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Tuesday, June 5, 2018
Victoria Oil & Gas (VOG) saw its reserve position in Cameroon on the Logbaba concession increase. The increase was obtained through the evaluation of seismic reprocessing, incorporation of the production history from existing wells and completion of the 2017 development drilling campaign to deliver Logbaba La-107 and La-108.
Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba has been revised to 69 Bcf, an increase of 29 Bcf or 73%. Field remaining 2P reserves revised to 309 Bcf, an increase of 106 Bcf or 52%.
The company reserves/production ratio (2P) increased to 10 years at 90 Mmscf/d, which supports growth in the Douala market and will underpin new long-term gas contracts. The company is working on a full field reservoir development plan in preparation to locate future development wells.
Kevin Foo, VOG Chairman said, “The results of this reserves update are a major advance to our business in Cameroon. They provide a significant value upgrade to the Logbaba Project and confirm that the field reserves will meet the growing demand in the Douala market for the foreseeable future. Importantly, this will now enable us to market larger volumes of natural gas on a longer term contractual basis to buyers, providing them with the security of supply they require. We are actively negotiating Gas Sales Agreements for these projects and we will provide updates when appropriate.”
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