1. 7th African Petroleum Forum
Session 3: Hunting Grounds & The Continent’s Oil/Gas
& Economic Future
Presentation by Victoria Oil & Gas (VOG)
Tapping Gas Value in Cameroon
13th April 2010

2. Tapping Gas Value in Cameroon
Contents
o Introduction
o VOG Corporate Snapshot
o Executive Summary
o Logbaba – Cameroon Potential
o Logbaba Discovery
o New Wells VOG Logbaba (La 105 & La 106)
o Further Exploration - Passive Seismic Overview
o Production Facilities & Pipeline
o High Impact Events
o Conclusion
2

3. VOG Corporate Snapshot
Background Share Structure
Free Float
o Listed on AIM in July 2004 (80.79%)
Noor Petroleum (5.6%)
Management (6.2%)
o 60% of the Logbaba gas
field in Cameroon Barclays (4.36%)
Hydrocarbon Tech.
o 2P reserves of 104 Bcf (3.05%)
o First appraisal well
completed as a Price: £0.040
producer in January Shares: 1.4bn
Market Cap: £56 MM
2010
o 100% of West Med gas and VOG Trading Liquidity
condensate project in 12 month Daily Trading Volume
Russia
o Located close to % of Market Cap
World’s largest gas field
o Prospective resources
of 1.1Bnboe
3 * As at close 12 April 2010

4. Executive Summary
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 300 feet of gross sandstone pay in first well
o In-principal agreements signed with Industrial Customers
o First revenues from Logbaba targeted in H2 2010
4

5. Logbaba: First Mover Advantage
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 owned by
VOG
 Pipeline will be the only municipal gas pipeline in sub-
Saharan Africa
o Plans announced to triple Cameroon power generation capacity
in the next 10 years
Government priority for domestic market for next 30 years: 75
5 MMcf/d for electricity and 25 MMcf/d for industry

6. Cameroon: Heart of Central Africa
ECCAS
o Cameroon is a member of the
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 The city is the most
expensive in Africa
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
6
eastern suburbs of Douala

7. Logbaba: Discovery
o Logbaba was discovered in
1950s by Elf SEREPCA
o Four wells were drilled by Elf:
o All encountered gas and
condensate in multiple
reservoir layers
o No gas-water contacts in
any sands encountered
o Three wells tested over
limited intervals with
individual sands testing 10
– 20 MMcf/d per well
o In 2008, RPS Energy
calculated 2P reserves of:
o Gas – 104 Bcf
o Liquids – 4 MMbbl
o NPV10 – $168 MM*
7
* Attributable to VOG

8. Logbaba: Exceptional Progress
Winter 2008 Spring 2009
Autumn 2009 Summer 2009
8

9. Logbaba: Well La-105 Drilling/Completion
La-105 Drilling
o La-105 was drilled to a total
depth of 2,718 m (8,920 feet)
on 1 January 2010
o Multiple gas-bearing sands
with over 300 feet of gross pay
were encountered between
1,836 and 2,540 m correlating
to La-103
o A 7” liner has been run and
cemented
o La-105 has been completed
as a production well and
testing was conducted in the
first quarter 2010
9

10. Logbaba: Well La-105 Testing
o Multiple pay zones were tested
La-105 Testing
over a period of two weeks at
depths between 7,005 - 8,500
feet.
o Over the testing period, various
zones of La-105 flowed at 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 gas is sweet, with a high
calorific value and the
condensate has an API gravity
10 of 47 degrees.

11. Logbaba: Well La-105 Testing continued
La-105 Targets
o The test covered horizons of
the Lower Logbaba formation,
which had not been tested
before, and the Upper
Logbaba D sands.
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
Elf La-103 Flow
sufficient production capacity
Test Results to meet initial gas demand of 8
MMscf/d.
1,780 to 1,789m
4.75 MMcf/d
o The Upper Logbaba A - C
2,019 to 2,038m
12.25 MMcf/d
sands will be perforated and
added to the completion
2,051 to 2,063m
interval when required for
9.1 MMcf/d production.
2,364 to 2,378m
11 12.25 MMcf/d

12. Logbaba: Well La-106
o La-106 is being drilled from La-104
pad and is planned to twin the
La-101 well at its bottom hole
location
o Well spudded on schedule on 6
February 2010
o Planned TD is 2,000 m TVDSS
but will drill deeper due to good
hydrocarbon potential in Lower
formations
o La-101 was drilled in 1955 and
blew out before being brought
under control and completed
o The blow-out lasted 38 days,
producing approx 0.9 Bcf
o The well was then tested at
15.5 MMcf/d
o La-106 targets the Logbaba
formation sands
12

13. Logbaba: Further Exploration
o 90% of the block is as-yet 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
outside current drilling
location
o Best location on the current
structure is as yet undrilled
o The new accumulations lie
outside the area evaluated
by RPS
13

14. 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
14

15. VOG: High Impact Events
o VOG is targeting first revenues in H2-2010
o While La-106 is drilled, La-105 was tested
o Test data and superior modern logs will be submitted to RPS for
reserve re-estimation
o Installation of the facility and construction of the pipeline is
expected to be completed relatively quickly once concept agreed
15

16. Conclusion
o VOG can exploit competitive advantages to lead the gas market
in Cameroon
o Logbaba is an existing discovery with first well confirming
gas prospectivity
o Ready-made, captive market lies above the field with high
barriers to entry for offshore competition
o Gas agreements in place.
o Government initiative to treble power generation in next 10
years
o VOG has the appetite for further expansion in Africa
16

17. Appendix

18. Processing & Pipeline Strategy
o VOG will install and commission its own processing facility and
pipeline
o Processing:
o Phase 1 will be a basic separation and dehydration process to
produce sales gas and liquids
Sales gas
Separation & Dehydration
Raw gas
Process
Liquids
o Phase 2 will add processing capability to extract additional
Natural Gas Liquids (NGL)
o Pipeline
o A c.10km high-pressure gas pipeline will be laid underground
to the industrial customers
o The initial section will only access the nearest customers to
the well-site, but this covers about 85% of the market
18

19. 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-Barrett Steve Jorgensen Francois Nguene
Cameroon
COMMERCIAL
Commercial Gov’t Relations
Chairman
Director Country Manager Manager
39 yr career in the Former CEO of Ex-Cities Service Former
resources sector Eureka Mining Plc & drilling engineer Exploration and
including 19 years in executive director of with 15 yrs Production
the FSU; former MD Celtic Resources Plc experience in the Manager for SNH
of Celtic Resources oil industry in charge of Chad-
Holdings specialising in Cameroon
drilling, Pipeline
completion and
permitting
19

20. Logbaba Elf Cross-section
20

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
 RPS Energy undertook an
evaluation of the Logbaba
field in July 2008
 65Bcf of 2P reserves with an
NPV10 valuation of $169MM
 The evaluation only RPS review
encompassed a small area (~6km2)
section of the total 64km2
licence area
21

22. Social Responsibility
o VOG, through its local entity Rodeo
Development Ltd (RDL), has
strived to be an excellent corporate
citizen:
o During rig mobilisation, 300
local people were employed
o RDL currently employs about
100 people on the rig
(roustabouts, medics, safety
officers, guards etc)
o VOG has also invested in the local
infrastructure with the local council
o Local community members have
seized on business opportunities
created by RDL
22

23. 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
23

24. 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