Victoria Oil and Gas lifts 2P reserves estimate at Cameroon field

Onshore rigThe increase in 2P reserves support production for 10 years. (Image source: Linda Flores/Flickr)

Victoria Oil and Gas Plc said that it has increased 2P resources from its Logbaba Field in Cameroon after seismic reprocessing and completion of the 2017 development drilling campaign

The London-listed company said that it estimates the 2P resources from the field are now 309bcf, up 52 per cent from its previous estimate.

Proved resources or 1P resources at the field are 69bcf, up 73 per cent, according to company estimates.

The 2P reserves level will support a production rate of 90mmscfd for 10 years, Victoria Oil and Gas, 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," Kevin Foo, VOG chairman said.

The company's first-quarter revenue fell more than 53 per cent to US$2.5mn after electricity company ENEO Cameroon SA suspended its gas supply contract with Gaz du Cameroun, a unit of Victoria Oil and Gas.

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