1. Proactive Investor Forum
12 February 2009

2. Corporate Snapshot
Background Share Structure
Noor
Listed on AIM in July Petroleum
(18%)
2004
Free Float
(46%)
Completed the acquisition Management
(14%)
of Logbaba gas field in
Cameroon in December Hydrocarbons
2008 Tech. (10%)
Compass
Two assets located in the RSM
(6%)
(6%)
FSU with combined
reserves of 40 Mmboe Corporate Profile
and resources of over Share price £0.04
1.1Bnboe Shares in issue 447.6 million
Experienced Board and Market Cap £17.9 million
management with Advisers:
technical assistance from Nomad Strand Partners
Blackwatch Petroleum Brokers Fox-Davies Capital
Services
2 As at close 10 February 2009

3. The Turnaround Story
Strong exploration base; Billion BOE resources in FSU
New focus on Africa (acquisitions and options)
Cameroon Logbaba project will be the significant driver of the
turnaround:
Capacity to turn VOG into a profitable company with first
commercial deliveries expected by 1H 2010
Net 2P of 65Bcf attributed to only a tiny portion of the
licence, with significant upside
All wells drilled penetrated multiple gas reservoirs with
high flow rates, some over 60Mmcf/d
Focus on production (revenue) in Africa complements FSU
long-term exploration/appraisal potential
3

4. A Global Footprint
VOG is building a presence in highly prospective hydrocarbon
regions
4

5. Operational Structure
Board of Directors
Executive Management Team Blackwatch Petroleum
London / Houston Services
African Operations Kazakh Operations Russian Operations
Development of Technical office in Main office to be
Logbaba field to be Almaty, the moved to Orenburg
run from existing commercial centre to facilitate pursuit
office in Douala of Kazakhstan of opportunities in
the region
5

6. Logbaba, Cameroon
Bramlin’s key asset is a
farm-in for 60% of the
Logbaba natural gas and
condensate project in
Cameroon
Logbaba is located in the
northern Douala Basin
within the eastern suburbs
of Douala, the economic
capital of Cameroon
Four wells were drilled in
the 1950s, all encountering
gas – three were tested at Logbaba
between 12Mmcf/d and Licence area
62Mmcf/d
6

7. Logbaba Reserves and 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
RPS Energy undertook an
evaluation of limited section
of the Logbaba field in July
2008
Using the data provided,
they determined 14Mmboe
of 2P reserves with an RPS review
area (~6km2)
NPV10 valuation of
$169Mm
7

8. Logbaba Development Plan
PHASE 1: Gas production to serve existing contracts
Drill and test a twin to Well 104 down to 10,000 ft
Production expected to be min. 12Mmcf/d against current
local industrial demand of 8Mmcf/d
Install surface facilities
12Mmcf/d capacity gas processing facility
15 km, 10” pipeline to the industrial users
Sell gas to industrial market in Douala
Letters of intent already signed with potential customers
for a total of 8Mmcf/d at an indicative price of $15/mcf
PHASE 2: Gas to additional clients and swing production
Drill second well to increase production to meet expected
industrial demand of >25Mmcf/d
Provide swing production for users and new consumers
8

9. Cameroon Gas Market
10-Yr Gas Demand Forecast
Most fuels currently imported 70,000
Power Load
VOG has signed gas off-take Industrial Load
60,000
agreements and letters of
intent for 8Mmcf/d
50,000
Gas Demand (mcf/d)
The indicative price is set at
$16/MmBTU ($15/mcf) 40,000
A study by Tradex estimates 30,000
demand to increase to
25Mmcf/d within 5 years 20,000
A gas-fired power station 10,000
could initially increase
demand by up to 25Mmcf/d 0
1 2 3 4 5 6 7 8 9 10
Source: Tradex, Company estimates
9

10. Exploration Potential
The Logbaba project is complemented by VOG’s portfolio of
exploration assets in Africa and the FSU offering significant
upside potential
West Medvezhye in Siberia has independently assessed
prospective resources of over 1.1Bnboe of gas, condensate
and light oil for the 1,220km2 licence area
First discovery well was completed in late 2007
Field located in the largest gas producing region on Earth
In September 2008, VOG acquired an option to acquire
Falcon Petroleum, an E&P company with PSAs over
45,000km2 in Ethiopia and Mali
Virgin exploration territory, but with good geological leads
and oil seeps
10

11. West Medvezhye, Russia
West Med lies adjacent to the
super-giant Medvezhye field
and about 120km from
Urengoy, the world’s largest
gas and gas condensate field
VOG has successfully
completed a passive seismic West Med
survey over an area
surrounding discovery Well 103
The results of the survey will be
correlated to the existing
subsurface interpretation to
confirm the location of the next
well to be drilled in 2010/11
Source: Merrill Lynch
11

12. Kemerkol, Kazakhstan
The Kemerkol project has
State-classified oil reserves
and resources of:
C1 8.7 Mmbbl
C2 26.3 Mmbbl
C3 25.1 Mmbbl
Production from the field is
temporarily suspended
VOG is fighting an
illegitimate claim against its
ownership
Appeal with the
Supreme Court and
General Prosecutor
Judgement won against the
former owner in High Court
VOG preparing $30Mm
damages claim
12

13. Falcon Petroleum, Mali and Ethiopia
VOG has signed a 12
month option to acquire the
assets of Falcon Petroleum
Falcon has a 50% interest
in the PSA for Block 17 in
Mali and 90% of PSA over
Blocks Ab1, Ab4 and Ab7
in the Blue Nile Basin in
Ethiopia
Total acreage covers over
45,000km2
Logbaba
13

14. In Summary
Logbaba represents proven reserves and fast-track cash flow
generation from a captive market with significant expansion
potential
Positioning in Cameroon power generation market can
transform VOG into the premier energy supplier in the region
Exposure to huge hydrocarbon potential of the FSU still of
primary importance
Technical management greatly enhanced through new
appointments and assumption of existing Bramlin team
Continuing financial and strategic support of Noor Petroleum
adds significant advantage during economic instability
14

15. APPENDICES
15

16. Directors and Management
Board of Directors Senior Management
Kevin Foo, Chairman Radwan Hadi
36 year career in the resources sector COO of VOG; Senior petroleum engineer
including 16 years in the FSU; former MD with Blackwatch with over 25 yrs
of Celtic Resources Holdings experience in oil and gas including in
Grant Manheim, Deputy Chairman Nigeria, Ghana and Equatorial Guinea
37 years at N M Rothschild and Sons Sam Metcalfe
Limited, with 25 years as a board director Managing Director and Principal
Robert Palmer, Finance Director Reservoir Engineer with Blackwatch, over
Chartered accountant with extensive 25 years oil industry experience,
experience in corporate finance worldwide
George Donne, Executive Director Jim Ford
Former investment banker and General 30 years experience in the energy sector
Manager of VOG and previously president of Daytona
Rashed Al Suwaidi, Non-Exec Director Energy
Petroleum engineer and former E&P Ernie Miller
Director of ADNOC. Director of some of
the largest investment companies in UAE 16 years of energy experience in both
public and private companies, including
Philip Rand, Non-Exec Director BPZ Energy, Calpine Corporation and
+30 years financial experience and Pan Canadian
currently the CEO of Equator Exploration
Eckhard Mueller
Mukhtar Tuyakbayev, Non-Exec Director
27 years experience in exploration and
Previously an executive director of Celtic production, including 4 years as chief
geologist for KazGerMunay;
16

17. Cameroon
Cameroon's GDP of $39.5bn
in 2007 one of the top ten in
sub-Saharan Africa
Majority of electricity from
hydroelectric power stations,
susceptible to droughts
In 2004, electricity
generating capacity of
900MW: 95%
hydroelectric Source: EIA
Other operators in region:
Addax Petroleum
Amerada Hess
Bowleven
Perenco
Noble Corporation
Santa Oil & Gas
17

18. West Med Progress during 2008
Confirmation of commercial
discovery by Russian Ministry of
Natural Resources (MNR)
Confirmation of proven
recoverable reserves
Geochemical analysis of target
location by Exotrad Limited
Reassessment of subsurface
data by local institute, SibNats
Recoverable Reserves confirmed by MNR
C1 Oil 1.49 Mmbbl
Gas 1.71 Bcf
C2 Oil 10.41 Mmbbl
Gas 12.10 Bcf
C1+C2 Oil 11.90 Mmbbl
Gas 13.81 Bcf
Total 14.39 Mmboe Well 103
18

19. West Med Programme for 2009
During winter 2008/9, GeoDynamics (GDR) conducted a
passive seismic survey focused on new target location
Drilling of next exploration well, Well 105, expected in 2010
with a further two wells to be drilled by the end of 2012
SibNats Prognosis New target area Exotrad Prognosis
identified by both
Exotrad and SibNats
Well
103
Well
103
19

20. Kemerkol Programme for 2009
Production from the field is temporarily suspended following a
claim against VOG’s ownership during 2008
The short-term development programme remains:
Shoot a passive seismic survey to determine next drilling
locations and analyse subsalt and salt overhang potential
Initial drilling plan of two exploration wells to target best
locations and confirm correlation of passive seismic
Full development drilling on confirmation of further
discoveries
20

21. Falcon Petroleum Assets
Mali Ethiopia
Block 17 is located in the Nara Falcon has been involved in a
Trough, the most western of study of the most prospective
Mali's four sedimentary basins sedimentary basin in Ethiopia
– Block 1 – covering
According to aeromagnetic 150,000km2 including the Blue
data, sediment thickness may Nile (Abay) Basin
amount to over 14,000m –
similar to the Precaspian Within this Block, Falcon has
Basin in Kazakhstan signed a PSA for sub-Blocks
Ab1, Ab4 and Ab7
The Cretaceous reservoir is
thought to be similar to that of The Basin contains possible
Chad, but the Paleozoic is structural and stratigraphic
more comparable with Algeria traps and oil seeps are
present in the northern section
Block 17’s location in the The oil seeps occur in
narrow and relatively elevated Were Ilu, inside Block Ab1
part of the Nara Trough
21

22. 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
Bcm Billion cubic metres of natural gas
$Mm Million US$
km2 Square kilometres
m Metres
Mt Million tonnes
22
Mtpa Million tonnes per annum

23. Resource Categorisations
Category Explanation Approx Western Category
A Geologically and geophysically examined
Delineated by exploration and production
Data shows recoverability
Represents reserves in current production
B Geologically and geophysically examined
Evaluated by adequate drilling
Proven
Data shows recoverability
Represents unused producing capacity
C1 Reserves adjacent to A and B categories
Geologically and geophysically evaluated
Verified by minimal drilling
Data shows partial recoverability
C2 Presumed to exist based on favourable geological and
Probable
geophysical data analogous to that of verified reserves
C3/D1 Speculative resources presumed to exist based on
Possible
favourable geological analogy to reference areas
Source: IEA and Russian Ministry of Natural Resources
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