19th Dec 2005 07:00
Victoria Oil & Gas PLC19 December 2005 Victoria Oil & Gas Plc 19 December 2005 Placing to raise approximately £12.8 million Victoria Oil & Gas Plc ("Victoria" or "the Company") the oil and gas developmentcompany focused in the Former Soviet Union announces today that it proposes toplace 16,385,063 new ordinary shares of 0.5 pence each in the Company withinstitutional and other investors at a price of 78 pence per share to raiseapproximately £12.8 million before expenses representing (if fully placed) 16.3%of the enlarged issued share capital of the Company. The proceeds of the placing will be used to fund: • Well test operations at Well 104 and the drilling and testing of Wells 106 and 103 at the West Medvezhye gas and gas condensate project in the Yamal-Nenetsk Region of Russia;• Re-entry of three shut-in wells, drilling of one twin well, a 3D seismic survey, and further new wells and outstanding acquisition costs at its Kemerkol oil project in the Atyrau Oblast of Kazakhstan;• General working capital purposes. These new ordinary shares will rank pari passu in all respects with the existingordinary shares in the Company. Application will be made for the new ordinaryshares to be admitted to trading on the Alternative Investment Market of theLondon Stock Exchange and it is expected that trading will commence on 29December 2005. For further information please contact: Kevin Foo / George Donne Jamie Cumming / Tracy MackenzieVictoria Oil & Gas Plc Bell Lawrie+44 (0)207 921 8820 +44 (0)141 314 8103 +44 (0)141 314 8220Leesa Peters/ Laurence ReadConduit PR+44 (0)207 618 8760+44 (0)7979 955 923 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VOG.L