1. Victoria Oil & Gas Plc
First Onshore Gas Production in Cameroon

2. Disclaimer
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3. Strategy - Growth and Profits
Victoria plans to grow into a Mid Cap E&P company within
3 years by:
 Building on cash flow and profits from the Logbaba gas
project by becoming a leading player in new thermal and
power projects in Cameroon
 Acquiring suitably sized companies with outstanding reserve
and production potential
 Developing the giant West Medvezhye oil and gas deposit in
Russia
3

4. Key Points
This year, Victoria Oil & Gas Plc (VOG) becomes the first
natural gas supplier in Cameroon
 Logbaba gas and condensate field in Douala is the only
onshore gas discovery in the country – no competition
 Industrial customers located on ‘our doorstep’
 Strong government support and incentives for growth
First revenues from Logbaba targeted in Q4 2011
 12 Gas Sales Agreements signed with industrial customers, including
some multi-nationals and in-principal agreements signed with many more
 Price fixed at US$16/mmbtu for 5 years, 20 year exclusive contract terms
 8 mmscf/d in 2012 rising to 44mmscf/d of production (7,300 boe/d)
anticipated by end 2014
 Over 600 feet of gross sandstone pay in two wells
 212 BCF of 2P reserves and 1 TCF of Potential
 Further large growth based on gas to power generation promoted by
Government of Cameroon
4

5. VOG Corporate Snapshot
Background Directors and Management
• Listed on AIM in July 2004 DIRECTORS
Kevin Foo Executive Chairman
• 57% of the Logbaba gas field in Cameroon
Grant Manheim Deputy Chairman
 2P reserves of 212Bcf
Robert Palmer Finance Director
 Two appraisal wells completed as producers
Austen Titford Executive Director
in 2010
 Award of the Exploitation Licence by Philip Rand Non-Executive Director
Presidential Decree in April 2011
SENIOR MANAGEMENT
 First gas sales in Q4 2011
Radwan Hadi Chief Operating Officer
• 100% of West Med gas and condensate project Martin Devine Commercial Manager, London
in prolific province in Western Siberian basin
SENIOR CAMEROON MANAGEMENT
 Prospective resources of 1.1Bnboe
Jonathan Scott-Barrett Managing Director, Cameroon
 Proved & Probable reserves of 14.4 mmboe
Divine Mofa Operations Manager
• Market Capitalisation - £110 million Francois Nguene Government Relations Manager
Martin Bihaya HSE Manager
• Key shareholders Clovis Kape Engineering Manager
• Noor Petroleum Ghislain Fotue Financial Controller
• Management Dairou Honore Environmental Manager
• Barclays
5

6. The Logbaba Story
A production facility The gas sales and
consisting of two 20 marketing team has
MMscf/d production signed many industrial
units will clean the gas customers, including
and extract some multinational
condensate for market. firms, for gas delivery
Expro are supplying in 2011 and the
and operating the plant Company expects
in the initial phase. many more customers
The gas distribution
network serving to be signed before first
gas sales. Customers
Douala’s industrial
are expecting annual
customers will be
fuel savings in excess
constructed in unpaved
of 30%.
In 2009 and 2010, RDL ground, black top
drilled 2 wells, La-105 highway and land
& La-106 at a cost of adjacent to the Douala
$53m. La-105 tested at rail network.
The total gas distribution
prolific rates of up to network will be
55mmscf/d while The pipeline has a
approximately 32 km in
La-106 tested at rates design capacity of 60
length comprising pipe
of up to 22 mmscf/d. mmscf/d which can be
diameters between
Both wells have now increased with higher
400mm and 63 mm and
been completed as operating pressures.
a normal operating
production wells.
pressure of 5.5 barg.
6

7. Logbaba: Well Testing
La-105 Testing La-105
 Multiple pay zones tested at depths
between 7,005 - 8,500 feet.
 Rates between 11 - 56 million standard
cubic feet per day (MMscf/d) of natural
gas and 210 - 1,000 barrels per day of
condensate. Flowing wellhead pressures
varied between 2,750 - 4,552 psi
La-106
 Flowed at up to 22mmscf/d and well head
pressures up to 3,078 psi
 The Upper Logbaba A through C sands,
although indicated as the best quality
hydrocarbon-bearing sands encountered
in the well logs, were not tested as the
well indicated more than sufficient
production capacity to meet initial gas
demand of 8 MMscf/d.
7

8. Logbaba Reserves Update: October 2010
 VOG reserves consultant Blackwatch integrated the recent well logs and
well test data from the successfully drilled and completed new wells
La-105 & La-106 and the original four wells
Logbaba Reserves, 100% Basis (Bcf)
Category Jul-08 Oct-10
Logbaba Field
Upper Logbaba Proved Reserves (1P) 10 49
Proved + Probable Reserves (2P) 104 212
Proved + Probable + Possible Reserves (3P) 202 350
Entire Logbaba Block
Prospective Resources n/a >1000
VOG 57% Net Working Interest
 Logbaba Proved Reserves increase five fold to 49 Bcf
 Proved plus Probable (2P) reserves more than double to 212 Bcf
 Prospective Resources evaluated to be in excess of 1 Tcf
8

9. Logbaba: Exceptional Progress
Surveying Pipeline Route Pipeline Preparation
Process Plant Pipeline Arrival on Site
9

10. The Pipeline Route
VOG will install and commission a gas processing facility and
its own gas pipeline to industrial customers
Approx 85% of
industrial market
within 10km
10

11. Market – The Case for Gas
 Natural gas is the cleanest of Customer Specific Benefits
all fossil fuels; reduces  Energy needs are currently
emission of greenhouse satisfied by high-cost fuels
gases; reduces risk of smog, such as diesel and fuel oil
resulting in cleaner and  Almost all fuels imported –
healthier air in urban areas supply issues
 Douala is one of Africa’s most  Petrol and diesel costs are
important trade centres and is equivalent to UK
a major hub for Central Africa  Circa 30% fuel bill savings
 In all developed and  Improved boiler efficiencies and
developing countries, the life through reduction of scaling
and soot;
availability of gas leads to
rapid growth in energy  Reduced maintenance costs and
consumption and industrial less downtime;
expansion  Reduced pumping, storage and
heating costs
11

12. Douala: Thermal Market
Cameroon Fuel Prices
 Douala’s thermal market is $/MMbtu
currently supplied by: Diesel: 454 CFA/L 27.99
Butane/Propane: 213 CFA/L 19.05
 Heavy Fuel Oil -largest
Fuel Oil: 454 CFA/L 20.50
 Diesel - very expensive Kerosene: 500 CFA/L 29.93
Source Rodeo Development Limited/SNH: April 2011
 Waste oil - huge problems
 LPGs –small market share Current & Potential Customers
Chemical
Food Processing Breweries
Industry
USICAM CCC SABC
CHOCOCAM CCIC GUINNESS
 Douala thermal industrial market NESTLE PLASTICAM ISENBECK
consumption estimated at SIC CACAOS CEP UCB
TELCAR COCOA CIMENCAM
15mmscf/d equivalent PASTA PANZANI SOPICAM SAFCA Metallurgical
MINOTERIES PILCAM STELL WORKS
 Market expansion is stifled SRC MAYA LITTOCOL ALUBASSA
by the high cost of energy GRANDS MOULINS
CAMLAIT
FERMENCAM SOCAFER
SOCVER
CICAM
VOG has signed gas off-take agreements for approximately 8mmscf/d
fixed for 5 years at $16/mmbtu
12

13. Douala: Total Industrial Market
 The Company is focused on gas sales
to end users to replace alternative
liquid fuels for industrial thermal Near Term Markets
(heat) requirements
 However, our near term strategy (1 to
3 years) is to serve three markets with
the sale of natural gas, namely:
 Substitution of HFO, LPGs and waste
oil used by industrial customers for
their heat requirements;
 Gas sales to industrial customers to
supply their own gas fired generators;
 On-site power generation to a group
of customers to limit reliance on the
grid.
 VOG anticipates sales of 44mmscf/d
by end 2014
 In the longer term, as further reserves are proven, gas may be supplied to large gas
fired power stations connected to the grid
13

14. Douala: Cicam Case Study
 Cotonniére Industrielle du  Current fuel cost for Douala
Cameroun (Cicam) is the largest facilities is around CFA 1Bn
textile producer in ECCAS, with ($2.2 MM)
approximately 60% market share
 Machinery purchased over a
 Cicam estimate that converting to year ago can now be
Logbaba gas would lower their economically operated due to
energy cost by 30% reliable lower cost energy
14

15. Commercial Summary
 Gas price is fixed at $16/MMBtu for first 5 years
 Potential market needs of 44mmscf/d by 2014
 20 year exclusive gas supply agreements
 Base Case Payback in 2013
 Possible expansion in the future (2013 onwards)
with mini-LNG & IPP options to markets further
afield
 Big picture integration with major mining projects
15

16. Logbaba: Summary Economics
Management Forecasts
Prices: Post-Tax NPV net to VOG
Gas price Industrial Gas $16/mmbtu ($MM) 10% 15% IRR
Industrial Power $16/mmbtu Proved(1) 117 94 25%
Proved & Probable(2) 406 293 52%
Grid Power(5) $6.5/mmbtu
Proved, Probable and Possible(3) 560 382 55%
LNG $12/mmbtu
P3 plus Prospective Resources(4) 1,164 759 74%
Condensate Limbe Refinery $75/bbl Discounted to 1.1.11
Fiscal Terms: Logbaba Gross Costs, Reserves & Ratios
Reserves Capex Opex
Corporate tax 38.5% (BCF) ($MM) ($/boe) ( $MM) ($/boe) ($/mcf)
Government Royalty 8.0% P1 49 156 15.0 86 8.3 1.4
P2 212 396 8.9 181 4.1 0.7
Other Royalties 5.6%
P3 350 649 8.8 275 3.7 0.6
P3 + PR 1,350 2,168 7.7 882 3.1 0.5
Scenarios:
(1) 8.5 mmscf/d in 2012 rising to 20mmscf/d supplied to industrial customers for gas & on site power
(2) 8.5 mmscf/d in 2012 supplied to industrial customers for gas & on site power rising to 44 mmscf/d plateau production by 2014
(3) As in case 2 but rising to 60 mmscf/d plateau production by 2015
(4) As in case 3 but VOG supplying gas to new IPP 500MW facility (with 125mmscfd) by 2015 and a new LNG facility with 40 mmscf/d incremental demand by 2013
(5) Gas for power generation to be connected to the grid has been priced at $6.50 per mmbtu until further negotiation with ARSEL, the state regulator
16

17. Key Tasks to Production
 Re-opening wells La-105 and La-106;
 Installation and commissioning of the leased
process plant;
 Trenching, jointing, installation and commissioning
of the gas pipeline network; and
 Arrangements on customer sites for installation of
pressure reduction and metering stations and
boiler conversions.
17

18. Logbaba: Further Exploration
Passive Seismic Survey
 The majority of the block
remains unexplored
 In late 2009, a passive
seismic survey was
commissioned
 Passive seismic is a direct
hydrocarbon indicator
 Significant new structure 4
km north of the current well
sites
 Best location on the current
structure is as yet un-drilled
18

19. West Med, Russia: Land of
Supergiants
 West Med lies next to the
super-giant Medvezhye and
Urengoy fields
 Medvezhye has
produced about 75 Tcf of
gas since 1972
 25 Year Exploitation
License granted for West
Med
 Independent reserve auditors
DeGolyer & MacNaughton
estimated recoverable gross
prospective resources of 1.1
Bnboe:
 5.1 Tcf gas
 247 MMbbl condensate
 25 MMbbl oil
19 Source: Gazprom

20. West Med: New Exploration
West Med Exploration Targets
o 4 wells drilled, one discovery
well, 103
o Well 103 has C1 and C2
reserves estimated at 14.4
mmboe Exploration
o Recoverable resources for well target area
103 estimated at 170.6 mmboe
o Second IPDS passive seismic
survey completed Spring 2010
o Geochemical survey over the
same area also completed
o Targeting stratigraphic traps
where West Med meets Well 103
Medvezhye field discovery
o Further 2D and new drilling
targets to be determined during
summer 2011
20

21. Appendix
21

22. History of Logbaba Gas Project
In early 2010, successful drilling
was completed and well La-105
tested at 55mmscf/d and La-106, the
second well was drilled and tested
up to 22 MMscf/d. SNH approved
RSM Production Corporation the Discovery Report and Field
signs concession Agreement with Development Plan. The gas
the Government of Cameroon. No processing plant has also been
Elf drilled 4 wells around exploration work during this Victoria Oil and Gas Plc, a UK delivered and is ready for
Logbaba prospecting for oil, period. The operating company in company listed on the London construction. In the meantime, the
but found gas. As there was Cameroon, Rodeo Development Stock Exchange, with oil and HDPE pipes required to transport
no use for gas at that time the Ltd (RDL) was incorporated to gas assets in Russia and the natural gas to industry in Douala
wells were capped. manage the Logbaba project. Kazakhstan, acquired Bramlin. were delivered ready for installation
2001 2010
1950s 2008
First Gas Q4
2011
1950-1999 2005 2009 2011
There was no exploration activity Bramlin Plc, a British For the first time since the The President of the Republic of
during this period and Total/Elf/ company listed on the London 1950’s a drilling rig was Cameroon, S.E. President Biya,
Fina relinquished their license in Stock Exchange signed a joint shipped to Douala from signs the Exploitation Licence on
1999. venture farm-in agreement Portugal and in September the 29th April, 2011.
with RSM for the Logbaba 2009, drilling started on the
Concession. first well La-105. This was the
first exploration activity since
the 1950’s.
22

23. Logbaba Facilities & Engineering Progress
 All engineering studies complete
 Award of process plant contract to Expro
 GIS project to merge satellite data with the site
and pipeline route survey
 Pipeline route selection and network design
 Definition of customer conversions
 Civil works
 Soil sampling and analysis
 All equipment required to re-open the wells, and
commission and install the process plant and
pipeline is now in Douala
23

24. Key Management
Kevin Foo Austen Titford Jonathan Scott-Barrett Martin Devine
Chairman Executive Director Managing Director, Commercial Manager
RDL
40 Year career in the Chartered Accountant Over 20 years in the 10 years upstream oil
resources sector with more than 17 years resource sector. Former and gas experience
including 19 years in the experience, covering CEO of Eureka Mining including corporate
FSU; former MD of Celtic both the project Plc & executive director finance M&A and
Resources Holdings development and of Celtic Resources Plc , debt advisory with JP
operational phases in non-executive director of Morgan Chase
quoted natural resource Hanson Plc 1991 to
companies. 2000
Radwan Hadi Sam Metcalfe Andrew Wright Divine Mofa
COO VOG Senior Reservoir Operations Manager,
Engineer Project Director
RDL
Senior petroleum Over 25 yrs oil
engineer with over 30 industry experience, Over 30 years experience Over 15 years of oil & gas
yrs experience in oil worldwide. in upstream development industry experience as a
and gas including in Has brought several including BP & Noble project manager and
Nigeria, Ghana and North Sea gas Energy; MBA from City engineer working for J. Ray
Equatorial Guinea. projects into University &Geology McDermott, Oceaneering
Former Head of production for major degree from Oxford and Alseas. Divine is a
Planning in ADCO corporations graduate from Prairie View
A&M University in the US
24

25. Abbreviations
Bnboe Billion barrels of oil equivalent
mmboe Million barrels of oil equivalent
mmbbl Million barrels of oil
bbl/d Barrels per day
mcf Thousand cubic feet of natural gas
mcf/d Thousand cubic feet per day
mmcf/d Million standard cubic feet of gas per day
Bcf Billion cubic feet of natural gas
Tcf Trillion cubic feet of natural gas
$MM Million US$
$Bn Billion US$
km2 Square kilometres
m Metres
mmBtu Million British thermal units
MW Megawatts
tpa Tonnes per annum
CFA Central African Franc
25

26. VICTORIA OIL & GAS PLC
1st FLOOR, HATFIELD HOUSE
52-54 STAMFORD STREET
LONDON, SE1 9LX
Tel: + 44 (0)207 921 8820
Fax: +44 (0)207 921 8821
www.victoriaoilandgas.com
info@victoriaoilandgas.com