A Unique African Gas Utility - Victoria Oil and Gas VOG... · Victoria Oil & Gas Plc has built and...
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Victoria Oil & Gas Plc Information www.victoriaoilandgas.com Victoria Oil & Gas Plc has built and operates a fully integrated gas producing and distribution utility supplying the port city of Douala, Cameroon with domestic natural gas. Through our 100% owned subsidiary, Gaz du Cameroun S.A., we supply customers operating across diverse industries. These customers utilise GDC gas for thermal processes, such as boiler heating for steam generation, direct process heating and power supply. Since 2015, we have supplied gas to two ENEO operated power stations for the generation of up to 50MW for the Douala grid. Our Company focuses on rapid commercialisation of previously discovered underdeveloped or ‘stranded’ gas deposits that can be developed by onshore drilling to provide energy solutions for local communities using safe, consistent and scalable natural gas. A Unique African Gas Utility KOMBE-NSEPE BLOCK BOMONO BLOCK MATANDA BLOCK ETINDE BLOCK LOGBABA FIELD Gas well Gas and oil well Gas well with oil show Dry hole with gas show Dry hole Permitted location Oil well Gas show North Matanda Field CENTRAL AFRICAN REPUBLIC CAMEROON DEMOCRATIC REPUBLIC OF THE CONGO NIGERIA GABON EQUATORIAL GUINEA CHAD Douala Yaoundé CONGO Gas Field Locations The Group’s Logbaba Field and Matanda Block licence areas are in and around the industrial city of Douala, Central Africa’s largest port and the commercial and economic capital of Cameroon. It handles most of the country’s major exports, such as oil, cocoa, coffee, timber, metals and fruits. Corporate Market Cap (end March 2016): £43.8 million Listed on AIM in July 2004: VOG Shares Outstanding: 109,495,262 Net Cash (end March 2016): $4.6 million Nominated Advisor: Strand Hanson Broker: Numis Increasing Our Business Footprint Unlocking Domestic Onshore Gas Supplies in Africa
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Victoria Oil & Gas Plc Information www.victoriaoilandgas.com
Victoria Oil & Gas Plc has built and operates a fully integrated gasproducing and distribution utility supplying the port city of Douala,Cameroon with domestic natural gas.
Through our 100% owned subsidiary, Gaz du Cameroun S.A., wesupply customers operating across diverse industries. Thesecustomers utilise GDC gas for thermal processes, such as boilerheating for steam generation, direct process heating and powersupply. Since 2015, we have supplied gas to two ENEO operatedpower stations for the generation of up to 50MW for the Douala grid.
Our Company focuses on rapid commercialisation of previouslydiscovered underdeveloped or ‘stranded’ gas deposits that canbe developed by onshore drilling to provide energy solutions forlocal communities using safe, consistent and scalable natural gas.
A Unique AfricanGas Utility
KOMBE-NSEPE BLOCK
BOMONO BLOCK
MATANDA BLOCK
ETINDE BLOCK
LOGBABAFIELD
Gas well
Gas and oil well
Gas well with oil show
Dry hole with gas show
Dry hole
Permitted location
Oil well
Gas show
North Matanda Field
CENTRALAFRICANREPUBLIC
CAMEROON
DEMOCRATICREPUBLICOF THECONGO
NIGERIA
GABON
EQUATORIALGUINEA
CHAD
DoualaYaoundé
CONGO
Gas Field LocationsThe Group’s Logbaba Field andMatanda Block licence areas are in and around the industrial city ofDouala, Central Africa’s largestport and the commercial and economic capital ofCameroon. It handles mostof the country’s majorexports, such as oil,cocoa, coffee, timber,metals and fruits.
CorporateMarket Cap (end March 2016): £43.8 million
Listed on AIM in July 2004: VOG
Shares Outstanding: 109,495,262
Net Cash (end March 2016):$4.6 million
Nominated Advisor: Strand Hanson
Broker: Numis
Increasing Our Business Footprint
Unlocking Domestic Onshore Gas Supplies in Africa
Create value by focusing on the onshore development ofpreviously discovered gas resources and expediting localenergy solutions.
Replicate our proven revenue-generating business structureacross other African locations.
Educate the investor market on our unique business and ourbottom-line delivery.
VOG Focus
Timeline
Logbaba
Matanda
2008-2009� VOG enters Cameroon as operatorof Logbaba.
MatandaRecently obtained 1,235km2
neighbouring licence to Logbaba. Plansto undertake seismic interpretation toidentify drill targets in short time.
LogbabaGDC operator of the producingLogbaba Gas Project in Douala.Revenue generating since 2012 andcurrently in expansion phase.
2009-2011� VOG spuds the first onshore wellin Cameroon since 1950s.
� Two wells drilled successfully (La-105, La-106).
� President Biya signs ExploitationLicence in 2011.
2012-Present� July 2012 – First commercial gasand condensate productionoperations.
� By end 2012 – Gas supplynetwork constructed and firstcustomers commissioned.
� November 2013 – Presidentialinauguration of production facilities.
� Early 2015 – First grid powercustomer online.
� 2016 – Focus on increasing supplyand processing capacity.
2015-Present� Appraisal and assignment of1,235km2 Matanda Block
Operator Focus
AppraisalIdentify undeveloped and ‘stranded’gas reserves
Study economic climate
Assess how to develop this energy tomarkets and projects in the shortesttime and at lowest cost
Align our goals with local communities,customers and governments
DevelopmentSign letters of intent with potentialcustomers
Execute development plans
Optimise extraction of gas, processingand infrastructure to deliver to market
Production, Revenues andExpansionDelivering first production to marketand revenue generation
Build consumption
Expand customer types
Ensure supply can meet demand andexpansion plans
Victoria Oil & Gas Plc Information www.victoriaoilandgas.com
Our Focus
Business Model
Customer TypesGDC maximises it salesthrough a variety ofcustomer types.
Grid PowerSupply of gas to stateowned power stationsoperated by ENEO.
Thermal CustomersGDC supplies gas to anumber of industrialcustomers for thermal usein boilers, process plantsand furnaces.
Power CustomersGas supplied to industrialcustomers to gas-fired electricitygenerators for power generation.Proof-of-concept phasecompleted and now pure gassales model.Gas Condensate
A by-product of the gasproduction process whichis offloaded by tanker to alocal refinery.
Potential Future ProductsAlternative products such as CNG wouldenable GDC to widen its customer baseto those with different requirements andoutside the physical limits of the pipelineinfrastructure.
Compressed Natural Gas (“CNG”)
ProcessPlant
Phase 1Phase 2Phase 3
Western LinePhase 2
Northern Line
Western LinePhase 1
SouthernLine
Ports Branch Line
Magzi Branch Line
Accurate as at 30 April 2016
Main Trunk Line
Eastern Line
WOURI RIVER
PORT AREA
BONABERI LINE
Bonaberi Line Extension8km two-phased extension into theless densely populated side of theWouri River and the fastest growingindustrial area of the city.
Logbaba PowerStation30MW (peak)
Bassa Power Station20MW (peak)
Grid Power
Proposed pipeline
Existing 35km pipeline
Next phase customerconnections
Consuming powercustomer
Consuming thermalcustomer
Condensate loading bay
Gas suppli
edvia35kmpipelinenetwork
Victoria Oil & Gas Plc Information www.victoriaoilandgas.com
Established Sales, Diversified Customers
Gas Distribution Network, Douala
Victoria Oil & Gas Plc1st Floor, Hatfield House52/54 Stamford StreetLondon SE1 9LX
T: +44 20 7921 8820F: +44 20 7921 8821E: [email protected]: www.victoriaoilandgas.com
Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Gas sales (mmscf)
Thermal 250.6 236.3 266.7 209.5 250.3
Retail Power 37.0 79.0 83.3 93.0 90.4
Grid Power 843.6 310.3 367.6 817.5 63.9
Total (mmscf) 1,131.2 625.6 717.6 1,120.0 404.6
Average gas production (mmscf/d) 13.16 7.14 8.19 12.6 4.5
Condensate sold (bbls) 13,591 8,608 10,878 13,445 6,345
� Connect further customers on Bonaberi shore and meet 30%production increase over 2015
� Drill one twin well and one step out well at Logbaba plant siteto establish further reserves
� Plant expansion to meet potential new well supply and ability todeliver gas to customers
� Expansion into existing and new markets
Victoria Oil & Gas Plc Information www.victoriaoilandgas.com
Performance
2016 Outlook
Logbaba Processing Plant and Drilling SiteAt end May 2016
At end June 2016
