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Thursday, January 3, 2019
Victoria Oil & Gas’ (VOG) wholly owned subsidiary, Gaz du Cameroun, (GDC), received the Presidential Decree authorizing the transfer of interest in the Matanda PSC license assigned from Glencore in early-2016.
Cameroon’s President Paul Biya signed the decree on December 17.
The terms of the assignment include the transfer by Glencore of 75% of its participating interest in the PSC to GDC and 15% of its participating interest to AFEX, who previously held a 10% interest. Cameroon’s state-run oil and gas firm, SNH, has a 25% back in right after an Exploitation License is granted.
As consideration for the assignment, GDC will become operator and will assume responsibility for carrying out the Work Program agreed to with the government. The agreed obligation for this work program is one exploration and appraisal well plus reprocessing of existing seismic in the first two-year period of the PSC.
Matanda covers an area of approx. 1,235 sq km and is highly prospective for natural gas and gas condensate. It contains the previously discovered offshore North Matanda Field with current 2C recoverable gas resources of 150 Bcf Gross and 6 million barrels of condensate and upside of 1 Tcf of gas. In addition, there are further onshore prospective resources of 1,303 Bcf of gas contained in 23 identified prospects and leads.
GDC and AFEX will focus on the onshore prospects located within a few kilometers of the adjacent Logbaba concession. The close proximity of the existing Logbaba gas pipeline network will also allow for new discoveries on Matanda to deliver additional natural gas to industrial users in Cameroon.
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