Victoria Oil & Gas PLC Logbaba Update - La-108 Reaches Target Depth (8497V)
November 08 2017 - 2:00AM
UK Regulatory
TIDMVOG
RNS Number : 8497V
Victoria Oil & Gas PLC
08 November 2017
8th November 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")
Logbaba Drilling Update - La-108 Reaches Target Depth and
Encounters 84.5m of Net Pay
Victoria Oil & Gas Plc today is pleased to provide an update
on the Group's drilling operations, which are managed by Gaz du
Cameroon S.A. ("GDC"), a wholly owned subsidiary of VOG.
-- Well La-108 has successfully reached target depth of 2,865m measured depth (MD)
-- Indicated 84.5m net gas sand encountered in Upper and Lower
Logbaba Formations, exceeding pre-drill expectations and
significantly more than La-107 net sands
-- Liner to be run and cemented to case off well to depth of 2,859m
-- Flow tests planned and La-108 expected to be a producing well by end November
Logbaba Drilling Update
On 7(th) November, well La-108 has been successfully drilled to
its planned TD of the 6" hole section at 2,865m MD (2,463 m TVD).
The 4 1/2 " liner will now be run and cemented to case off the
Logbaba Formation. The production completion will then be installed
after which the rig will be released from the well.
Preliminary analysis of the La-108 logs indicates that 84.5m net
gas sands have been encountered in the Logbaba Formation, exceeding
pre-drill expectations with significantly more net sands than
La-107, which encountered 58m of net pay and subsequently flow
tested at 54 mmscf/d maximum flowrate through a 70/64ths inch
choke.
The production test through the Logbaba production facility is
expected to commence during November. This will mark the end of
drilling operations for the two well Logbaba drilling campaign that
started in November 2016.
The additional reserves from La-107 and La-108 will allow GDC to
conclude longer term contracts with Douala based high-usage gas
customers.
Ahmet Dik, CEO, said: "La-108 has now successfully reached
target depth, which is an excellent result for the company with
over 84.5m of net gas sands encountered. This net pay exceeds those
of the successful La-107 well, brought into production during
September. La-107 has already delivered us a significant increase
in available gas supply and we look forward to releasing flow test
results from La-108 by the end of November. Our objective is to
build scale from our gas production, to be in a position to deliver
gas to high usage customers. We estimate that there is demand for
over 150 mmscf/d of gas in the Douala Basin and GDC is presently
the sole provider to the region."
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kevin Foo / Laurence Read Tel: +44 (0) 20 7921 8820
Strand Hanson Limited (Nominated Advisor)
Rory Murphy / Angela Hallett / Stuart Faulkner Tel: +44 (0) 20
7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408
4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright / David van Erp Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
NOTES TO EDITORS:
Victoria Oil & Gas Plc ("VOG" or "the Company") is a
fully-integrated onshore gas producer and distributor with
operations located in the port city of Douala, Cameroon. Through
the Company's wholly-owned subsidiary, Gaz du Cameroun S.A.
("GDC"), VOG delivers gas via a 50km gas distribution pipeline
network to a range of major industrial customers.
Since spudding its first wells in 2010, the Company has grown to
become the dominant player in the Cameroon onshore gas market,
primarily through the 57% owned Logbaba gas project. GDC is
partnered on this project with RSM Production Company ("RSM"), and
Société Nationale des Hydrocarbures ("SNH"), who have holdings of
38% and 5% respectively.
Subject to government approval VOG will extend it acreage over
3,500km(2) of the highly prospective Douala Basin with the addition
of the Matanda and Bomono license areas. A drilling programme on
the Logbaba asset is underway to add further gas reserves to meet
the growing demand for gas in Cameroon.
Victoria Oil & Gas is listed on the AIM market of the London
Stock Exchange under the ticker VOG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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