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Victoria Oil & Gas Plc




Tapping Gas Value in Cameroon 2010
Disclaimer
THIS PRESENTATION IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO
                            ANY OTHER PERSON OR PUBLISHED IN WHOLE OR IN PART, FOR ANY PURPOSE.

These presentation materials are confidential and are directed only at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 (“FMSA”), or in the
United States who qualify as an “accredited investor”, “qualified institutional buyer” or “qualified purchaser” under United States Securities laws, or an
"accredited investor" under National Instrument 45-106 in Canada, and certain other investment professionals, high net worth companies, unincorporated associations or partnerships
and the trustees of high value trusts) and persons who are otherwise permitted by law to receive them. These presentation materials are directed only at persons having professional
experience in matters relating to investments and any investment or investment activity to which these presentation materials relate is available only to such persons. Persons of any
other description, including those who do not have professional experience in matters relating to investments, should not rely on these presentation materials or act upon their content.

This document is exempt from the general restriction on the communication of invitations or inducements to enter into investment activity and has therefore not been approved by an
authorised person as would otherwise be required by section 21 of the FSMA. Any investment to which this document relates is available to (and any investment activity to which it relates
will be engaged with) only those persons described above. Persons who do not fall within this category of investor should not take any action upon this document, but should return it
immediately to Fox Davies Capital Limited (“FDC”). Postage and other reasonable delivery costs will be refunded. It is a condition of your receiving this document that you fall within, and
you warrant to Victoria Oil & Gas Plc (the “Company”) and FDC that you fall within, the category of person described above.

The presentation materials do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in the Company nor shall they or any part of
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These risks include, but are not limited to, risks associated with the oil and gas industry in general, delays or changes in plans with respect to exploration and development activities and
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transactions referred to in the presentation.

If you are in any doubt about the investment to which these presentation materials relate, you should consult a person authorised by the Financial Services Authority who specialises in
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securities laws.
Key Points
    o    Victoria Oil & Gas Plc (VOG) is emerging as a
         significant player in natural gas production
         o    Logbaba gas and condensate field in Douala, Cameroon,
              is the only onshore gas discovery in the country
         o    The West Medvezhye (West Med) project in Siberia has
              independently estimated recoverable prospective
              resources of over 5 Tcf of gas

    o    Logbaba is poised to deliver first cash flows and
         profits for VOG
         o    Over 600 feet of gross sandstone pay in two wells
         o    In-principal agreements signed with industrial customers

    o    First revenues from Logbaba targeted in Q4 2010

3
Logbaba: First Mover Advantage
    o    Government plans announced to triple Cameroon
         power generation capacity in the next 10 years,
         much of which could be generated by gas
    o    The Logbaba field represents a unique opportunity
         to dominate the nascent natural gas market in
         Cameroon
    o    Competitive advantages:
             The field lies beneath the major industrial city in the
              Central African Region
             Agreements for gas off-take already signed with industrial
              customers in Douala
             The only onshore gas discovery in the country
             All facilities (drilling, processing and pipeline) will be
              operated by VOG
             First gas Q4 2010
    o    Plans announced to triple Cameroon power
         generation in the next 10 years
4
Cameroon: Heart of Central Africa
    o    Cameroon is a member of the                  ECCAS
         Economic Community of Central
         African States (ECCAS)
          o  Members share trade markets
             and currency
    o    Douala is the deep-water port and
         industrial heart of the region
          o  Major companies such as
             Guinness and Nestle have
             facilities there
          o  Rio Tinto Alcan have a major aluminium
             smelter at Edea
             close to Douala
          o  Douala handles around 95%
             of import/exports for Cameroon,
             Chad and CAR
    o    Logbaba is located in the
         eastern suburbs of Douala


5
Cameroon Gas: No Competition

    o    Logbaba remains the only onshore natural gas discovery in
         the country


    o    Due to Logbaba’s position and development, VOG also has
         the opportunity to beat larger operators in feeding new
         power projects


         o    Perenco’s offshore Sanaga Sud field yet to come into
              development despite location next to Kribi power station
         o    Limbe power station, north of Douala, relies solely on liquid
              fuels despite Total’s offshore discoveries nearby




6
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                    Industrial to gas & power(1)                     405          271          64%
                                 Grid Power(5)                  $6.5/mmbtu                   Plus mini Power (2)                              409          274          64%
                                                                                             Plus LNG(3)                                      681          448          73%
                                 LNG                            $12/mmbtu
                                                                                             Plus large power(4)                              819          538          75%
          Condensate             Limbe Refinery                 $75/bbl


          Fiscal Terms:                                                                        Scenario 4 Reserves & Ratios Net to VOG

          Corporate tax                                                   38.5%                                                                  $MM                 $/boe
                                                                                             Capex                                                1055                  $9.6
          Government Royalty                                                8.0%
                                                                                             Opex                                                   393                 $3.6
          Royalty to Rodeo Resources                                        1.2%
          Royalty to Cameroon                                               6.7%             Reserves                                                 578 Bcf
          Holdings                                                                           R/P ratio                                               19 Years
    Scenarios
    (1)   8.5 mmcfd supplied for industrial customers for gas & power rising to 40mmcfd by 2013
    (2)   Case 1, plus VOG 10MW IPP - (incremental 2mmcfd) to be connected to the power grid
    (3)   As in case 2 but VOG new LNG facility with incremental demand of 40mmcfd on stream by 2013
    (4)   As in case 3 but VOG supplying power to new IPP 200MW facility (incremental 40mmcfd) by 2013
    (5)   Gas for power generation to be connected to the grid has been priced at the approximate cost of generation until further negotiation with ARSEL – the state regulator




7
Early Cash Flow – Captive Market

    •  Gas price is fixed at $16/MMBtu for first 5 years
    •  20 year exclusive gas supply agreements
    •  Base Case Payback in 2011
    •  Low cost, first mover advantage for a captive
      market with severe power disruption and energy
      constraints
    •  Possible expansion in the future (2013 onwards)
      with mini-LNG & IPP options to markets further
      afield


8
Logbaba: Exceptional Progress
     Winter 2008         Spring 2009




     Autumn 2009        Summer 2009




9
Logbaba: Well La-105 Drilling
     o    La-105 was drilled to a total
          depth of 8,920 feet

     o    Multiple gas-bearing sands
          with over 300 feet of gross pay
          between 1,836 and 2,540 m
          correlating to La-103

     o    La-105 was completed as a
          production well
                                            o    Logbaba wells are more
                                                 complex and difficult to
                                                 control than predicted

                                            o    Chronic lack of oil and gas
                                                 infrastructure

                                            o    Drilling progress being far
                                                 slower than expected due to
                                                 the need for heavier mud
10                                               weights.
Logbaba: Encouraging Early Results
     Due to encouraging      LWD GR/Res Log from La-105
     initial results,
     significant
     additional rig-time
     and expenditure
     was devoted to
     subsurface data
     acquisition to better
     evaluate the
     reservoir rock and
     fluid properties.                             Top Logbaba Fm at 1,735m
                                                   TVDRKB

     This and the                                                     Sandstone
     application of latest
     technology are
     enabling VOG to                                                  Sandstone
     realise the true
     reservoir and well                                              Sandstone
     potential at
     Logbaba.                                                         Sandstone
11
Logbaba: Well La-105 Testing
                      o    Multiple pay zones tested at
     La-105 Testing
                           depths between 7,005 - 8,500
                           feet.
                      o    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.
                      o    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
12                         initial gas demand of 8 MMscf/d.
Logbaba: Well La-106 – Initial Data
       Drilled deeper than planned to 10509 ft due to the better than
        expected observed sand quality in the Lower Logbaba
        sections.
       Multiple gas-bearing sands encountered between 5482 feet
        and 10400 feet (measured depth) - Over 300 feet of gross pay
                  Top most sand starts at 5482 ft (1671m)




                Example of deeper sand 9100 ft (2773m)




13
Logbaba: Further Exploration
     o    90% of the block remains        Passive Seismic Survey
          unexplored
     o    In late 2009, a passive
          seismic survey was
          commissioned
           o    Passive seismic is a
                direct hydrocarbon
                indicator
     o    Significant new structure 4
          km north of the current well
          sites
     o    Best location on the current
          structure is as yet undrilled
     o    The new accumulations lie
          outside the area evaluated
          by RPS
14
Vertically Integrated Strategy
                  Pipeline Route
     VOG plans to install and commission a gas processing facility
     and its own gas pipeline to the industrial customers



               Approx 85% of
              industrial market
                within 10km




                                              Wells 105+106
                                              and processing
                                                  facility
15
Concept Block Diagram
                                                                   Flare



                                                                   ~
                                          LP                                    LP
     Wells    Well        Manifold     Separator                   ~
        Pipeline
             Chokes                      Skid                                System

                             (Condensate)
                                                                            Pressure
                                                                            Let Down




                                                     ~
                                                     ~
                                                                             Station
                      Condensate
                        Storage                       Power
                                                     Generator
                      Condensate                                           To Industrial
                        Tanker                                              Consumers
                                                    Switchgear
                        Loading


                      Condensate                   Transformer
                                                                              Diesel
                        Tankers
                                                                            Generator
                                                                            (own use)
                      Resurfaced                   Transmission
                        Road                           Line



16
                  To Limbe Refinery                To Substation
Front End Engineering Design (FEED)
                       Data collection studies
     We have commenced and nearly completed FEED
     studies
     o    Graphical Information System Project to merge satellite data with
          site and pipeline route survey
     o    Pipeline Route Selection and Network Design
     o    Definition of Customer Conversions
     o    Logbaba Site and Pipeline Route Survey
     o    Civil works
               Soil sampling and analysis
               Logbaba Site-
                    •  Essential requirements: Process and Power Plant
                    •  Accommodation, offices and warehousing
               Pipeline construction and installation
               Pre-qualification of Cameroon Civils Contractors
17
               HV Transmission Line to Logbaba Substation
Production Facilities Schedule




18
VOG: High Impact Events
     o    VOG is targeting first revenues in Q4-2010
     o    Test data and superior modern logs will be incorporated in an
          independent reserve re-estimation due in July 2010
     o    Installation of the facility and construction of the pipeline is
          expected to be completed relatively quickly now that concept is
          confirmed




19
Douala: Cicam Case Study
     o    Cotonniére Industrielle du Cameroun (Cicam) is the largest textile
          producer in ECCAS, with approximately 60% market share
     o    Current fuel cost for Douala facilities is around CFA 1Bn ($2.2 MM)
           o    Machinery purchased over a year ago still idle due to
                prohibitive energy cost
     o    Cicam estimate that converting to Logbaba gas would lower their
          energy cost by 30% and increase productivity by 400%




20
Douala: Industrial Market

     o     Douala is one of Africa’s most
           important trade centres
     o     Energy needs satisfied by
           high-cost fuels such as diesel
           and fuel oil
                                               NB: Prevailing WTI price = $37/bbl
            o    Almost all fuels imported
            o    Petrol and diesel costs are           Principal Businesses
                 equivalent to UK
     o     Douala industrial market
           consumption estimated at
           15MMcf/d equivalent
            o    Market expansion is stifled
                 by the high cost of energy

          VOG has signed gas off-take agreements for 8MMcf/d fixed for 5 years
                                       at $16/mcf
21
RPS Independent Valuation
                                 RSP Energy Competent Person’s Report
                                                  Net Attributable Reserves and Resources
                                                          1P             2P                 3P
           Total Liquids               MMbbl            0.28            2.35            4.51
           Natural Gas                 Bcf              7.92           64.53          123.91
           Total                       MMboe            1.71           13.97           26.81

           NPV valuation at 10%        $MM             18.17          168.65          412.16
          Source: RPS Energy


     o       RPS Energy undertook an
             evaluation of the Logbaba
             field in July 2008
     o       65Bcf of 2P reserves with an
             NPV10 valuation of $169MM
     o       The evaluation only                                                  RPS review
             encompassed a small                                                  area (~6km2)
             section of the total 64km2
             licence area
22
West Med, Russia: Land of
                          Supergiants
     o    West Med lies next to the
          super-giant Medvezhye
          field and the world’s largest
          field, Urengoy
           o    Medvezhye has
                produced about 75 Tcf
                of gas since 1972
     o    Independent reserve
          auditors DeGolyer &
          MacNaughton estimated
          recoverable gross
          prospective resources of
          1.1 Bnboe:
           o    5.1 Tcf gas
           o    247 MMbbl condensate
           o    25 MMbbl oil
23                                        Source: Gazprom
West Med: New Exploration
                                            West Med Exploration Targets
     o    Second IPDS passive
          seismic survey completed
          Spring 2010
           o    Geochemical survey over
                the same area also
                completed                                           Exploration
                                                                    target area
           o    Stratigraphic traps could
                exist where West Med
                meets Medvezhye field
     o    Targets for further 2D and
          new drilling to be determined
          during summer 2010
                                                                     Well 103
                                                                     discovery




24
Key Management Team
                     Radwan Hadi              Sam Metcalfe              Geoff Gill             Kamal Jardaneh
                                             Assistant Project       Senior Petroleum             Drilling
                      COO VOG
                                                 Manager                 Engineer                Supervisor
     TECHNICAL
                  Senior petroleum          Over 25 yrs oil          15 yr career in oil      30 yrs of oil and
                  engineer with over        industry experience,     and gas,                 gas experience, 23
                  30 yrs experience in      worldwide.               predominantly with       yrs as drilling
                  oil and gas including     Has brought several      Schlumberger             superintendent /
                  in Nigeria, Ghana         North Sea gas            Testing and then         senior drilling
                  and Equatorial            projects into            senior petroleum         engineer for BP
                  Guinea.                   production for major     engineer with            and currently a
                  Former Head of            corporations             Blackwatch               drilling consultant
                  Planning in ADCO



                      Kevin Foo           Jonathan Scott Barratt      Austen Titford          Francois Nguene
     COMMERCIAL




                                               Commercial                                      Gov’t Relations
                       Chairman                                      Financial Director
                                                Director                                          Manager
                  39 yr career in the       Former CEO of           Chartered Accountant      Former
                  resources sector          Eureka Mining Plc &     with more than 17 years   Exploration and
                  including 19 years in     executive director of   experience, covering      Production
                  the FSU; former MD        Celtic Resources Plc    both the project          Manager for SNH
                  of Celtic Resources                               development and           in charge of Chad-
                  Holdings                                          operational phases in     Cameroon
                                                                    quoted natural resource   Pipeline
                                                                    companies.

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
26
VICTORIA OIL & GAS PLC
      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

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Investors Presentation June 2010

  • 1. Victoria Oil & Gas Plc Tapping Gas Value in Cameroon 2010
  • 2. Disclaimer THIS PRESENTATION IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED IN WHOLE OR IN PART, FOR ANY PURPOSE. These presentation materials are confidential and are directed only at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 (“FMSA”), or in the United States who qualify as an “accredited investor”, “qualified institutional buyer” or “qualified purchaser” under United States Securities laws, or an "accredited investor" under National Instrument 45-106 in Canada, and certain other investment professionals, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons who are otherwise permitted by law to receive them. These presentation materials are directed only at persons having professional experience in matters relating to investments and any investment or investment activity to which these presentation materials relate is available only to such persons. Persons of any other description, including those who do not have professional experience in matters relating to investments, should not rely on these presentation materials or act upon their content. This document is exempt from the general restriction on the communication of invitations or inducements to enter into investment activity and has therefore not been approved by an authorised person as would otherwise be required by section 21 of the FSMA. Any investment to which this document relates is available to (and any investment activity to which it relates will be engaged with) only those persons described above. Persons who do not fall within this category of investor should not take any action upon this document, but should return it immediately to Fox Davies Capital Limited (“FDC”). Postage and other reasonable delivery costs will be refunded. It is a condition of your receiving this document that you fall within, and you warrant to Victoria Oil & Gas Plc (the “Company”) and FDC that you fall within, the category of person described above. The presentation materials do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in the Company nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in connection with, any contract with the Company relating to any securities. Any decision regarding any proposed subscription for shares in the Company must be made solely on the basis of public information on the Company. The presentation materials are not intended to be distributed or passed on, directly or indirectly, or to any other class of persons. They are being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose. Any other person who receives this document should not rely or act upon it. By accepting this document the recipient represents and warrants that they are a person who falls within the above description of persons who are entitled to receive this document. The information contained in this document is confidential and the property of the Company. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness, sufficiency, accuracy or fairness. No representation or warranty, express or implied, is made or given by or on behalf of the Company or its directors or employees, or FDC or their professional advisers or any other person as to the completeness, sufficiency, accuracy or fairness of the information, beliefs or opinions contained in this document and in the presentation and no responsibility or liability is accepted to placees for any such information or opinions. Any reliance on this communication could potentially expose you to a significant risk of losing all of the property invested by you or the incurring by you of additional liability. Save in the case of fraud, no liability is accepted for any loss, cost or damage suffered or incurred as a result of the reliance on such information, opinions or beliefs. Certain statements and graphs throughout the presentation are “forward-looking statements” including management’s and third party assessments of future plans, operations, values and returns and represent the company’s international projects, expectations or beliefs concerning, among other things, future operating results and various components thereof or the company’s future economic performance. These projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties which may cause the company’s actual performance and financial results in future periods to differ materially from any estimates or projections. These risks include, but are not limited to, risks associated with the oil and gas industry in general, delays or changes in plans with respect to exploration and development activities and capital expenditures, the uncertainties of estimates and projections relating to production, political risks, costs and expenses and health and safety and environmental risks, commodity price and exchange rate fluctuations, and uncertainties resulting from competition and ability to access sufficient capital, and risks relating to the ability to complete capital markets transactions referred to in the presentation. If you are in any doubt about the investment to which these presentation materials relate, you should consult a person authorised by the Financial Services Authority who specialises in advising on securities of the kind described in this document. FDC is acting solely for the Company as broker in relation to matters described in this document and is not acting for any other persons and will not be responsible in respect of such matters to any other person (whether or not a recipient of this document) for providing protections afforded to customers of FDC or for providing advice in relation to those matters. The distribution of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. Neither this document, nor any copy of it, may be taken or transmitted into Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws.
  • 3. Key Points o  Victoria Oil & Gas Plc (VOG) is emerging as a significant player in natural gas production o  Logbaba gas and condensate field in Douala, Cameroon, is the only onshore gas discovery in the country o  The West Medvezhye (West Med) project in Siberia has independently estimated recoverable prospective resources of over 5 Tcf of gas o  Logbaba is poised to deliver first cash flows and profits for VOG o  Over 600 feet of gross sandstone pay in two wells o  In-principal agreements signed with industrial customers o  First revenues from Logbaba targeted in Q4 2010 3
  • 4. Logbaba: First Mover Advantage o  Government plans announced to triple Cameroon power generation capacity in the next 10 years, much of which could be generated by gas o  The Logbaba field represents a unique opportunity to dominate the nascent natural gas market in Cameroon o  Competitive advantages:   The field lies beneath the major industrial city in the Central African Region   Agreements for gas off-take already signed with industrial customers in Douala   The only onshore gas discovery in the country   All facilities (drilling, processing and pipeline) will be operated by VOG   First gas Q4 2010 o  Plans announced to triple Cameroon power generation in the next 10 years 4
  • 5. Cameroon: Heart of Central Africa o  Cameroon is a member of the ECCAS Economic Community of Central African States (ECCAS) o  Members share trade markets and currency o  Douala is the deep-water port and industrial heart of the region o  Major companies such as Guinness and Nestle have facilities there o  Rio Tinto Alcan have a major aluminium smelter at Edea close to Douala o  Douala handles around 95% of import/exports for Cameroon, Chad and CAR o  Logbaba is located in the eastern suburbs of Douala 5
  • 6. Cameroon Gas: No Competition o  Logbaba remains the only onshore natural gas discovery in the country o  Due to Logbaba’s position and development, VOG also has the opportunity to beat larger operators in feeding new power projects o  Perenco’s offshore Sanaga Sud field yet to come into development despite location next to Kribi power station o  Limbe power station, north of Douala, relies solely on liquid fuels despite Total’s offshore discoveries nearby 6
  • 7. 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 Industrial to gas & power(1) 405 271 64% Grid Power(5) $6.5/mmbtu Plus mini Power (2) 409 274 64% Plus LNG(3) 681 448 73% LNG $12/mmbtu Plus large power(4) 819 538 75% Condensate Limbe Refinery $75/bbl Fiscal Terms: Scenario 4 Reserves & Ratios Net to VOG Corporate tax 38.5% $MM $/boe Capex 1055 $9.6 Government Royalty 8.0% Opex 393 $3.6 Royalty to Rodeo Resources 1.2% Royalty to Cameroon 6.7% Reserves 578 Bcf Holdings R/P ratio 19 Years Scenarios (1) 8.5 mmcfd supplied for industrial customers for gas & power rising to 40mmcfd by 2013 (2) Case 1, plus VOG 10MW IPP - (incremental 2mmcfd) to be connected to the power grid (3) As in case 2 but VOG new LNG facility with incremental demand of 40mmcfd on stream by 2013 (4) As in case 3 but VOG supplying power to new IPP 200MW facility (incremental 40mmcfd) by 2013 (5) Gas for power generation to be connected to the grid has been priced at the approximate cost of generation until further negotiation with ARSEL – the state regulator 7
  • 8. Early Cash Flow – Captive Market •  Gas price is fixed at $16/MMBtu for first 5 years •  20 year exclusive gas supply agreements •  Base Case Payback in 2011 •  Low cost, first mover advantage for a captive market with severe power disruption and energy constraints •  Possible expansion in the future (2013 onwards) with mini-LNG & IPP options to markets further afield 8
  • 9. Logbaba: Exceptional Progress Winter 2008 Spring 2009 Autumn 2009 Summer 2009 9
  • 10. Logbaba: Well La-105 Drilling o  La-105 was drilled to a total depth of 8,920 feet o  Multiple gas-bearing sands with over 300 feet of gross pay between 1,836 and 2,540 m correlating to La-103 o  La-105 was completed as a production well o  Logbaba wells are more complex and difficult to control than predicted o  Chronic lack of oil and gas infrastructure o  Drilling progress being far slower than expected due to the need for heavier mud 10 weights.
  • 11. Logbaba: Encouraging Early Results Due to encouraging LWD GR/Res Log from La-105 initial results, significant additional rig-time and expenditure was devoted to subsurface data acquisition to better evaluate the reservoir rock and fluid properties. Top Logbaba Fm at 1,735m TVDRKB This and the Sandstone application of latest technology are enabling VOG to Sandstone realise the true reservoir and well Sandstone potential at Logbaba. Sandstone 11
  • 12. Logbaba: Well La-105 Testing o  Multiple pay zones tested at La-105 Testing depths between 7,005 - 8,500 feet. o  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. o  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 12 initial gas demand of 8 MMscf/d.
  • 13. Logbaba: Well La-106 – Initial Data   Drilled deeper than planned to 10509 ft due to the better than expected observed sand quality in the Lower Logbaba sections.   Multiple gas-bearing sands encountered between 5482 feet and 10400 feet (measured depth) - Over 300 feet of gross pay Top most sand starts at 5482 ft (1671m) Example of deeper sand 9100 ft (2773m) 13
  • 14. Logbaba: Further Exploration o  90% of the block remains Passive Seismic Survey unexplored o  In late 2009, a passive seismic survey was commissioned o  Passive seismic is a direct hydrocarbon indicator o  Significant new structure 4 km north of the current well sites o  Best location on the current structure is as yet undrilled o  The new accumulations lie outside the area evaluated by RPS 14
  • 15. Vertically Integrated Strategy Pipeline Route VOG plans to install and commission a gas processing facility and its own gas pipeline to the industrial customers Approx 85% of industrial market within 10km Wells 105+106 and processing facility 15
  • 16. Concept Block Diagram Flare ~ LP LP Wells Well Manifold Separator ~ Pipeline Chokes Skid System (Condensate) Pressure Let Down ~ ~ Station Condensate Storage Power Generator Condensate To Industrial Tanker Consumers Switchgear Loading Condensate Transformer Diesel Tankers Generator (own use) Resurfaced Transmission Road Line 16 To Limbe Refinery To Substation
  • 17. Front End Engineering Design (FEED) Data collection studies We have commenced and nearly completed FEED studies o  Graphical Information System Project to merge satellite data with site and pipeline route survey o  Pipeline Route Selection and Network Design o  Definition of Customer Conversions o  Logbaba Site and Pipeline Route Survey o  Civil works   Soil sampling and analysis   Logbaba Site- •  Essential requirements: Process and Power Plant •  Accommodation, offices and warehousing   Pipeline construction and installation   Pre-qualification of Cameroon Civils Contractors 17   HV Transmission Line to Logbaba Substation
  • 19. VOG: High Impact Events o  VOG is targeting first revenues in Q4-2010 o  Test data and superior modern logs will be incorporated in an independent reserve re-estimation due in July 2010 o  Installation of the facility and construction of the pipeline is expected to be completed relatively quickly now that concept is confirmed 19
  • 20. Douala: Cicam Case Study o  Cotonniére Industrielle du Cameroun (Cicam) is the largest textile producer in ECCAS, with approximately 60% market share o  Current fuel cost for Douala facilities is around CFA 1Bn ($2.2 MM) o  Machinery purchased over a year ago still idle due to prohibitive energy cost o  Cicam estimate that converting to Logbaba gas would lower their energy cost by 30% and increase productivity by 400% 20
  • 21. Douala: Industrial Market o  Douala is one of Africa’s most important trade centres o  Energy needs satisfied by high-cost fuels such as diesel and fuel oil NB: Prevailing WTI price = $37/bbl o  Almost all fuels imported o  Petrol and diesel costs are Principal Businesses equivalent to UK o  Douala industrial market consumption estimated at 15MMcf/d equivalent o  Market expansion is stifled by the high cost of energy VOG has signed gas off-take agreements for 8MMcf/d fixed for 5 years at $16/mcf 21
  • 22. RPS Independent Valuation RSP Energy Competent Person’s Report Net Attributable Reserves and Resources 1P 2P 3P Total Liquids MMbbl 0.28 2.35 4.51 Natural Gas Bcf 7.92 64.53 123.91 Total MMboe 1.71 13.97 26.81 NPV valuation at 10% $MM 18.17 168.65 412.16 Source: RPS Energy o  RPS Energy undertook an evaluation of the Logbaba field in July 2008 o  65Bcf of 2P reserves with an NPV10 valuation of $169MM o  The evaluation only RPS review encompassed a small area (~6km2) section of the total 64km2 licence area 22
  • 23. West Med, Russia: Land of Supergiants o  West Med lies next to the super-giant Medvezhye field and the world’s largest field, Urengoy o  Medvezhye has produced about 75 Tcf of gas since 1972 o  Independent reserve auditors DeGolyer & MacNaughton estimated recoverable gross prospective resources of 1.1 Bnboe: o  5.1 Tcf gas o  247 MMbbl condensate o  25 MMbbl oil 23 Source: Gazprom
  • 24. West Med: New Exploration West Med Exploration Targets o  Second IPDS passive seismic survey completed Spring 2010 o  Geochemical survey over the same area also completed Exploration target area o  Stratigraphic traps could exist where West Med meets Medvezhye field o  Targets for further 2D and new drilling to be determined during summer 2010 Well 103 discovery 24
  • 25. Key Management Team Radwan Hadi Sam Metcalfe Geoff Gill Kamal Jardaneh Assistant Project Senior Petroleum Drilling COO VOG Manager Engineer Supervisor TECHNICAL Senior petroleum Over 25 yrs oil 15 yr career in oil 30 yrs of oil and engineer with over industry experience, and gas, gas experience, 23 30 yrs experience in worldwide. predominantly with yrs as drilling oil and gas including Has brought several Schlumberger superintendent / in Nigeria, Ghana North Sea gas Testing and then senior drilling and Equatorial projects into senior petroleum engineer for BP Guinea. production for major engineer with and currently a Former Head of corporations Blackwatch drilling consultant Planning in ADCO Kevin Foo Jonathan Scott Barratt Austen Titford Francois Nguene COMMERCIAL Commercial Gov’t Relations Chairman Financial Director Director Manager 39 yr career in the Former CEO of Chartered Accountant Former resources sector Eureka Mining Plc & with more than 17 years Exploration and including 19 years in executive director of experience, covering Production the FSU; former MD Celtic Resources Plc both the project Manager for SNH of Celtic Resources development and in charge of Chad- Holdings operational phases in Cameroon quoted natural resource Pipeline companies. 25
  • 26. 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 26
  • 27. VICTORIA OIL & GAS PLC 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