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June 03, 2015 11:01 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Rodeo Development Limited

Company Overview

Rodeo Development Limited engages in the development of oil and gas properties. The company has developed the Logbaba Natural Gas & Condensate block in Douala, Cameroon. The company is based in Cameroon. Rodeo Development Limited operates as a subsidiary of Victoria Oil & Gas plc.

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Cameroon

Key Executives for Rodeo Development Limited

Chief Operating Officer
Compensation as of Fiscal Year 2014.

Rodeo Development Limited Key Developments

Gaz du Cameroun S.A Completes Pressure Testing Up to the Boundaries of the Bassa and Logbaba Power Stations

Gaz du Cameroun S.A. has successfully completed pipeline pressure testing up to the boundaries of the Bassa and Logbaba power stations located in the port-city of Douala, Cameroon. GDC will now commence installing pressure reduction and metering units at both stations. The next significant phase of the project involves the delivery and installation of gas fired power generation sets to the power stations. The Gensets are being shipped to Cameroon by Altaaqa Alternative Solutions Projects DWC-LLC. Upon arrival in Douala, ENEO Cameroon S.A., Cameroon's power utility company, will take responsibility for expediting the Gensets through the port to both power plants. Once the Gensets are on site, Altaaqa will install and commission the Gensets at Bassa and Logbaba. ENEO requires both power stations to be on line and delivering 50MW by the end of first quarter 2015, and GDC is on target to complete all of its deliverables before that deadline. Following commissioning of the Gensets, GDC's obligation will be to supply gas to the 20MW and 30MW power stations in Douala. All operations and maintenance responsibilities for the Gensets remain with Altaaqa and ENEO.

Gaz du Cameroun S.A. Signs Legally Binding Term Sheet with Eneo Cameroon S.A to Supply Gas to Two Power Stations in the City of Douala

Victoria Oil & Gas Plc announced that it's subsidiary Gaz du Cameroun S.A. (GDC) has signed a legally binding term sheet with ENEO Cameroon S. A (ENEO), to supply gas to two power stations located in the city of Douala. The term sheets have been signed to enable the project to be expedited to meet ENEO requirements and it is expected that these will be replaced by full contracts in early 2015. The Agreement with ENEO is a major gas supply contract for VOG in terms of scale and profitability with guaranteed minimum take or pay gas consumption at a fixed USD 9/mmbtu over the 2 year contract term. The contract can be extended by mutual agreement. The take or pay element gives GDC the necessary incentives to allocate significant levels of gas to a single customer. The minimum take or pay levels are 9mmscf/d in the January-June dry season and 3mmscf/d in the July-December wet season. GDC anticipates actual demand from ENEO will be higher than the minimum take or pay levels during both seasons. ENEO requires all 50MW of power to be online by the end of first quarter of 2015. Based on a current production rates of 4.4 mmscf/d and assuming a minimum take or pay gas supply level to ENEO, GDC would be selling approximately 13.5 mmscf/d in the dry season and 7.4 mmscf/d in the wet season. These figures do not include any near term thermal customers which the Company expects to be online during the course of first quarter of 2015.

Gaz du Cameroun S.A. Announces Genset Connections and Thermal Update

Victoria Oil & Gas Plc announced that its operating subsidiary, Gaz du Cameroun S.A., has brought on line three Gensets at the Guinness brewery in Douala, Cameroon. This follows the completion of all connections at the Guinness brewery with the full transfer from grid power supply to gas fired Gensets. Guinness is an existing thermal customer of GDC and today's news demonstrates the Company's ability to provide alternative energy solutions to the market. Total installed power generating capacity of the six units is 9MW with an estimated average gas consumption of 0.75mmscf/d. The first stage of GDC's expansion into electricity generation supplied by gas is now complete. The pipeline to the new Dangote Cement Plc ("Dangote") cement works, which is under construction, has also been completed. Dangote is investing $115 million in a 1.0 MMTPA ("Million Metric Tonne Per Annum"), clinker grinding and bagging facility located at the port of Douala. Commissioning is expected to be completed during 2014. GDC is working with Dangote to schedule the thermal connection. GDC also successfully completed the pipeline to Socapursel, a food manufacturing business and is now awaiting burner connection by the customer's commissioning engineers. A comprehensive production and operations update will be issued by the end of this month.

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