Oilbarrel Conference

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
Corporate Snapshot
Share Structure
Background
Noor Petroleum (18)

• 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

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 S
trand 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
Russian Operations
Kazakh Operations
African 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
Logbaba, Cameroon

• Bramlins 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 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 gt25Mmcf/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 VOGs
  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 EP 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 worlds 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 EP 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

• 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

New target area identified by both Exotrad and
SibNats
SibNats Prognosis
Exotrad Prognosis
Well 103
Well 103
20
Kemerkol Programme for 2009

• Production from the field is temporarily
  suspended following a claim against VOGs
  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
Falcon Petroleum Assets
Mali
Ethiopia

• 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 17s 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

22
Abbreviations
Bnboe Billion barrels of oil equivalent Mmboe Mi
llion 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 [phone] www.victoriaoil
andgas.com info_at_victoriaoilandgas.com