The net proceeds of the fund raising will be used to bring forward the expansion phase of the Logbaba Gas Project, Cameroon, to extend the pipeline to the south eastern and south western areas of Douala.
It will also be used to facilitate ongoing working capital requirements until Logbaba first gas sales scheduled for the first quarter of 2011.
Victoria Oil & Gas chairman Kevin Foo said that the company is now well capitalised as it moves to commence production from the Logbaba project early in the new year.
"The company is continuing to sign up gas customers and we remain optimistic that the appropriate licenses will be awarded in the near future to enable the company to satisfy the ever-increasing demand for liquids and natural gas in Cameroon," Foo said.
