Victoria Oil and Gas Raises $7.5m for Matanda Drilling in Cameroon

Cameroon based gas and condensate producer and distributor, Victoria Oil & Gas, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of $7.5 million through the issue of unsecured loan notes.

The proceeds of the Facility will be utilised for general working capital purposes, including long-lead items for the proposed well on the Matanda licence.

Commenting, the Chief Executive Officer, Roy Kelly, said: “We are delighted and appreciative that our major shareholder is backing our efforts to resolve legacy issues and increase our working capital. The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in.”

Final Events for Gabon’s 12th Licensing Round will take place in Texas and Paris or Geneva

The final events in the Gabon 12th Licensing Round roadshow will take place in Houston, Texas on 23 June, and either Paris, France, or Geneva, Switzerland on 28 June.

Attendees are welcome to a panel discussion on Gabon’s hydrocarbon development possibilities on June 23 at the University of Houston. On the day of the bid round, the Minister of Petroleum, Gas, and Mining, Noel Mboumba, will speak, and potential bidders will learn about the available subsurface data and gain geological expertise.