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Oilbarrel Conference 1 April 2009

Oilbarrel Conference 1 April 2009. The Turnaround. Strong exploration base; 1 Billion BOE resources in FSU New focus on Africa (acquisitions and options) Cameroon Logbaba project will be the significant driver of the turnaround:

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Oilbarrel Conference 1 April 2009

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  1. Oilbarrel Conference 1 April 2009

  2. The Turnaround Strong exploration base; 1 Billion BOE resources in FSU New focus on Africa (acquisitions and options) Cameroon Logbaba project will be the significant driver of the turnaround: Capacity to turn VOG into a profitable company with first commercial deliveries expected by 1H 2010 Net 2P of 65Bcf attributed to only a tiny portion of the licence, with significant upside All wells drilled penetrated multiple gas reservoirs with high flow rates, some over 60Mmcf/d Focus on production (revenue) in Africa complements FSU long-term exploration/appraisal potential 2

  3. Listed on AIM in July 2004 Completed the acquisition of Logbaba gas field in Cameroon in December 2008 Two assets located in the FSU with combined reserves of 40 Mmboe and resources of over 1.1Bnboe Experienced Board and management with technical assistance from Blackwatch Petroleum Services Corporate Snapshot Background Share Structure Noor Petroleum (18%) Free Float (46%) Management (14%) Hydrocarbons Tech. (10%) Compass Asset Mgmt (6%) RSM (6%) Corporate Profile Share price £0.04 Shares in issue 447.6 million Market Cap £17.9 million Advisers: Nomad Strand Partners Brokers Fox-Davies Capital 3 As at close 27 March 2009

  4. A Global Footprint VOG is building a presence in highly prospective hydrocarbon regions 4

  5. Operational Structure Board of Directors Executive Management Team London / Houston Blackwatch Petroleum Services African Operations Kazakh Operations Russian Operations Development of Logbaba field to be run from existing office in Douala Technical office in Almaty, the commercial centre of Kazakhstan Main office to be moved to Orenburg to facilitate pursuit of opportunities in the region

  6. Bramlin’s key asset is a farm-in for 60% of the Logbaba natural gas and condensate project in Cameroon Logbaba is located in the northern Douala Basin within the eastern suburbs of Douala, the economic capital of Cameroon Four wells were drilled in the 1950s, all encountering gas – three were tested at between 12Mmcf/d and 62Mmcf/d Logbaba, Cameroon Logbaba Licence area

  7. Logbaba Reserves and Valuation • RPS Energy undertook an evaluation of limited section of the Logbaba field in July 2008 • Using the data provided, they determined 14Mmboe of 2P reserves with an NPV10 valuation of $169Mm RPS review area (6km2): 10% of block

  8. Logbaba Development Plan PHASE 1: Gas production to serve existing contracts • Drill and test a twin to Well 104 down to 10,000 ft • Production expected to be min. 12Mmcf/d against current local industrial demand of 8Mmcf/d • Install surface facilities • 12Mmcf/d capacity gas processing facility • 15 km, 10” pipeline to the industrial users • Sell gas to industrial market in Douala • Letters of intent already signed with potential customers for a total of 8Mmcf/d at an indicative price of $16/mcf • A study by Tradex in partnership with SNH indicates initial demand increasing to over 25MMcf/d within 5 years • PHASE 2: Gas to additional clients and swing production • Drill second well to increase production to meet expected industrial demand of >25Mmcf/d • Provide swing production for users and new consumers 8

  9. Cameroon Gas Market 10-Yr Gas Demand Forecast • Most fuels currently imported • VOG has signed gas off-take agreements and letters of intent for 8Mmcf/d • The indicative price is set at $16/MmBTU ($15/mcf) • A study by Tradex estimates demand to increase to 25Mmcf/d within 5 years • A gas-fired power station could initially increase demand by up to 25Mmcf/d Source: Tradex, Company estimates

  10. Exploration Potential The Logbaba project is complemented by VOG’s portfolio of exploration options in Africa and assets in the FSU offering significant upside potential West Medvezhye in Siberia has independently assessed prospective resources of over 1.1Bnboe of gas, condensate and light oil for the 1,220km2 licence area First discovery well was completed in late 2007 Field located in the largest gas producing region on Earth In September 2008, VOG acquired an option to acquire Falcon Petroleum, an E&P company with PSAs over 45,000km2 in Ethiopia and Mali Virgin exploration territory, but with good geological leads and oil seeps 10

  11. West Medvezhye, Russia West Med lies adjacent to the super-giant Medvezhye field and about 120km from Urengoy, currently the world’s largest gas and gas condensate field VOG has successfully completed a passive seismic survey over an area surrounding discovery Well 103 The results of the survey will be correlated to the existing subsurface interpretation to confirm the location of the next well to be drilled in 2010/11 West Med 11 Source: Merrill Lynch

  12. Kemerkol, Kazakhstan • The Kemerkol project has State-classified oil reserves and resources of: • C1 8.7 Mmbbl • C2 26.3 Mmbbl • C3 25.1 Mmbbl • Production from the field is temporarily suspended following illegitimate ownership dispute • In March 2009 Kazakh General Prosecutor has sent a letter of protest to the highest court in Atyrau supporting VOG • Judgement won against the former owner in High Court • VOG preparing $30M damages claim 12

  13. Falcon Petroleum, Mali and Ethiopia VOG has signed a 12 month option to acquire the assets of Falcon Petroleum 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 Total acreage covers over 45,000km2 Logbaba 13

  14. In Summary • Logbaba represents proven reserves and fast-track cash flow generation from a captive market with significant expansion potential • Positioning in Cameroon power generation market can transform VOG into the premier energy supplier in the region • Exposure to huge hydrocarbon potential of the FSU still of primary importance • Technical management greatly enhanced through new appointments and assumption of existing Bramlin team • Continuing financial and strategic support of Noor Petroleum adds significant advantage during economic instability

  15. APPENDICES

  16. Directors and Management Kevin Foo, Chairman 36 year career in the resources sector including 16 years in the FSU; former MD of Celtic Resources Holdings Grant Manheim, Deputy Chairman 37 years at N M Rothschild and Sons Limited, with 25 years as a board director Robert Palmer, Finance Director Chartered accountant with extensive experience in corporate finance George Donne, Executive Director Former investment banker and General Manager of VOG Rashed Al Suwaidi, Non-Exec Director Petroleum engineer and former E&P Director of ADNOC. Director of some of the largest investment companies in UAE Philip Rand, Non-Exec Director +30 years financial experience and currently the CEO of Equator Exploration Mukhtar Tuyakbayev, Non-Exec Director Previously an executive director of Celtic Board of Directors Senior Management Radwan Hadi • COO of VOG; Senior petroleum engineer with Blackwatch with over 25 yrs experience in oil and gas including in Nigeria, Ghana and Equatorial Guinea Sam Metcalfe • Managing Director and Principal Reservoir Engineer with Blackwatch, over 25 years oil industry experience, worldwide Jim Ford • 30 years experience in the energy sector and previously president of Daytona Energy Ernie Miller • 16 years of energy experience in both public and private companies, including BPZ Energy, Calpine Corporation and Pan Canadian Eckhard Mueller • 27 years experience in exploration and production, including 4 years as chief geologist for KazGerMunay; 16

  17. Cameroon • Cameroon's GDP of $21bn in 2007 one of the top ten in sub-Saharan Africa • Majority of electricity from hydroelectric power stations, susceptible to droughts • Electricity generating capacity of around 900MW: 95% hydroelectric • Government wants to add a further 450MW capacity • Other operators in region: • Addax Petroleum • Amerada Hess • Bowleven • Perenco • Noble Corporation • Santa Oil & Gas Source: EIA 17

  18. West Med Progress during 2008 • Confirmation of commercial discovery by Russian Ministry of Natural Resources (MNR) • Confirmation of proven recoverable reserves • Geochemical analysis of target location by Exotrad Limited • Reassessment of subsurface data by local institute, SibNats Recoverable Reserves confirmed by MNR Well 103

  19. West Med Programme for 2009 • During winter 2008/9, GeoDynamics (GDR) conducted a passive seismic survey focused on new target location • Drilling of next exploration well, Well 105, expected in 2010 with a further two wells to be drilled by the end of 2012 SibNats Prognosis Exotrad Prognosis New target area identified by both Exotrad and SibNats Well 103 Well 103

  20. Kemerkol Programme for 2009 • Production from the field is temporarily suspended following a claim against VOG’s ownership during 2008 • The short-term development programme remains: • Shoot a passive seismic survey to determine next drilling locations and analyse subsalt and salt overhang potential • Initial drilling plan of two exploration wells to target best locations and confirm correlation of passive seismic • Full development drilling on confirmation of further discoveries

  21. Block 17 is located in the Nara Trough, the most western of Mali's four sedimentary basins According to aeromagnetic data, sediment thickness may amount to over 14,000m – similar to the Precaspian Basin in Kazakhstan The Cretaceous reservoir is thought to be similar to that of Chad, but the Paleozoic is more comparable with Algeria Block 17’s location in the narrow and relatively elevated part of the Nara Trough Falcon has been involved in a study of the most prospective sedimentary basin in Ethiopia – Block 1 – covering 150,000km2 including the Blue Nile (Abay) Basin Within this Block, Falcon has signed a PSA for sub-Blocks Ab1, Ab4 and Ab7 The Basin contains possible structural and stratigraphic traps and oil seeps are present in the northern section The oil seeps occur in Were Ilu, inside Block Ab1 Falcon Petroleum Assets Mali Ethiopia

  22. 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 Bcm Billion cubic metres of natural gas $Mm Million US$ km2 Square kilometres m Metres Mt Million tonnes Mtpa Million tonnes per annum

  23. Resource Categorisations Source: IEA and Russian Ministry of Natural Resources

  24. 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

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