August 22, 2014 4:25 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Rodeo Development Limited

Company Overview

Rodeo Development Limited engages in the development of oil and gas properties. The company has developed the Logbaba Natural Gas & Condensate block in Douala, Cameroon. The company is based in Cameroon. Rodeo Development Limited operates as a subsidiary of Victoria Oil & Gas plc.

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Cameroon

Key Executives for Rodeo Development Limited

Chief Operating Officer
Compensation as of Fiscal Year 2014.

Rodeo Development Limited Key Developments

Gaz du Cameroun S.A. Announces Genset Connections and Thermal Update

Victoria Oil & Gas Plc announced that its operating subsidiary, Gaz du Cameroun S.A., has brought on line three Gensets at the Guinness brewery in Douala, Cameroon. This follows the completion of all connections at the Guinness brewery with the full transfer from grid power supply to gas fired Gensets. Guinness is an existing thermal customer of GDC and today's news demonstrates the Company's ability to provide alternative energy solutions to the market. Total installed power generating capacity of the six units is 9MW with an estimated average gas consumption of 0.75mmscf/d. The first stage of GDC's expansion into electricity generation supplied by gas is now complete. The pipeline to the new Dangote Cement Plc ("Dangote") cement works, which is under construction, has also been completed. Dangote is investing $115 million in a 1.0 MMTPA ("Million Metric Tonne Per Annum"), clinker grinding and bagging facility located at the port of Douala. Commissioning is expected to be completed during 2014. GDC is working with Dangote to schedule the thermal connection. GDC also successfully completed the pipeline to Socapursel, a food manufacturing business and is now awaiting burner connection by the customer's commissioning engineers. A comprehensive production and operations update will be issued by the end of this month.

Gaz Du Cameroun Completes New Thermal Gas Connection with SOCAVER

Victoria Oil & Gas announced that its Cameroon operating subsidiary, Gaz du Cameroun has successfully completed a new thermal gas connection with glass manufacturer SOCAVER. The SOCAVER plant is now substantially online and is expected to consume an average of 400,000 scf/d running 24 hours per day, with peak demand estimated at 764,000 scf/d.

Gaz du Cameroun S.A. Signs Loan Agreement with BGFIBank

Victoria Oil & Gas Plc announced that it has signed a loan agreement and Customs bond facility between its Cameroonian operating subsidiary, Gaz du Cameroun S.A. and BGFIBank of Cameroon. The principal facility of XAF 4,000,000,000 (USD 8.3 million) will be deployed by GDC to fund its share of near-term revenue producing customer connection work. This includes pipeline extensions for recently signed Dangote Cement and will also support the installation of Gensets to customers such as Guinness, Icrafon, Camlait and SCTB. The Facility is for an initial term of 6 months, which is renewable once on the same terms for a further 6 month period, with interest payable at a rate of 7.25% per annum. It can then be converted into a 3 year term loan re-payable in 36 monthly installments at the same interest rate. The second facility agreed with BGFI is for a 12 month XAF 800,000,000 (USD 1.7 million) Customs bond to be provided to Cameroon Customs in support of the temporary import of the Gensets, which have recently been released to GDC following the grant of a temporary import license by the Ministry of Finance and reduction in the applicable duty payable. The Bond allows GDC to import the Gensets without payment of import duty for a period of one year from release. At the end of the year, GDC can apply for an automatic 12 month extension of this exemption, or the Gensets can be re-exported without payment of the duty.

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