UK firm raises $14.8m for Cameroonian project

27 September 2011,Sweetcrude, Yaounde- London-listed Victorian Oil & Gas has raised $14.8 million (£9.5 million) through an equity placing to fund development of the Logbaba gas and condensate project in Cameroon.

Issuing 292.3 million shares at just over 3 pence each, the funds raised will also help the company take a third of Cameroon Holdings, a move announced in August.

Victoria said the transactions had enhanced the project economics to the company, increasing net proved and probable gas reserves by about 80 billion cubic feet.

The company had also issued a further 28.4 million shares at the same price to key suppliers and advisors to settle outstanding costs and fees, it said.

Victoria Oil & Gas chairman Kevin Foo said the funds would enable the company to achieve first gas production at Logbaba for the fourth quarter of 2011.

About the Author