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Logbaba Field Reserves Update

4 Jun 2018

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide the following update, based on internal estimates, on the reserves position for the Logbaba Field in Cameroon. This follows evaluation of the results obtained from seismic reprocessing, incorporation of the production history from existing wells and completion of the 2017 development drilling campaign to deliver Logbaba La-107 and La-108.

Highlights

  • Subsurface reinterpretation complete and new subsurface model developed integrating re-processed seismic and new well data with historic field mapping
  • Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba revised to 69bcf, an increase of 29bcf (73%)
  • Field remaining 2P reserves revised to 309bcf, an increase of 106bcf (52%)
  • Reserves / production ratio (2P) increased to 10yrs at 90mmscfd which supports growth in the Douala market and will underpin new long-term gas contracts
  • Full field reservoir development plan in preparation to locate future development wells

Kevin Foo, VOG Chairman 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.”

 

A full subsurface reinterpretation of the Logbaba Field has been completed following conclusion of the 2017 drilling campaign. This incorporates the reprocessed historic seismic data and the new well data as a basis for ongoing reservoir development. This leads to a material upgrade in the reserves of the Logbaba Field, Table 1.

 

 

Basis

Field Position at 1/1/17

Field Position at 1/1/18

 

Initial Reserves

Cum Prod’n

Remaining reserves

Initial Reserves

Cum Prod’n

Remaining Reserves

VOG Net Reserves

Proved (1P)

49

9

40

82

13

69

40

Proved+ Probable (2P)

212

9

203

322

13

309

176

Proved+ Probable+ Possible (3P)

350

9

341

548

13

535

305

 

 

 

 

 

 

 

 

All volumes are bcf and do not include condensate volumes

Position at 1/1/17 based on Blackwatch report from August 2016

Position at 1/1/18 based on integrated reservoir study post La-107 and La-108 development drilling

Table 1 – Logbaba field reserves update

 

The new proven + probable (2P) reserves level will support a production rate of 90mmscfd for 10 years; thereby enabling significant expansion of the business in support of the growing domestic gas market in Cameroon.

This evaluation supersedes the Blackwatch Report of August 2016 and is based on a new full field subsurface model incorporating interpretations from the reprocessed seismic together with the well data from La-107 and La-108. The work has been managed by VOG supported by external consultants who have provided subsurface expertise and modelling capability to produce the updated development plan for the field. This work will now enable selection of locations for future development wells, commencing with La-109, to continue development of the Logbaba Field in line with demand growth in Douala, Cameroon.

Sam Metcalfe, the Company's Subsurface Manager has reviewed and approved the technical information contained in this announcement in his capacity as a qualified person under the AIM Rules.