1

Victoria Oil & Gas Plc Production Growth and Cashflow Gas & Condensate Producer in Cameroon and Exploration & Development in Russia March 2012

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The Company Victoria Oil & Gas (“VOG”) Overview: Cameroon

Capitalisation Market Cap (Mar 2012):

$160 million



VOG owns 95% of the Logbaba gas & condensate field —

Listed on AIM in July 2004

Shares Outstanding:

2.5 billion

Cash:

$7 million

Debt:

$6 million

1 YR Trading Performance (re-based)



State 5%

Gross 2P reserves: 39.5 mmboe —

212 Bcf gas plus 4.2 mmbbls condensate



Production growth and cashflow story with very attractive netbacks



Cashflow positive from June 2012; trading at 2.5x analyst consensus YE2014 earnings



First onshore gas discovery; no competition

Russia

4



VOG owns 100% of West Med oil, gas and condensate project



Adjacent to large existing production in Siberia



High impact resource play; best estimate prospective resources: 1.4 billion boe



2P reserves1: 14.4 mmboe



Aim to secure Farm-in partner in 2012

Note: Conversion rate of 6 mscf = 1 boe used 1. Russian reserves are classified as C1+C2 under the Russian reserve classification system

Company Strategy Strategy 

Become a mid-size E&P player through organic growth and acquisition by 2015



Focus on core area of West Africa



Build on cash flow from Logbaba to fund further exploration and development opportunities



Become a leading player in new thermal and power projects in Cameroon



Acquire companies/assets with significant reserve and production potential —

Opportunistic, undervalued assets/distressed sellers

No paper deals at low valuation multiples



Net 2P Reserves

Net Best Estimate Prospective Resources

60

1,800

52

1,500 37

40

30

mmboe

mmboe

50

26

20 10

1,200

1,122

1,228

900 600 300

-

2009

5

1,594

2010

2011

2009

2010

2011

Company Investment Case 1) Production growth and cashflow story —

Production came on-stream in December 2011

—

1mmscf/d in May 2012 and cashflow positive by June 2012 in Logbaba

—

8 mmscf/d by end of 2012 to 44 mmscf/d by end of 2014

—

$1m of revenue per week by the end of this year

2) Favourable hydrocarbon prices —$16/mmbtu —15

(mscf) gas sales contracts secured (equivalent to $96/boe)

gas sales agreements signed, including multi-nationals

—Prices

fixed for 5 years on a 20 year exclusive gas arrangement

—Operating

margins ca. 70%

—Condensate

yield of 20 bbls/mmscf; pricing expected to be at a premium to

Brent 3) Significant exploration upside in other areas of Logbaba and in West Med —1.6

6

billion boe of best estimate prospective resources

Company Investment Case (continued) 5) Delivered Logbaba successfully and on schedule —

Drilled and completed 2 out of 2 successful wells

—

Own and control the whole energy supply chain

—

Secured a substantial market for VOG’s gas

—

Delivered first production on schedule

6) Extensive management experience in West Africa and the FSU —

Chairman and COO have extensive network of industry and government relationships with over 60 years experience

7) Undervalued by the market

7

—

Trading at 2-3x analyst earnings for YE2014

—

On 2P reserves only, valued at $2.7/boe against African producer median $16.7/boe (mean $21.6/boe)

—

$160mm market cap implies a 76% discount to management estimates of Logbaba core NAV alone

—

As gas sales volumes rise, we expect a substantial re-rating

Cameroon:

Logbaba Gas & Condensate Field First Onshore Producer to Energy Hungry Market

The Logbaba Gas & Condensate Monetisation Story 2P Reserves 212 Bcf

additional future development wells

La-105 up to 55mmscf/d

La-106 up to 22 mmscf/d;

opportunity for expansion

Gas Processing Facility (2 x 20 mmscf/d processing trains)

60km

9

Condensate Trucked Pipeline Sized to 60 mmscf/d

Limbe Refinery Brent plus $2-4 premium

Industry Steam Generation Current market 15 mmscf/d

Industry On Site Power Generation Market ca. 60 mmscf/d

Production Facilities & Pipeline

10

Production Facilities

Pipeline

PRMS unit – custody transfer

First gas December 2011

Logbaba: 2012 Work Programme Forward work programme will achieve 8 mmscf/d production by the end of 2012 2011 O Production

N

2012 D

J

F

M

A

First Gas

Essential Works Wells La-105, La-106 Re-open & Commissioning Process plant Installation Commissioning Magzi Estate Reached

Phase 1 Phase 2 Phase 3 Customer Conversions Scope & Definition Installation & Commissioning

11

J

J

A

S

O

N

ca. 8 mmscf/d

On site Civils

Pipeline

M



Secure a further 10+ gas sales agreements for customer thermal requirements



Initiate gas to power interim solution showcasing benefits



Secure first gas to power customers



All operations and work programme on schedule in 2012

D

The Logbaba Gas Play – Energy Hungry City  

Up to 40 industrial customers capable of taking large thermal and electrical energy 15 customers signed; 20 by year end and 40 by 2014+; Phase 1 nearly complete

Approx 85% of industrial market within 10 km

12

Cameroon Market: Customers Gas for customers heat and power requirements represents a market anticipated to be in excess of 50 mmscf/d over the medium term Largest Current & Potential Customers by Consumption Food Processing

Chemical Industry

Breweries

BSF

Biopharma

Guinness

Camlait

CCIC

SABC

Chococam

CCC

UCB

Imperial Foods

Littocal

Nestle

Plasticam

Metallurgical

Parlite

SCR Maya

Acieres

Scalia

13

Alubassa

Sic Cacaos

Other

Cimencam

Telcar Cocoas

CICAM

Fokour Foundry

Usicam

Pack Industries

Metafrique

Socaver

Prometal

Logbaba: Production and Douala Gas Demand 





Logbaba production is expected to ramp up quickly. VOG has the ability to drill additional wells to increase production to meet industrial demand Additional resource of 1 Tcf may go to alternative markets

2P reserves/cautious case 3P reserves/upside case

Gas to power demand

Gas to thermal demand

14

Source: Management estimates Note: Independent study in 2007 estimated 8 mmscf/d of thermal demand based on substitution of existing liquid fuels usage for thermal demand only. This fuel availability is supply constrained and manufacturing output is further hampered by power issues which can now be remedied

Logbaba: Attractive Netbacks at $16/mmbtu First natural gas supplier in Cameroon 

Logbaba’s high production growth and demand build out will lead to strong cashflows



VOG has secured very attractive gas sales agreements; •

•

Prices fixed at US$16/mmbtu ($16/mscf or $96/boe) for 5 years

Pre-Tax

Post-Tax

Lifting Cost

$1 mmbtu

$4 mmbtu

Royalties

Corporation Tax

20-year gas exclusivity arrangement

$1 mmbtu

$3 mmbtu

$4 mmbtu

$11 mmbtu 

Netbacks of $11/mmbtu realisable until cost recovery of ca. $100m



Approximately $8/mmbtu recoverable thereafter

Netback

$8 mmbtu

Current Alternative Fuel Prices US$/mmbtu

15

Diesel:

32.00

Fuel Oil:

22.00

Kerosene:

30.00

Logbaba: Management Forecasts Prices: Gas price

Condensate

Post-Tax NPV net to VOG Industrial Gas

$16/mmbtu

($MM)

Industrial Power

$16/mmbtu

Grid Power(5) LNG Limbe Refinery

10%

15%

IRR

Proved (1P)(1)

192

154

30%

$6.5/mmbtu

Proved & Probable (2P)(2)

676

487

51%

$12/mmbtu

Proved, Probable and Possible (3P)(3)

991

690

59%

2,086

1,388

65%

$75/bbl

3P + Best Estimate Prospective Resources(4) Discounted to 1.1.12

Fiscal Terms: Corporate tax

Logbaba Gross Costs, Reserves & Ratios Reserves

38.5%

Government Royalty

8.0%

Other Royalties

5.6%

Gas

Cond.

(Bcf)

(mmbbls)

($MM)

($/boe)

($MM)

($/boe)

1P

49

1.0

180

19.6

73

8.0

2P

212

4.2

420

10.6

199

5.0

3P

350

7.0

672

10.3

296

4.5

1,350

27.0

2,192

8.7

930

3.7

3P + PR

16

Capex

Opex

Notes: (1) 5 mmscf/d in 2012 rising to 20 mmscf/d supplied to industrial customers for gas & on site power (2) 5 mmscf/d in 2012 supplied to industrial customers for gas & on site power rising to 44 mmscf/d plateau production by 2015 (3) As in case 2 but rising to 60 mmscf/d plateau production by 2015 (4) As in case 3 but VOG supplying gas to new IPP 500MW facility (with 125 mmscfd) by 2015 and a new LNG facility with 40 mmscf/d incremental demand by 2013 (5) Gas for power generation to be connected to the grid has been priced at $6.50 per mmbtu until further negotiation with ARSEL, the state regulator

Logbaba: Reserves Results from petroleum consultant Blackwatch Petroleum Services in October 2010 Analysed seismic, well logs and test data from La-105 & La-106 and original four wells

Gross Proved Reserves (1P) increased five fold from July 2008 study to 49 Bcf + 1.0 mmbbls of condensate Gross Proved plus Probable (2P) reserves increased two fold to 212 Bcf + 4.2 mmbbls of condensate Gross Prospective Resources evaluated to be in excess of 1 Tcf + 20 mmbbls of condensate Logbaba reserves – VOG has a 95% working interest Gas (Bcf)

Condensate (mmbbls)

Total (mmboe)

Upper Logbaba Proved Reserves (1P)

49

1.0

9.2

Proved + Probable Reserves (2P)

212

4.2

39.5

Proved + Probable + Possible Reserves (3P)

350

7.0

65.3

>1,000

20

186.7

100% Basis Logbaba Field

Entire Logbaba Block Best Estimate Prospective Resources

Initial testing of well La-105 17

Logbaba: Exploration Upside The best potential location on the structure has yet to be drilled Majority In

of the block remains unexplored

2009, a passive seismic survey was commissioned

Significant

new structure 4 km north of the current well sites located in the industrial area —

18

Surface location will be chosen to minimise disruption

Logbaba: Key Points First natural gas supplier in Cameroon 

95% interest and operatorship in the Logbaba gas and condensate field



Located in the heart of a substantial industrial and energy-hungry region



Own and operate the whole gas supply chain from the well head to the customer



Forged excellent relationships with strong government support and incentives



Diverse industrial customers (likely to be in excess of 40), with 85% located within 10 km —



15 gas sales agreements signed, including multi-nationals, with a further 8 subject to final legal due diligence —



Price fixed at US$16/mmbtu ($16/mscf or $96/boe) for 5 years on 20-year gas exclusive arrangement

Initial production anticipated to reach 8 mmscf/d gross in 2012 —

Forecast production to grow to 44 mmscf/d gross by year end 2014

—

Condensate yield of 20 bbls/mmscf



212 Bcf of gas + 4 mmbbls condensate gross 2P reserves



Over 600 feet of gross pay in two wells



Outstanding potential in other areas of the Logbaba licence block –

19

Lowers off-take risk and no competition

Additional 1 Tcf gross best estimate prospective resources

West Medvezhye Gas Field: Exploration Adjacent to an Existing Super Giant in Russia

West Med, Russia: Land of Super-Giants

21



West Med lies adjacent to the super-giant Medvezhye and Urengoy fields



Medvezhye has produced approximately 75 Tcf of dry gas since 1972



Exploitation Licence granted for West Med after discovery well of 14.4 mmboe with Well 103



September 2011 - Independent reserve auditors Mineral LLC announce 300 mmboe increase in gross prospective resources to 1.4 bnboe (previous estimate by D&M in 2006 1.1 bnboe) 

670 mmbbls of oil



730 mmboe of gas & condensate

Source: Gazprom

Investment Case for Russia Valuation

22



The West Medvezhye exploration area represents major upside with prospective resources of 1.4 billion barrels of oil equivalent



Classical prolific West Siberian geology; targeting structural and stratigraphic traps



VOG to firm up conceptual screening and development plans for West Med in 2012



Once development plans in place, analyst and investor community will assign value to West Med



2012 two well drilling programme catalyst for re-rating



Early production facility to truck oil to Nadym located 40 km from 2015 with $60/bbl achievable



Consensus on liberalisation of domestic gas prices and fiscal improvement will lead to more attractive economics

West Med: 2011-2012 Work Programme Completed Seismic

reprocessing and geological modelling study was carried out by an independent Russian geoscience consulting institute, Mineral LLC The

first phase of the technical work, which included reprocessing 845 km of 2D seismic, incorporating new well data and gas tomography surveys was completed in June 2011 Re-interpretation

Announced

of the reprocessed seismic completed

300 mmboe increase in gross prospective resources to 1.4 bnboe

Work In-Progress/Forward Plans Conceptual

screening and development studies in progress to commercialise West Med large prospective resources and to exploit the Well 103 discovery to generate cash flow Submit Plan

23

drilling locations in Q1 2012 to the Russian MNR for two wells in 2012

for drilling to start in Q4 2012

West Med: 103 Discovery (Independent Mapping) Gas Tomography

Passive Seismic

Conventional Seismic

Well 103 discovery independent mapping by different technologies (qualitative & not to scale)

24

West Med: Exploration Targets 

4 wells drilled, one discovery well (Well 103)



Well 103 has C1+C2 reserves estimated at 14.4 mmboe



Recoverable resources (C3) estimated at 170.6 mmboe



Targeting stratigraphic traps where West Med meets Medvezhye field



Conceptual screening and development plans currently being appraised

Well 103 discovery

25

Several Initial Exploration Target Areas

West Med: Conclusions

26



Work programme on target for commercialisation of the West Med prospective resources and exploitation of the Well 103 discovery



Preliminary development assessment work on the Well 103 discovery indicate first oil sales in 2015, subject to further refinement and screening



Next Drilling Campaign starts Q4 2012

Appendix

Key Management Directors & Management

28

Kevin Foo

Austen Titford

Jonathan Scott-Barrett

Martin Devine

Chairman

Executive Director

Managing Director, RDL

Commercial Manager

Over 40-year career in the resources sector including 19 years in the FSU; former MD of Celtic Resources Holdings

Chartered Accountant with 20 years experience, covering both the project development and operational phases in quoted natural resource companies

Over 20-years in the resource sector. Former CEO of Eureka Mining Plc & executive director of Celtic Resources Plc, nonexecutive director of Hanson Plc 1991 to 2000

Over 13-years upstream oil and gas experience including corporate finance, M&A and debt advisory with JP Morgan Chase

Radwan Hadi

Sam Metcalfe

Ted Cammarata

Divine Mofa

COO VOG

Sr. Reservoir Engineer

Project Director, RDL

Operations Manager, RDL

30-yrs international upstream E&P experience including Africa, Middle East, Europe and Asia. Director of Blackwatch and former Head of Planning in ADCO

Over 25-yrs oil industry experience, worldwide. Has brought several North Sea gas projects into production for major corporations

Over 30-years experience in engineering and oil field services operations including senior positions with Schlumberger, Expro and Chevron

Over 15-years of oil & gas industry experience as a project manager and engineer working for J. Ray McDermott, Oceaneering and Alseas

Logbaba: History

In 2009 and 2010, RDL drilled 2 wells, La-105 & La-106 at a cost of $53m La-105 tested at prolific rates of up to 55 mmscf/d La-106 tested at rates of up to 22 mmscf/d. Both wells have now been completed as production wells

29

Production facility consisting of two 20 mmscf/d production units processes the gas and extracts condensate for market. Expro are supplying and operating the plant in the initial phase

The gas distribution network serving Douala’s industrial customers will be constructed in unpaved ground, black top highway and land adjacent to the Douala rail network

The total gas distribution network will be approximately 34 km in length comprising pipe diameters between 400 mm and 63 mm and a normal operating pressure of 5.5 bar

The pipeline has a design capacity of 60 mmscf/d which can be increased with higher operating pressures

The gas sales and marketing team has signed many industrial customers, including some multinational firms, for gas delivery in 2011 and the Company expects many more customers to be signed throughout 2012. Customers are expecting annual fuel savings in excess of 30% First gas on the 17 December 2011

Logbaba: Well Testing La-105 Testing

La-105 o

Multiple pay zones tested at depths between 7,005 - 8,500 feet.

o

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.

La-106 o

Flowed at 22mmscf/d and well head pressures up to 3,078 psi

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 sufficient production capacity to meet initial gas demand of 8 MMscf/d. 30

Cameroon Market: The Case for Gas Customer Specific Benefits 

Energy demand is met by high-cost imported fuels (diesel and fuel oil)



Cameroon challenged with constant blackouts and brownouts hampering expansion



Petrol and diesel costs are equivalent to UK





Natural gas creates approx. 30% total cost savings

Advance of gas and certainty of supply will pave the way for increased industrial expansion and foreign direct investment



Douala, located on the Western seaboard, is one of Africa’s most important trade centres and a major hub for Central Africa



Working with the government to facilitate new power projects driven by existing incumbents and new IPP projects



Post-2014, potential expansion in to mini-LNG & possible integration with major mining projects



Environment benefits; gas thermal energy of choice with less emissions



Contract savings per unit of energy



Improved boiler efficiencies and longer life through reduction of scaling and soot





31

Benefits for Cameroon

Reduced pumping, storage and heating costs Reduced maintenance costs and less downtime

VOG: Value Proposition Valuation 

VOG gas contracts unexposed to European market volatility or over supply - window of opportunity



Our current market valuation of $160 million represents a 76% discount to our core NAV on Logbaba in West Africa alone; this does not include West Med with prospective resources of over 1.4 bnboe



On 2P reserves only, VOG is valued at $2.7/boe against a median of other current African producers of $16.7/boe (mean $21.6/boe)



Not only do we expect a re-rating as a producer, the market should also take into account we own a fully integrated gas supply chain and are therefore selling gas at ‘retail prices’ equivalent to $96/boe with low infrastructure cost



Almost all development capex expended EV / 2P

EV / (2P+2C)

(US$ / boe)

(US$ / boe)

Producers Average

21.56

10.27

Producers Median

16.17

6.05

From explorer to producer

32

Note: see appendix for full analysis

EV / Risked Prospective

EV / Unrisked Prospective

(US$ / boe)

(US$ / boe)

Explorers Average

0.63

0.09

Explorers Median

0.45

0.05

Comparable Trading Companies in Africa (US$ / boe)

EV / Risked Prospective (US$ / boe)

EV / Unrisked Prospective (US$ / boe)

26.32

2.05

nmf

nmf

137

17.36

17.36

nmf

nmf

1,772

2,110

9.43

8.22

nmf

nmf

Maurel & Prom Nigeria

284

314

5.88

2.53

nmf

nmf

Orca

101

58

1.21

0.94

nmf

nmf

PA Resources

201

738

14.97

3.89

nmf

nmf

19,717

22,296

75.75

25.65

nmf

nmf

VAALCO

345

251

21.53

21.53

nmf

nmf

BowLeven

308

169

nmf

0.75

nmf

nmf

Cove

885

711

nmf

2.80

nmf

nmf

SacOil

45

34

nmf

1.83

2.50

0.52

Africa Oil

328

244

nmf

nmf

0.52

0.05

African Petroleum

667

404

nmf

nmf

2.06

0.29

Chariot

302

162

nmf

nmf

0.11

0.01

Hyperdynamics

383

289

nmf

nmf

0.38

0.05

1,467

1,018

nmf

4.58

0.57

0.12

Tower Resources

54

43

nmf

nmf

0.12

0.02

VOG

142

126

2.42

2.42

na

0.08

Producers Median

16.17

6.05

nmf

nmf

Developers Median

nmf

1.83

2.50

0.52

nmf

4.58

0.45

0.05

16.17

3.34

0.52

0.05

Company

Afren

Producers

CAMAC Maurel & Prom

Explorers

Developers

Tullow

Ophir

Mkt. Cap

EV

EV / 2P

EV / (2P+2C)

US$m

US$m

(US$ / boe)

1,430

2,106

156

Explorers Median All Median

33

Source: Macquarie, prices as at 2 January 2012 Note: Cove mid-case prospective resources taken as 2C

Customer Case Study: Cicam

34



Cotonniére Industrielle du Cameroun (Cicam) is the largest textile producer in Economic Community of Central African States (ECCAS), with approximately 60% market share



Cicam estimate that converting to Logbaba gas would lower their energy cost by 30%



Machinery purchased over a year ago can now be economically operated due to reliable lower cost energy



CICAM are one of our top ten customers

ADVISORS Strand Hanson Limited:

Nominated Adviser

Macquarie Capital (Europe) Limited: Broker

Fox-Davies Capital Limited:

Broker

VICTORIA OIL & GAS PLC 1st FLOOR, HATFIELD HOUSE 52-54 STAMFORD STREET LONDON, SE1 9LX

Tel: + 44 (0)207 921 8820 Fax: +44 (0)207 921 8821 www.victoriaoilandgas.com [email protected] 35

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