Company Overview
Victoria has built a portfolio of proven and prospective oil and gas assets in prolific hydrocarbon producing regions of West Africa and the FSU.
The Company’s assets are 60% of the Logbaba gas field in Cameroon, the West Medvezhye gas project in Siberia and the Kemerkol oil field in Kazakhstan.
Logbaba is located in the northern Douala Basin within the eastern suburbs of Douala, the economic capital of Cameroon.
The field was discovered in the 1950s by Elf Serepca who drilled four exploration wells, each of which flowed gas. Three wells were tested and delivered rates between 12Mmcf/d and 62Mmcf/d.
An independent reserve report by RPS Energy in July 2008 estimated 2P reserves for a limited part of the field at 64 bcf with an NPV 10 valuation of $169m.
West Medvezhye is situated in the Yamal-Nenetsk region of Siberia, the largest gas producing region in the world and is near Gazprom’s main Medvezhye field which has been in production since 1972.
An independent reserve audit by Degolyer and MacNaughton estimated gross prospective resources for West Med of over 1.1 billion barrels of oil equivalent.
Kemerkol lies in the Atyrau Oblast of Western Kazakhstan, close to a number of producing oil and gas fields. This deposit of 65 square kilometre licence has oil reserves and resources of C1-8.7 Mmbbl, C2-26.3 Mmbbl, C3-25.1 Mmbbl.
Following a substantial investment in the company in Feb 2008, Victoria's major shareholder is a consortium of influential Middle-Eastern investors led by Noor Capital PSC.
Victoria also has strategic relationships with Blackwatch Petroleum Services, an international geoscience consultancy, and Geodynamics Research, developers of IPDS passive seismic technology.