For those of you who follow this site you’ll all recall Daniel’s posts on Victoria some time back in May of this year. There is a link to one of them below.
And as promised back then the fourth quarter update from the Blog is here.
The last time we posted on this company we were telling the Blogites that great things were on the cards for Victoria come the end of the year. Well things are now beginning to hot up VOG’s sp has risen by over 70%(as predicted by the blog.) For all those who have held through thick and thin well done.
But to be honest here I can’t for the life of me reason why this company’s sp is not in double figures. 2010 Has in the words of VOG’s topman been a “truly transformational year” just reading through the company’s final results for year-end may 2010 reveals that VOG are the only major player in Cameroon with access to the national energy market. They have already signed major industrial contracts for gas supply and have made very significant progress in positioning their company as the first choice for local and national gas supply through-out Cameroon. The exceptional progress being made by VOG on two of their production wells has already culminated in “key gas sales contracts” being hammered out. There’s been “a five fold increase in Proved reserves to 49 Bcf, while Proved and Probable reserves more than doubled to 212 Bcf.” and these increases represent approx’ 10/20% of their license block with a further 80/90% of their acreage as of yet undrilled! The prospective reserves upgrade now quotes a figure in excess of a trillion cubic feet! A truly mouth-watering figure.
The VOG management team have worked this company to the point where VOG are trusted and respected by their markets. Take for instance VOG’s deferred purchase of their treatment plant for 2 years! Yes that means VOG can sell gas for two years without having to pay upfront for the facility! A master stroke of management! It doesn’t get any better until you realise that VOG own and control the pipeline supplying their gas.
But wait there’s more!! Have you noticed that VOG’s sp has been slowly kicking up over the last month or so? Well obviously you have. This is because the final piece of the VOG story is about to unfold.
Victoria have an asset known as “THE WEST MED” in Russia,It lies just west of the super giant Medvezhye field where over 70 Tcf of dry gas has been produced.
Independent reserve auditors DeGolyer and MacNaughton have calculated best estimate gross prospective recoverable resources of approximately 1.1 billion barrels for the entire West Med Licence block. Yes that’s a possible potential 1.1 Billion barrel equivalent of resources! VOG also have several other prospects in Mali,Ethiopia and one pending in Liberia
So why is VOG’s sp still at a miserable 5p? Well its gas. Gas just doesn’t get the coverage that oil does. That is until it is brought on-stream!
One thing is for certain VOG’s sp will not be at this ridiculous level for much longer. Victoria Oil and gas are about to announce their Logbaba is On Stream they will rocket over the coming months. “A 60/70p price target could very well be on the conservative side over the next several months it all depends on the company news-flow” Yes it’s just a whisper but it is a whisper based on FACT.
Victoria are a well managed, well financed, well placed exploration company currently trading at 5p. This is in my opinion going in to double figures on Logbaba news. A 25p target in the short term looks likely here.
Research this stock and get it on your watch-list there’s going to be fireworks here!
A big spike is coming here!