Victoria Oil & Gas faces challenge from octogenarian oil tycoon Jack Grynberg



Aim listed explorer Victoria Oil & Gas (Other OTC: VCOGF - news) (VOG) is embroiled in a dispute with a litigious octogenarian US oil tycoon, it emerged on Tuesday.

Jack J Grynberg, who has been involved in a string of lawsuits against BP (LSE: BP.L - news) and other oil majors, called for a shareholder revolt at VOG. He alleges it misled investors over owning a 95pc stake in the Logbaba gas field in Cameroon. His company, RSM Production Corp, claims to own 38pc of the field.

VOG argues RSM forfeited its stake in 2011 after failing to pay its share of costs. The companies are in arbitration.

Earlier this month VOG raised £23m in a share placing, which is subject to approval at an EGM on Friday.

Mr Grynberg urged its investors to vote against the board on the grounds it allegedly failed to keep the market informed of a Presidential Decree from December, which he claims backed RSM’s case in the Cameroon dispute.

VOG rejects the claim that the Presidential Decree is relevant and denies failing to keep shareholders informed.

Mr Grynberg, 81, claims to have been “highly successful” in defending his interests through litigation.

In 2009 he won about $200m from BP in an arbitration over interests in Kazakhstan.

He still has action ongoing against BP over allegations of bribery and racketeering in the country .

BP said the action was “utterly without merit” and “a rehash of what has already been dismissed in other courts”.