You are here

Update on Logbaba Gas and Condensate Project, Cameroon

6 Jan 2010

Victoria Oil & Gas Plc, (AIM: VOG), the oil and gas exploration and development company with assets in Cameroon and the FSU, is pleased to announce an update on its Logbaba gas and condensate project ("Logbaba") in DoualaCameroon.

Well La-105 reached a total depth of 8,920 feet on 1 January 2010 and the well is currently being logged prior to its completion as a development wellMultiple gas-bearing sands were encountered at virgin pressures at depths between 6,017 feet and 8,330 feet, which can be correlated to those found and tested in the nearby well La-103Well La-103 flowed at rates from 5 to 12 million cubic feet of gas per day from individual sands when drilled in 1956.

The data obtained whilst drilling showed in excess of 300 feet of gross pay and also indicated the presence of over-pressured shale gas in a significant interval. After logging, a 7-inch liner will be run to isolate the sands for future testing and production. Further detailed information on La-105 and drilling of the next well at Logbaba, La-106, will be announced in due course.

VOG Chairman Kevin Foo said, "We are pleased that Well LA-105 has now reached total depth and encountered over 300 feet of gross payNotably, the presence of gas in the shale could add upside to previous management interpretations. We will provide further detailed information to the market once the well logs have been completed".

 

Victoria Oil & Gas Plc - Tel: +44 (0) 20 7921 8820                         

George Donne / Kevin Foo                

 

Strand Hanson Limited - Tel: +44 (0) 20 7409 3494

Simon Raggett / Angela Peace

 

Fox-Davies Capital - Tel: +44 (0) 20 7936 5220

Daniel Fox-Davies / Oliver Stansfield

 

Conduit PR - Tel: +44 (0) 20 7429 6611                              

Jonathan Charles / Ed Portman       

 

The information in this release has been reviewed by Radwan Hadi, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Mr. Hadi, Deputy Managing Director of Blackwatch Petroleum Services Limited and Chief Operating Officer of VOG, is a petroleum/reservoir engineer with over 30 years experience in oil and gas exploration and production.

 

Background Information on Victoria Oil & Gas Plc:

Victoria Oil & Gas is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye gas field in SiberiaRussia. Logbaba is located in Douala, the economic capital of Cameroon. The field was discovered in the 1950s and all four exploration wells encountered gas. West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia. An independent reserve audit estimated prospective resources for the field of over 1.1 billion barrels of oil equivalent.