Feb 15th 2013 - Edison Investment Research today published a report on Victoria Oil and Gas (VOG.L, LSE:VOG, LON:VOG) entitled "A New Chapter". In summary, the report says:
The news on 6 February that Victoria Oil & Gas had raised £23m via a placing was bittersweet. The arrival of institutions (including Credit Suisse and GLG) to the shareholder register provides the company with a very solid financial footing, brings a level of implied confidence to the story and has catalysed positive changes within the company. This has to be balanced against the dilution, which has caused discomfort to existing shareholders. We adjust our valuation to take account of the equity raise (which we assume in full) and lower production volumes in 2013. Our core NAV falls to 5.7p/share, which still represents long-term value in the shares.
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