Victoria Oil & Gas plc

General Meeting 12th May 2010

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Key Points o  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

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Logbaba: First Mover Advantage o  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

owned by 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

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

Cameroon: Heart of Central Africa o  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 Edea close 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 5

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

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Logbaba: Exceptional Progress Winter 2008 Spring 2009

Autumn 2009 Summer 2009

Logbaba: Well La-105 Drilling o  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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o  Logbaba wells are more complex and difficult to control than predicted

o  Chronic lack of oil and gas infrastructure

o  Drilling progress being far slower than expected due to the need for heavier mud weights.

Logbaba: Encouraging Early Results

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LWD GR/Res Log from La-105

Sandstone

Sandstone

Sandstone

Sandstone

Top Logbaba Fm at 1,735m TVDRKB

Due to encouraging initial results, significant additional rig-time and expenditure was devoted to subsurface data acquisition to better evaluate the reservoir rock and fluid properties.

This and the application of latest technology are enabling VOG to realise the true reservoir and well potential at Logbaba.

Logbaba: Well La-105 Testing

o  Multiple pay zones tested at depths between 7,005 - 8,500 feet.

o  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 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. 10

La-105 Testing

  Drilled deeper than planned to 10509 ft 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

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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 - Pipeline Route

Production Facilities Conceptual Engineering Process

  Two production concepts agreed by VOG Board:   Low pressure gas distribution in polyethylene pipe to industrial customers in

Douala with an initial demand of 7 to 8 MMscf/d;   10 MW leased temporary power plant using 2.8 MMscf/d gas delivering power

at 90 kV to the Logbaba substation. 14

Wells Well Chokes

Manifold LP

Separator Skid

LP Pipeline System

Diesel Generator (own use)

Flare

Condensate Storage

Condensate Tanker Loading

Condensate Tankers

To Limbe Refinery

To Industrial Consumers

(Condensate)

Resurfaced Road

~ ~

Power Generator

Transformer

Transmission Line

To Substation

Switchgear

~ ~

Pressure Let Down

Station

Concept Block Diagram

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Front End Engineering Design (FEED) Data collection studies

  Graphical Information System Project to merge satellite data with site and pipeline route survey

  Pipeline Route Selection and Network Design   Definition of Customer Conversions   Logbaba Site and Pipeline Route Survey   Civil works

  Soil sampling and analysis   Logbaba Site-

•  Essential requirements: Process and Power Plant •  Accommodation, offices and warehousing

  Pipeline construction and installation   Pre-qualification of Cameroon Civils Contractors   HV Transmission Line to Logbaba Substation

We have commenced and nearly completed FEED studies

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Production Facilities Schedule

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VOG: High Impact Events o  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 is expected to be completed relatively quickly now that concept is confirmed

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Appendix

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Key Management Team

Radwan Hadi

COO VOG

Sam Metcalfe Assistant Project

Manager Senior 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

Austen Titford Financial Director

Jonathan Scott Barratt Commercial

Director

Francois Nguene Gov’t Relations

Manager

Chartered Accountant with more than 17 years experience, covering both the project development and operational phases in quoted natural resource companies.

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

L C

OM

MER

CIA

L Geoff Gill

Senior Petroleum Engineer

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

Kamal Jardaneh Drilling

Supervisor

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

Logbaba: Discovery

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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  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 Bcf o  Liquids – 4 MMbbl o  NPV10 – $168 MM*

* Attributable to VOG

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.

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Elf La-103 Flow Test Results

1,780 to 1,789m 4.75 MMcf/d

2,019 to 2,038m 12.25 MMcf/d

2,051 to 2,063m 9.1 MMcf/d

2,364 to 2,378m 12.25 MMcf/d

La-105 Targets

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Logbaba: Well La-106 o  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.

Pipeline Route and peripheral Customer Sites

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Wells 105+106 and processing facility

Approx 85% of industrial market within 10km

Packindustry & CCIC

SABC Brewery

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 & Dehydration Process

Sales gas

Liquids

Logbaba Elf Cross-section

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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 Report Net Attributable Reserves and Resources

1P 2P 3P Total 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

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Abbreviations Bnboe 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 PLC HATFIELD HOUSE

52-54 STAMFORD STREET LONDON SE1 9LX

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

www.victoriaoilandgas.com info@victoriaoilandgas.com