Victoria Oil & Gas Plc (Victoria) is engaged in the exploration, development and management of oil and gas projects in Russia, Kazakhstan and other countries in the Former Soviet Union. During the fiscal year ended May 31, 2008, the Company continued to explore its principal prospects of Kemerkol and West Medvezhye. It drilled four explorations wells at Kemerkol. The Company is producing around 300 to 400 barrels per day from Wells 20 and 73. Its subsidiaries include Victoria Petroleum Limited, Victoria Oil & Gas International Limited, ZAO SeverGas-Invest, Victoria Oil & Gas Central Asia Limited, Feax Investments Company Limited, Victoria Energy Central Asia UK Limited, Victoria Energy Central Asia LLP and Olager Oil LLP Mogol LLP