Victoria Oil & Gas Sells Bramlin Logbaba: Exits Cameroon Gas Field

• Victoria Oil & Gas Plc (VOG) no longer controls Gaz du Cameroun (GDC), the operator of Cameroon's Logbaba gas field.
• Cameroon Holdings Limited (CHL) acquired indirect control of GDC on July 29, 2025, by purchasing VOG's shares in Bramlin Limited, GDC's sole shareholder.
• The transaction, valued at £470,000 (CFA356.4 million), included the Bramlin shares and claims totaling $114.1 million from Bramlin and $6.3 million from GDC.
• VOG's administrators confirmed the sale in reports filed with the U.K.'s Companies House, with full payment received by April 1, 2026.

Lawyers advising clients within Cameroon's dynamic energy sector, particularly those with existing interests or engagements concerning Gaz du Cameroun or the Logbaba field, should carefully consider this change in ultimate control.

Victoria Oil & Gas Plc (VOG) has relinquished its control over Gaz du Cameroun (GDC), the entity responsible for natural gas production and distribution from Cameroon's Logbaba field in Douala. This significant change in ownership occurred on July 29, 2025, when VOG's administrators completed the sale of all the group's shares in Bramlin Limited to Cameroon Holdings Limited (CHL). As Bramlin Limited is the sole shareholder of GDC, this transaction effectively transferred indirect control of the Cameroonian gas operator to CHL.

The finality of this divestment means that Victoria Oil & Gas Plc no longer retains any financial interest in Gaz du Cameroun. The transaction was officially disclosed in the fifth report issued by VOG's administrators, which was signed on September 19, 2025, and subsequently filed with the U.K.'s Companies House three days later. Further confirmation of the deal's completion came through a sixth report, signed on March 19, 2026, and filed on April 1, 2026, which verified that the full purchase price had been successfully received.

The total consideration for the acquisition amounted to £470,000. This sum was equivalent to approximately CFA356.4 million, calculated based on the exchange rate prevalent on July 29, 2025, the date the transaction was finalized. Beyond the shares in Bramlin Limited, the comprehensive deal also encompassed two specific claims that Victoria Oil & Gas held.

These claims included a sum of $114.1 million due from Bramlin and an additional $6.3 million owed by Gaz du Cameroun itself. Combined, these claims were stated to be equivalent to about CFA64.90. This financial structure highlights the complexity of the divestment, involving not just equity transfer but also the resolution of outstanding debts within the corporate structure.

The details surrounding the sale were first brought to light through official administrative filings. The fifth report from Victoria Oil & Gas's administrators, dated September 19, 2025, and submitted to the U.K.'s Companies House on September 22, 2025, provided the initial public disclosure of the transaction. This report outlined the transfer of VOG's shares in Bramlin Limited to Cameroon Holdings Limited, thereby detailing the change in ultimate control over Gaz du Cameroun.

Subsequent to this, a sixth report, signed on March 19, 2026, and filed with Companies House on April 1, 2026, served to confirm the successful conclusion of the financial aspects of the deal. This later filing explicitly stated that the entire purchase price stipulated for the acquisition had been received, marking the definitive end of VOG's involvement with GDC and its associated assets.

The change in ownership of Gaz du Cameroun carries significant implications for the operation of the Logbaba gas field, a key energy asset located in Douala. As the operator responsible for both the production and distribution of natural gas from this field, GDC's new indirect control by Cameroon Holdings Limited signals a notable shift in the local energy landscape. This transition could influence future operational strategies and investment priorities for the Logbaba field.

Lawyers advising clients within Cameroon's dynamic energy sector, particularly those with existing interests or engagements concerning Gaz du Cameroun or the Logbaba field, should carefully consider this change in ultimate control. The transaction may necessitate a thorough review of existing contractual obligations, regulatory licenses, and compliance checks to ensure alignment with the new ownership structure. Furthermore, updates to corporate records will likely be required to reflect this significant acquisition and its broader impact on the sector.

Lawyers advising clients in Cameroon's energy sector, particularly those involved with Gaz du Cameroun or the Logbaba field, should note this change in ultimate control. This transaction may necessitate updates to corporate records, compliance checks, and a review of existing contractual obligations or regulatory licenses under the new ownership structure.

Source: Original reporting via administrative filings.