Victoria Oil and Gas: Victoria Enters Major Gas Sales Agreement With ENEO Cameroon

African energy supplier Victoria Oil & Gas plc's (VOG.L) subsidiary, Gaz du Cameroun S.A. or "GDC", has inked a legally binding term sheet with ENEO Cameroon S.A, Cameroon's integrated utility Company, to supply gas to two power stations located in the city of Douala. Also, GDC has signed a legally binding term sheet with ENEO and Altaaqa Alternative Solutions Projects DWC-LLC, a United Arab Emirates equipment supply company.

Altaaqa would provide power generation equipment and has responsibility for importing and installing the Gensets at the Douala power stations. GDC would work with Altaaqa to make the initial gas connections. The term sheets have been reached to enable the project to be expedited to meet ENEO requirements and it is anticipated that these would be replaced by full contracts in early 2015.

By entering into the Agreement, GDC has become a part of the Cameroon national energy strategy. ENEO have selected GDC to be a key energy supplier as it has established a gas supply network that is proven to be reliable and safe. GDC has been able to mobilise quickly, working with equipment suppliers to meet ENEO's requirement to rapidly bring on new power sources to Douala.
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