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Wednesday, July 5, 2017
Victoria Oil & Gas (VOG) announced that Cameroon’s Societe Nationale des Hydrocarbures (SNH), RSM Production Company (RSM) and Gaz du Cameroun (GDC) have agreed and signed a Participation Agreement that will govern the relationship of the parties going forward on the Logbaba Project.
Project participation, prior to the Participation Agreement, was split GDC 60% and RSM 40%. The Participation Agreement formalizes the participation of SNH, acting on behalf of Cameroon, alongside GDC and RSM. The Participation Agreement follows SNH exercising its right to participate in 5% of the project and, accordingly, project participation as a result of the execution of the Participation Agreement will be split GDC 57%, RSM 38%, and SNH 5%.
SNH is entitled to a 5% share of revenues from the sale of all hydrocarbons from the Logbaba Project and is also liable for 5% of exploitation costs. The parties have agreed, in accordance with the Participation Agreement, for SNH to conduct an audit of the exploitation costs to determine the participation settlement.
In addition to the update on the Logbaba participation VOG revealed that it exercised its option to extend the termination date of the farm-out agreement with Bowleven relating to the Bomono PSC. The termination date has been extended to September 28. Bowleven and VOG wish to pursue the farm-out and are working with the government of Cameroon to progress the Bomono project.
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