Global Investment Holdings’ CNG arm signs an exclusive agreement to partner with Victoria Oil & Gas Plc’s wholly owned subsidiary Gaz du Cameroun S.A.

Naturelgaz, a 93.7% subsidiary of GIH Turkey and Europe’s leading CNG (Compressed Natural Gas) supplier and distributor in terms of mother station infrastructure and bulk sales volume, has entered into an exclusive agreement to partner with Gaz du Cameroun S.A. (GDC). Gaz du Cameroun is a wholly-owned subsidiary of Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor and listed on the AIM market of the London Stock Exchange under the ticker VOG.

The purpose of this long-term partnership will be to:

·       Design, build and operate compressed natural gas (“CNG”) infrastructure and solutions for customers who need mobile energy, initially in GDC’s home market of Cameroon with the intention of rolling this out into other African countries

·       Market CNG products, including bulk CNG and gas-to-power to industry and businesses which require reliable off-grid / off-pipeline energy solutions, as well as Auto CNG for alternative mobility solutions

·       Phase 1 agreed between the parties is a 2mmscf/d (21mscm/y) CNG plant and customer distribution project currently in design stage.

Kevin Foo, Chairman of Victoria Oil and Gas said said, “The agreement to partner with Naturelgaz, starting in Cameroon, brings together GDC’s upstream gas capabilities and experience of the Douala energy market with Naturelgaz’ proven track record of delivering CNG solutions. We are excited to be adding CNG to our product mix.”

Hasan Tahsin Turan, CEO of Naturelgaz stated; “As Europe’s largest CNG player we possess significant know-how and expertise in developing and successfully managing complex CNG value chains. We value the high quality of proven gas reserves and the existing asset base of GDC. In partnership with GDC, Naturelgaz will provide CNG energy solutions to where they are needed most – countries like Cameroon with limited energy infrastructure and a huge gap between energy demand and supply. We are enthusiastic about the tremendous growth opportunities this partnership offers and we are keen bring in our know-how, capital and long-term commitment.”

About Naturelgaz:

Naturelgaz, a 93.7% subsidiary of GIH, is Turkey and Europe’s lading CNG supplier and distributor in terms of mother station infrastructure and bulk sales volume. The company focuses on sales and distribution of bulk CNG to industrial and commercial customers – such as factories, power generators, hotels, asphalt plants – in addition to towns (households) not connected to natural gas pipelines. Besides the distribution of Bulk CNG to industrial and commercial users, Naturelgaz also focuses on the development of the Auto CNG market in co-operation with CNG vehicle producers. 

About Victoria Oil & Gas:

Victoria Oil & Gas Plc (“VOG” or “the Company”) is a fully-integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon. Through the Company’s wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), VOG delivers gas via a 50km gas distribution pipeline network to a range of major industrial customers.

Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned Logbaba gas project. GDC is partnered on this project with RSM Production Company (“RSM”), and Société Nationale des Hydrocarbures (“SNH”), who have holdings of 38% and 5% respectively.

Subject to government approval VOG will extend it acreage over the highly prospective Douala Basin with the addition of the Matanda license area.

Victoria Oil & Gas is listed on the AIM market of the London Stock Exchange under the ticker VOG.

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