Oil Barrel Conference

Presentation by Victoria Oil & Gas (VOG)22nd April 2010

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Key Pointso Victoria Oil & Gas Plc (VOG) is emerging as a significant player

in natural gas production

o Logbaba gas and condensate field in Douala, Cameroon, is the only onshore gas discovery in the country

o The West Medvezhye (West Med) project in Siberia has independently estimated recoverable prospective resources of over 5 Tcf of gas

o Logbaba is poised to deliver first cash flows and profits for VOG

o Over 300 feet of gross sandstone pay in the first and second wells

o In-principal agreements signed with industrial customers

o First revenues from Logbaba targeted in Q4 2010

o VOG boasts a balanced asset portfolio strategy

3

VOG Corporate Snapshot

o Listed on AIM in July 2004o 60% of the Logbaba gas

field in Cameroono 2P reserves of 104 Bcfo First appraisal well

completed as a producer in January 2010

o 100% of West Med gas and condensate project in Russia

o Located close to World’s largest gas field

o Prospective resources of 1.1Bnboe

Share StructureBackground

4

VOG Trading Liquidity

% o

f Mar

ket C

ap

Free Float (80.79%)

Noor Petroleum (5.6%)

Management (6.2%)

Hydrocarbon Tech. (3.05%)

Barclays (4.36%)

Price: £0.040Shares: 1.4bnMarket Cap: £56 MM

* As at close 12 April 2010

12 month Daily Trading Volume

Logbaba: First Mover Advantageo The Logbaba field represents a unique opportunity to dominate

the nascent natural gas market in Cameroon

o Competitive advantages:

The field lies beneath the major industrial city in the Central African Region

Agreements for gas off-take already signed with industrial customers in Douala

The only onshore gas discovery in the country

All facilities (drilling, processing and pipeline) will be ownedby VOG

Pipeline will be the only municipal gas pipeline in sub-Saharan Africa

o Plans announced to triple Cameroon power generation capacity in the next 10 years

5

Government priority for domestic market for next 30 years: 75 MMcf/d for electricity and 25 MMcf/d for industry

Cameroon: Heart of Central Africao Cameroon is a member of the

Economic Community of Central African States (ECCAS)

o Members share trade markets and currency

o Douala is the deep-water port and industrial heart of the region

o The city is the most expensive in Africa

o Major companies such as Guinness and Nestle have facilities there

o Rio Tinto Alcan have a major aluminium smelter at Edeaclose to Douala

o Douala handles around 95% of import/exports for Cameroon, Chad and CAR

o Logbaba is located in the eastern suburbs of Douala

6

ECCAS

Cameroon Gas: No Competition

o Logbaba remains the only onshore natural gas discovery in the country

o Offshore production cannot compete with onshore in servicing local industrial markets

o Total currently flaring all associated gas production from its offshore fields (approx. 50 MMcf/d)

o Due to Logbaba’s position and development, VOG also has the opportunity to beat larger operators in feeding new power projects

o Perenco’s offshore Sanaga Sud field yet to come into development despite location next to Kribi power station

o Limbe power station, north of Douala, relies solely on liquid fuels despite Total’s offshore discoveries nearby

7

Logbaba: Discovery

8

o Logbaba was discovered in 1950s by Elf SEREPCA

o Four wells were drilled by Elf:

o All encountered gas and condensate in multiple reservoir layers

o No gas-water contacts in any sands encountered

o Three wells tested over limited intervals with individual sands testing 10 – 20 MMcf/d per well

o In 2008, RPS Energy calculated 2P reserves of:

o Gas – 104 Bcfo Liquids – 4 MMbblo NPV10 – $168 MM*

* Attributable to VOG

9

Logbaba: Exceptional ProgressWinter 2008 Spring 2009

Autumn 2009 Summer 2009

Logbaba: Well La-105 Drillingo La-105 was drilled to a total

depth of 8,920 feet

o Multiple gas-bearing sands with over 300 feet of gross pay between 1,836 and 2,540 m correlating to La-103

o La-105 was completed as a production well

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Logbaba: Well La-105 Testing

o Multiple pay zones were tested over a period of two weeks at depths between 7,005 - 8,500 feet.

o Over the testing period, various zones of La-105 flowed at rates between 11 - 56 million standard cubic feet per day (MMscf/d) of natural gas and 210 - 1,000 barrels per day of condensate. Flowing wellhead pressures varied between 2,750 - 4,552 psi.

o The gas is sweet, with a high calorific value and the condensate has an API gravity of 47 degrees.11

La-105 Testing

Logbaba: Well La-105 Testing continued

o The test covered horizons of the Lower Logbaba formation, which had not been tested before, and the Upper Logbaba D sands.

o The Upper Logbaba A through C sands, although indicated as the best quality hydrocarbon-bearing sands encountered in the well logs, were not tested as the well indicated more than sufficient production capacity to meet initial gas demand of 8 MMscf/d.

o The Upper Logbaba A - C sands will be perforated and added to the completion interval when required for production.

12

Elf La-103 Flow Test Results

1,780 to 1,789m4.75 MMcf/d

2,019 to 2,038m12.25 MMcf/d

2,051 to 2,063m9.1 MMcf/d

2,364 to 2,378m12.25 MMcf/d

La-105 Targets

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Logbaba: Well La-106o La-106 was drilled from

La-104 pad

o Well spudded on schedule early February 2010 and reached a measured total depth of 10509 feet

o Drilled deeper than originally planned because of presence of sands to 10400 feet.

Drilled deeper than planned due to the better than expected observed sand quality in the Lower Logbaba sections. Multiple gas-bearing sands encountered between 5482 feet and 10400 feet (measured depth) - Over 300 feet of gross pay

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Logbaba: Well La-106 – Initial Data

Example of deeper sand 9100 ft (2773m)

Top most sand starts at 5482 ft (1671m)

Logbaba: Further Exploration

o 90% of the block is as-yet unexplored

o In late 2009, a passive seismic survey was commissioned

o Passive seismic is a direct hydrocarbon indicator

o Significant new structure outside current drilling location

o Best location on the current structure is as yet undrilled

o The new accumulations lie outside the area evaluated by RPS

Passive Seismic Survey

15

Wells 105+106 and processing

facility

Approx 85% of industrial market

within 10km

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VOG plans to install and commission a gas processing facility and its own gas pipeline to the industrial customers

Vertically Integrated Strategy

VOG: High Impact Eventso VOG is targeting first revenues in Q4-2010

o While La-106 is drilled, La-105 was tested

o Test data and superior modern logs will be incorporated in an independent reserve re-estimation

o Installation of the facility and construction of the pipeline isexpected to be completed relatively quickly now that concept is confirmed

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecCompletion of La-105Testing of La-105Drilling of La-106Testing of La-106Independent Reserves RestatementExploitation Licence ApplicationState Approval of Downstream ProjectDownstream Facilities Design and FeedFacilities Engineering and ConstructionFirst Revenue

West Med, Russia: Land of Super-giants

18 Source: Gazprom

o West Med lies next to the super-giant Medvezhye field and 120km from Urengoy, the world’s largest natural gas and condensate field

o Independent reserve auditors DeGolyer & MacNaughton estimated recoverable gross prospective resources of 1.1MMboe

o Since making the first discovery in 2008, the Russian Ministry of Natural Resources as approved recoverable reserves + resources of

o C1+C2: 14.4 MMboeo C3: 170.6 MMboe

19

West Med – 2010 Work Programme

o New 62 km winter Road is under construction

o A second IPDS passive seismic survey is under way

o The passive seismic is complemented by a Gas Tomography geochemical survey over the same area

o The surveys will target prospective zones in the northern and eastern sections of the licence

o New programme brings us closer to realising the huge potential of the independently assessed over 1.1 billion barrels of oil equivalent prospective resources”.

Exploration target area

Well 103 discovery

West Med Exploration Targets

Shaded areas are approximate for location illustration only and are not to Scale.

Conclusiono Victoria Oil & Gas Plc (VOG) is emerging as a significant player

in natural gas production

o Logbaba gas and condensate field in Douala, Cameroon, is the only onshore gas discovery in the country

o The West Medvezhye (West Med) project in Siberia has independently estimated recoverable prospective resources of over 5 Tcf of gas

o Logbaba is poised to deliver first cash flows and profits for VOG

o Over 300 feet of gross sandstone pay in first well

o In-principal agreements signed with industrial customers

o First revenues from Logbaba targeted in Q4 2010

o VOG boasts a balanced asset portfolio strategy

20

Appendix

o VOG will install and commission its own processing facility and pipeline

o Processing: o Phase 1 will be a basic separation and dehydration process to

produce sales gas and liquids

o Phase 2 will add processing capability to extract additional Natural Gas Liquids (NGL)

o Pipeline

o A c.10km high-pressure gas pipeline will be laid underground to the industrial customers

o The initial section will only access the nearest customers to the well-site, but this covers about 85% of the market

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Processing & Pipeline Strategy

Raw gas Separation & DehydrationProcess

Sales gas

Liquids

23

Key Management Team

Radwan Hadi

COO VOG

Sam MetcalfeAssistant Project

ManagerSenior petroleum engineer with over 30 yrs experience in oil and gas including in Nigeria, Ghana and Equatorial Guinea.Former Head of Planning in ADCO

Over 25 yrs oil industry experience, worldwide.Has brought several North Sea gas projects into production for major corporations

Kevin Foo

Chairman

39 yr career in the resources sector including 19 years in the FSU; former MD of Celtic Resources Holdings

Steve JorgensenCameroon

Country Manager

Jonathan Scott BarrattCommercial

Director

Francois NgueneGov’t Relations

Manager

Ex-Cities Service drilling engineer with 15 yrs experience in the oil industry specialising in drilling, completion and permitting

Former Exploration and Production Manager for SNH in charge of Chad-Cameroon Pipeline

Former CEO of Eureka Mining Plc & executive director of Celtic Resources Plc

TEC

HN

ICA

LC

OM

MER

CIA

LGeoff Gill

Senior PetroleumEngineer

15 yr career in oil and gas, predominantly with Schlumberger Testing and then senior petroleum engineer with Blackwatch

Kamal JardanehDrilling

Supervisor

30 yrs of oil and gas experience, 23 yrs as drilling superintendent / senior drilling engineer for BP and currently a drilling consultant

Logbaba Elf Cross-section

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25

RPS Independent Valuation

RPS Energy undertook an evaluation of the Logbaba field in July 2008

65Bcf of 2P reserves with an NPV10 valuation of $169MM

The evaluation only encompassed a small section of the total 64km2

licence area

RSP Energy Competent Person’s ReportNet Attributable Reserves and Resources

1P 2P 3PTotal Liquids MMbbl 0.28 2.35 4.51

Natural Gas Bcf 7.92 64.53 123.91

Total MMboe 1.71 13.97 26.81

NPV valuation at 10% $MM 18.17 168.65 412.16

RPS review area (~6km2)

Source: RPS Energy

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Social Responsibility

o VOG, through its local entity Rodeo Development Ltd (RDL), has strived to be an excellent corporate citizen:

o During rig mobilisation, 300 local people were employed

o RDL currently employs about 100 people on the rig (roustabouts, medics, safety officers, guards etc)

o VOG has also invested in the local infrastructure with the local council

o Local community members have seized on business opportunities created by RDL

27

Falcon Petroleum – Mali and Ethiopiao VOG negotiating an extension

to its option to acquire the assets of Falcon Petroleum

o Falcon has a 50% interest in the PSA for Block 17 in Mali and 90% of PSA over Blocks Ab1, Ab4 and Ab7 in the Blue Nile Basin in Ethiopia

o Total acreage covers over 45,000km2

Logbaba

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AbbreviationsBnboe Billion barrels of oil equivalent

MMboe Million barrels of oil equivalent

MMbbl Million barrels of oil

bbl/d Barrels per day

mcf Thousand cubic feet of natural gas

mcf/d Thousand cubic feet per day

MMcf/d Million standard cubic feet of gas per day

Bcf Billion cubic feet of natural gas

Tcf Trillion cubic feet of natural gas

$MM Million US$

$Bn Billion US$

km2 Square kilometres

m Metres

MMBtu Million British thermal units

MW Megawatts

tpa Tonnes per annum

CFA Central African Franc

VICTORIA OIL & GAS PLCHATFIELD HOUSE

52-54 STAMFORD STREETLONDONSE1 9LX

Tel: + 44 (0)207 921 8820Fax: +44 (0)207 921 8821

www.victoriaoilandgas.cominfo@victoriaoilandgas.com