Victoria Oil & Gas Secures Government Approval for 75% interest
in 1,235 square kilometres Matanda Block in Cameroon
Victoria Oil & Gas Plc, the integrated natural gas producing utility, is pleased to announce that the Government of Cameroon has approved the assignment from Glencore Exploration Cameroon Limited of a 75% participating interest in the Matanda Production Sharing Contract ("PSC") in the Matanda block ("Matanda") to Gaz Du Cameroun Matanda S.A. ("GDC Matanda"). The remaining 25% participating interest is held by Afex Global Limited ("AFEX").
As outlined in the announcement of 18th February 2016 VOG will become Matanda's operator through its 100% owned subsidiary. Details of the work programme will be announced following a forthcoming Operating Committee meeting between GDC Matanda, AFEX and Société Nationale des Hydrocarbures du Cameroun , the Cameroon national oil company.
Matanda covers an area of approximately 1,235 square kilometres and is highly prospective for significant natural gas and gas condensate resources. GDC Matanda will concentrate on the onshore areas of Matanda near the existing Logbaba field with the aim of increasing reserves of gas to be sold into existing and new markets within Cameroon. Work is expected to commence at Matanda during Q4 2016 and will initially involve interpretation of the very large databank of 2D and 3D seismic information with the aim of identifying a drill target.
Kevin Foo, Chairman, said: "We are pleased with the approval of our 75% assignment over the Matanda PSC and are keen to begin our work programme. The large Matanda license area provides the Company with an area over 60 times our existing concession at Logbaba and a critical strategic and geological connection between the two. Upon completion of the current Logbaba two well programme for the second half of this year, we shall turn our attention to development of Matanda".
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