• Victoria Oil & Gas completes an equity placing of £5,298,750 before expenses
• Agreement to increase of Standby Equity Distribution Agreement with Yorkville Advisors to £10 million
• Sufficient funds in place to take Company to first gas production
• Extraordinary General Meeting (“EGM”) to be convened on Monday 13 July 2009
Victoria Oil & Gas Plc, the AIM quoted oil and gas exploration company with assets in Cameroon and the FSU announces that it has raised £5.3 million before expenses (£5.1 net of expenses) by way of a two-tranche equity placing (the “Placing”) and has also increased its Standby Equity Distribution Agreement announced on 2 April 2009 from £5 million to £10 million (the “New SEDA”). This funding package, which marks the completion of the funding exercise begun earlier in April, will be used to drill the first well and generate first production at the Company’s Logbaba project in Cameroon.
In addition, VOG will be convening an EGM to be held at 11 a.m. on Monday 13 July 2009.
Victoria Oil & Gas Chairman Kevin Foo commented:
“Today’s tough markets have created two types of companies, those with financial solutions and those without. We recognised this and our efforts have been both tenacious and innovative and we have, in 2009, raised over £16 million and reduced payables by £1.6 million. This has been very satisfactory because both shareholders and new investors recognise the massive underlying value of this company. The drilling rig for Logbaba is secured and scheduled to be on the water to Cameroon before the end of this month and drilling is scheduled to commence 60 days from then.”