Victoria Oil & Gas Plc completes US$26.5 million fundraising

November 20, 2017

“The longevity of the relationship is testament to the fact that they know what they are doing,… They provide us with exactly the type of service we require.”

The Capital Markets team of Kerman & Co LLP advised long-standing client Victoria Oil & Gas Plc (AIM: VOG) in connection with its recent US$26.5 million fundraising, via an accelerated bookbuild arranged by FirstEnergy Capital and Shore Capital Stockbrokers. The fundraising also comprised an open offer to existing shareholders, reflecting a continuing trend for AIM-quoted companies to invite shareholders to participate in fundraisings.

VOG has pioneered the monetisation of onshore gas in Cameroon from its 60% owned Logbaba gas and condensate project and created a profitable business less than five years from spudding the first wells. Through the company’s wholly-owned subsidiary and operator of the project, Gaz du Cameroun S.A., a 35km gas distribution pipeline network has been built feeding gas to a range of industrial customers situated in Douala, the gateway port city to Central Africa. The additional capital, secured principally from institutional investors, will enable VOG to accelerate growth into the high-demand power market in the Douala region.

The Kerman team was led by partner Simon Holden and included Peter Kohl (Partner), and Jack Kemmish (Solicitor).

Simon Holden, commenting on the transaction, said: “This was a fantastic transaction for us to advise on, showcasing the depth of experience our capital markets team has to offer. We needed to deliver prompt and robust advice, sometimes at very short notice, which included US securities law matters provided by Peter Kohl. For a firm of our size, which prides itself on offering clients an exemplary and competitively-priced service, it sets us apart from our peers. Furthermore, to showcase these attributes for such a longstanding and valued client made it all the more worthwhile.”

Kevin Foo, Executive Chairman of VOG, commented: “Kerman has acted for VOG since inception. The longevity of the relationship is testament to the fact that they know what they are doing, deliver what is asked of them within the timeframes required, and manage to do so in a personable albeit professional manner. They provide us with exactly the type of service we require.”

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