P) 350
and contractors with just two lost-time
Entire Logbaba Block
incidents. Prospective Resources >1,000
placed vis-a-vis other gas exploration and did not test the fourth well when it had calculated 1P reserve volumes of
appraisal activity in Cameroon. encountered further gas as it was 39.2 bcf of gas and 0.62 mmbbls of
targeting oil). condensate and 1C resources of
As of today’s date, we have four
32.7 bcf of gas and 0.52 mmbbls of
customers taking gas with a combined There is considerable resource potential
condensate. ERCE employed standard
demand in excess of 1 mmscf/d and by in the remaining areas of the Logbaba
petroleum evaluation techniques,
December 2012, we are forecasting a Block which are thought to share the
following the guidelines outlined in the
year-end production rate of 5 mmscf/d. same geology. This potential has been
2007 Petroleum Resources Management
This will include the first gas to power in part confirmed by results of our
System. The Logbaba Formation is
units in country. passive seismic survey which provided
divided into Upper and Lower sections,
the first new geophysical information to
We have also completed installation of and ERCE has assigned most of the
be acquired over Logbaba since the
the tanker loading facility which was proved reserves to the Upper Logbaba
discovery was made in the 1950s. These
installed at the Logbaba production formation. ERCE has assigned the
survey findings are in line with our
plant for export of condensate. Tankers additional recoverable volumes it has
geological understanding of the
with a 36,000 litre capacity export calculated for the Lower Logbaba as 1C
Logbaba reservoir sands and correlate
condensate to the Limbe refinery Contingent Resources pending the
well with data from the four old wells
located 60km away. To date, we have outcome of a satisfactory remediation and
and the newly drilled wells, La-105 and
exported five tanker loads to the refinery. testing programme which demonstrates
La-106. Of particular interest, the
that improved flow rates can be
results highlight a major potential
Subsurface and Geology achieved from the Lower Logbaba.
hydrocarbon accumulation around 2km
The Company holds a 95% working
from the new wells surface location. Despite a reduction in the currently
interest and is operator in the Logbaba
This exploration prospect, which lies bookable 1P Reserves, ERCE’s
Block. The Company’s internal reserves
entirely within the Company’s licence independent assessment represents a
and resources estimates at Logbaba
block, could be substantially larger than 50% increase in aggregated 1P Reserves
were reconfirmed in 2012 by
the existing discovery and has not been and 1C Contingent Resource gas
Blackwatch Petroleum Services Limited,
seen in any previous subsurface studies, volumes compared to the Company’s
(“Blackwatch”), the Company’s
due to the lack of geophysical data. internal estimate, which comprises
retained consultants. The Proved and
Technical 1P Reserves of 46.7 bcf in the
Probable (2P) gas reserves in the Separately, as part of ongoing
Upper and Lower Logbaba, but carries
Logbaba field are contained in discussions with a financial institution
no 1C Contingent Resources.
Campanian and Santonian age sands of regarding a senior secured debt facility,
the Logbaba Formation. All six of the VOG was requested to carry out an A summary of the estimated reserves
wells drilled to date in the Logbaba independent CPR of the Company’s and resources under different
block have encountered significant gas proved reserves. The Company classifications that the Company is
intervals and all of the five wells that contracted ERCE and in October 2012, carrying for Logbaba is highlighted in
were tested flowed gas to surface (Elf the Company announced that ERCE the table above.
12 Victoria Oil & Gas Plc Annual Report and Accounts 2012

15. Review of Operations continued
Review
Governance
At West Med, further to approval of the Consultants at Mineral leading the VOG technical
team through their seismic reprocessing and
Early Production Scheme by the Russian geological modelling study findings.
Ministry of Natural Resources in August
Accounts
2012, we have a well-defined project and
scope of works for the next three years and
the Company is gearing up for an exciting
period ahead.
Other information
West Medvezhye, Russia 2012 and a work programme including well design as well as studies of the
100% interest a two-well drilling campaign was terrain, soil mechanics, access and
The West Med block is located near the approved by the authorities. The wells ecological issues.
Yamal Peninsula, North West Siberia, in are set to target the Jurassic discovery
During the period, work continued on
one of the most prolific gas producing horizons successfully encountered by
conceptual screening and development
areas in the world and is adjacent to the Well-103 and also new hydrocarbon
studies to monetise West Med’s large
giant Medvezhye and Urengoy fields. potential horizons in the Lower
prospective resources and to exploit the
The Company holds a licence for West Cretaceous Achimov layers (Exhibit 2)
Well-103 discovery to generate cash
Med covering 1,224km2, and has a identified by Mineral as highly
flow. In January 2012, VOG contracted
discovery well, Well-103, with ‘C1 plus prospective.
LLC Nefteproject, based in Tyumen,
C2’ reserves of 14.4 million boe under
The drilling design contract for these Russia to develop a project plan for an
the Russian classification system.
planned wells was awarded to CJSC early production scheme for the
Operational progress during the “TjumenNIPIneft” in March 2012. discovery area around Well-103. This
financial year was excellent. Following a The scope of work includes detailed project was completed and agreed by
seismic reprocessing and geological
modelling study commissioned in
February 2011, the Company reported Exhibit 2: A Schematic of Formation of the Achimov Strata Deposits.
in September 2011, that independent
reserve auditors, Mineral had confirmed
a 300 million boe increase in gross
prospective resources to 1.4 billion boe,
comprising 670 mmbbls of oil and
730 million boe of gas and condensate.
Mineral is a leading consultant in Russia
for this specialised geological work and
has an excellent proven track record in
Siberia where our West Med block is
located. We believe its updated
assessment of over 1.4 billion boe is of
major significance and demonstrates the
very high exploration potential of our
West Med block.
This programme was presented to the
Yamal District regional petroleum
authorities in Salekhard in February
Victoria Oil & Gas Plc Annual Report and Accounts 2012 13

16. West Medvezhye: History & Market Context
VOG completed its acquisition of ZAO SeverGas-Invest (“SGI”) While the 103 discovery well proved hydrocarbons in the
which owns a 100% interest in West Medvezhye in 2005. In Jurassic formation in a small area of the licence, there remains
2006, independent reserve auditors DeGolyer and large hydrocarbon potential in other parts of the licence area
MacNaughton attributed best estimates for the total yet to be explored. In 2008, VOG’s new technical team
prospective recoverable resource volumes for the 1,224km2 launched a studies and data acquisition programme integrating
licence of approximately 1.1 billion boe. the Company’s existing seismic and well data with additional
data from conventional and new advanced technologies.
Following an unsuccessful three-well drilling programme in
2005/2006 where VOG, under previous stewardship, targeted This programme comprised direct Hydrocarbon Indication
the shallow gas horizons on the north east flank of the licence technologies including passive seismic Infrasonic Passive
where large discoveries had been proved in the neighbouring Differential Spectroscopy (IPDS), usually referred to as Passive
Medvezhye licence area (SGI found hydrocarbon presence but Seismic, and Gas Tomography which is primarily based on
in non-commercial quantities), discovery Well-103 was drilled surface geochemistry. This technology programme was
in 2006/2007 in a more central location of the licence area, to a implemented in two stages over two years. This new data was
total depth of around 3,900 metres and intersecting two correlated with the data from the existing wells and seismic in
hydrocarbon-bearing intervals in the Jurassic (J2) and order to re-map structures and re-model the subsurface geology.
Bazhenov at depths of between 3,718 and 3,794 metres. Both stages were completed successfully and the results showed
strong correlation with the 2D seismic and Well-103 data.
This was a major step forward for the Company as the
presence of an operating petroleum system enabled VOG to Further to these positive results, in February 2011, the
successfully apply for exploitation status of the licence. Company commissioned a seismic reprocessing and
However, the discovery Well-103 intersecting the very edge of geological modelling study to be carried out by a Russian
the reservoir was relatively modest enabling us to book C1 and geoscience consulting institute, Mineral.
C2 reserves in 2008 of 14.4 million boe. This was approved by
the Russian Ministry of Natural Resources under the Russian
Classification system (C1 and C2 being broadly analogous to Exhibit 3: 103 discovery area and previous drill targets in north east flank
Proved Probable and Possible Reserves under Western of the licence area.
conventions).
There exists several routes for the commercialisation of the
West Med hydrocarbons. The neighbouring town of Nadym
is located 44km away with access by all-weather road
where there exists a domestic market for crude and
condensate. The Chircha railroad station is located within
the south west boundary of the licence and the river port
and loading terminal of Old Nadym are located 22km away.
From the river port, crude can be barged to the Obskaya
Bay and shipped in the summer season via tanker to
Rotterdam. For gas, one of Gazprom’s principal gas
transmission pipelines in the area runs along the eastern
border of the licence and the nearest Central Gas
Processing Unit is located 18.5km from West Med.
14 Victoria Oil & Gas Plc Annual Report and Accounts 2012

17. Review of Operations continued
Review
West Med is located near the Yamal
Peninsula, in North West Siberia, in
one of the most prolific gas producing
areas in the world
Governance
Accounts
Other information
the Company in April 2012. Further to > Screening, qualification and final
submission of the report to the Russian selection of contractors including
Ministry of Natural Resources, the drilling companies, well logging and
project plan was approved in August facilities companies; and
2012. The scheme established costs and > Acquisition of all necessary consents
schedules for oil, gas and condensate and permits for drilling.
production facilities and supporting
Based on this preliminary assessment
infrastructure. The gathering and
work on the Well-103 discovery, the
distribution network design and
Company is currently planning for first
engineering will be phased with facilities
oil sales via an early production scheme
design, starting with fast track
in 2016. Following the Company’s
development of the Well-103 discovery.
decision to farm-out a portion of its
Work has continued on the drilling interest in West Medvezhye, a data
design project but the current estimate room has been prepared and initial
for completion of this project, which potential candidates have been screened
includes public consultations and in anticipation of concluding a farm-out
permitting approvals, is not anticipated by Q4 2013.
until February 2013. This will not give
the Company sufficient time to mobilise
drilling operations in the coming winter Radwan Hadi
period. As a result, the Company now Chief Operating Officer
anticipates postponing its two-well (Radwan Hadi is also a Director of
drilling programme until the winter of Blackwatch)
2013/2014.
Neil Kendrick
Notwithstanding this, the Company
Director of Projects
will continue to advance the West Med
early production project over the
coming 6-12 months. Works
outstanding prior to the next drilling
campaign include:
> Completion of the drilling design
project estimated in Q1 2013;
> Completion of a winter road and a
drill pad in Q1 2013;
Victoria Oil & Gas Plc Annual Report and Accounts 2012 15

18. Directors’ Biographies
Kevin Foo MSc, DIC, Dip Met, MIMMM Grant Manheim Austen Titford ACA
Chairman Deputy Chairman Executive Director
Kevin Foo has had a 40-year career in Grant Manheim has extensive financial Austen Titford is a Chartered
all aspects of mining, including experience in the City of London, Accountant with more than 20 years’
technical, operational and project gained over 38 years at a top-tier financial and commercial experience
management and has run several public investment bank. In addition to his working for FTSE 100 and AIM-
companies. He has worked on five financial experience, he also has quoted natural resource companies,
continents including 20 years in knowledge of the oil and gas sector including: Lonrho plc, LASMO plc,
Kazakhstan and Russia and is a specialist having been the Chairman of the BHP Billiton plc and Celtic Resources
in the development of mines in the executive committee of a company Holdings plc. He has worked on
FSU. He was formerly the Chairman of whose business was investment in, and projects in Africa, Iran, Russia and
Bramlin Limited, Eureka Mining plc development of, oil and gas properties Central Asia and brings a broad mix of
and Managing Director of Celtic in the United States. financial experience, covering both the
Resources Holdings plc, all AIM- project development and operational
quoted resource companies. He helped Robert Palmer FCA phases.
build Celtic from a sub-£1 million Finance Director
market capital company in 1999 to the Robert Palmer is a Chartered
point where it was taken over by a Accountant. He combines his role as
Russian group in 2007 for £170 million Finance Director with his position as a
cash. senior partner in a consultancy-based
accountancy practice where he
specialises in providing financial advice
to small- and medium-sized enterprises.
He holds a number of directorships in
private companies.
16 Victoria Oil & Gas Plc Annual Report and Accounts 2012

19. Senior Management Biographies
Review
Radwan Hadi Martin Devine Eckhard Müller
Chief Operating Officer Commercial Manager, London General Manager, Russia
Radwan Hadi is a petroleum/reservoir Martin Devine has over 12 years’ oil Eckhard Müller has 35 years’ experience
engineer with over 30 years’ experience and gas experience, including four in exploration and production,
in the upstream oil and gas industry. He years’ investment banking as a Senior including four years as Chief Geologist
has worked on a broad range of Associate with JP Morgan Chase. He for KazGerMunay and six years as a
integrated projects including reserves has substantial Mergers and senior geologist with Gaz de France.
Governance
estimation, development planning and Acquisitions transactional experience, as He has been responsible for
asset valuation. Hadi has worked on well as debt advisory and oil and gas development projects in Germany,
numerous projects in the Middle East, client coverage exposure. Devine has Mongolia, Kazakhstan and Russia and
Europe, South East Asia, and Africa. also held senior positions with Dana has held the position of General
Specifically in Africa, he has worked on Petroleum plc and El Paso Energy Inc. Manager, Russia with Victoria for over
projects in the Cameroon, Equatorial five years.
Accounts
Guinea, Ghana, Mauritania, Mali and Honoré Mbouombouo Daïrou
Ethiopia. Deputy Managing Director, Cameroon Vladimir Andreyev
Honoré Mbouombouo Daïrou has over Chief Engineer, Russia
Jonathan Scott-Barrett 13 years’ oil and gas industry Vladimir Andreyev has over 30 years’
Managing Director, Cameroon experience as a petroleum engineer. oil and gas industry experience.
Jonathan Scott-Barrett is a Chartered Daïrou has graduated with a Master of Andreyev graduated from Kuybishev
Other information
Surveyor with substantial natural Science degree in Petroleum Polytechnic (Oil Faculty) as a Mining
resources expertise. He is a former Geosciences from the University of Engineer. He began his career as a
Executive Director of Celtic Resources Aberdeen; a Master of Science degree in drilling operator in a large Russian
Holdings plc and a former Chief Mining and Petroleum Geology from drilling organisation where he worked
Executive Officer of the London AIM- the University of Yaoundé 1, his way to the position of Chief
listed mining company Eureka Mining Cameroon; and a Master of Philosophy Engineer. Andreyev also spent over 20
plc. Scott-Barrett was formerly a in Environmental Management from years as Production Manager for
non-executive director of the the University of Stellenbosch, South Rosneft (formerly YuKos), before
$13 billion conglomerate Hanson plc. Africa. Daïrou has worked on numerous joining the Company as Chief Engineer
Having previously held the position of international exploration, production in 2007.
Commercial Director in Victoria’s and environmental operations as a
London office, Scott-Barrett, a fluent consultant prior to joining the
French speaker, has taken on the Company in 2009.
Country Manager position in
Cameroon since the beginning of 2011. Divine Mofa
Operations Manager, Cameroon
Neil Kendrick Divine Mofa has more than 17 years of
Director of Projects, London oil and gas industry experience. A
Neil Kendrick is a professionally graduate from Prairie View A&M
qualified Mechanical Engineer and University in the USA, he has led
Project Manager. Kendrick has held various engineering projects
several senior management and accountable as project manager and
executive level positions over the past engineer for the technical, financial and
25 years with both public and private commercial aspects of offshore and
companies in the oil and gas sector. His onshore field exploration and
most recent role was as project manager development operations. Mofa has held
for Expro where he was responsible for senior positions with J Ray McDermott,
the on-time supply, installation and Oceaneering and Alseas.
commissioning of Victoria’s Logbaba
gas plant in 2011.
Victoria Oil & Gas Plc Annual Report and Accounts 2012 17