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Sunday, February 21, 2016
Victoria Oil & Gas (VOG) picked up a new stake in Cameroon, adding to its already commercialized Logbaba concession. The company reached a deal with Glencore Cameroon and Afex Global on the Matanda Block.
The terms of the agreement have VOG taking Glencore Cameroon’s 75% participating interest in the MatandaPSC, and VOG becoming Matanda’s operator through its 100% owned subsidiary, Gaz Du Cameroun Matanda (GDC Matanda). As consideration for the assignment, VOG or its subsidiaries will assume responsibility for carrying out a work program to be agreed by the government of Cameroon. The assignment is conditional on this being agreed and other customary approvals from officials.
The Matanda PSC covers approximately 1,235 sq km and is highly prospective for significant natural gas and gas condensate resources. The acreage borders VOG’s Logbaba concession on its southern border and the existing pipeline network the company has in place. The existing Logbaba gas network infrastructure will also allow for fast-track development of any new discoveries made on Matanda to deliver additional natural gas to local industrial users in Cameroon.
GDC Matanda and AFEX will be submitting a new work program to the government and expects to acquire seismic in Q4. VOG said that the development of Matanda will be built on the excellent foundation established by Glencore Cameroon and AFEX. The acreage has seen three wells drilled and extensive 2D and 3D seismic acquired. Tests from the NM-1x, 2x and 3x wells proved a rich condensate yield.
The work previously done shows a strong geological continuation between the Logbaba and North Matanda Fields according to Kevin Foo, VOG’s chairman. The VOG chairman said that the new acreage has considerable potential with Foo saying, “we believe is an extension of the Logbaba structure and at 1,235 sq km, the block is over 60 times larger than our existing concession.
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