UPDATE 1-Victoria Oil raises 9.2 mln stg for Cameroon plant

(Refiles to fix typo in fifth bullet point)

* Places 368 mln shares at 2.5p each

* Issue price at 9 pct discount to Tuesday’s close

* Says funds to help complete gas plant facilities

* Sees selling 10 mmcf gas per day by mid 2011

* Shares fall 2.9 pct
(Adds details)

Sept 1 (BestGrowthStock) – Victoria Oil & Gas Plc (VOG.L: ) said it
raised 9.2 million pounds ($14.1 million) through a share
placing to complete all gas plant facilities and the pipeline
to deliver first gas production at Logbaba in Cameroon.

The company, which is involved in exploration projects in
Africa, Russia and Kazakhstan, said it placed 368 million
shares at 2.5 pence each, which was at a discount of 9 percent
to their Tuesday’s close.

The AIM-listed company said the placing would be executed
over two tranches and it expected the first tranche to start
trading on Sept. 7.

Victoria Oil, which is the only onshore gas producer in
Cameroon, recently said it was on track for December gas
delivery from its Logbaba gas project in that country and had
signed gas sales pacts for 20 years. [ID:nSGE67H09X]

The company said it expected to sell 10 million cubic feet
of gas per day by mid 2011, generating gross gas sales revenue
of more than $1 million per week.

It was confident of boosting sales to over 100 million
cubic feet per day within five years, Victoria Oil added.

The company’s shares were down 2.9 percent at 2.66 pence at
1035 GMT on the London Stock Exchange. ($1=.6519 Pound)
(Reporting by Debasmita Ghosh in Bangalore; Editing by
Gopakumar Warrier)

UPDATE 1-Victoria Oil raises 9.2 mln stg for Cameroon plant