Overblog Follow this blog
Edit post Administration Create my blog

Victoria Oil & Gas secures interest in Cameroon’s Matanda block

Victoria Oil & Gas (VOG) has increased its Logbaba natural gas production operations (OGJ Online, May 27, 2015), adding 75% interest in the adjacent 1,235-sq km Matanda block in Cameroon. North Matanda field is estimated to hold in-place reserves of 1.8 tcf of gas and 136 million bbl of condensate, the company said.

Matanda block is more than 60 times the area of the company’s Logbaba concession, and includes onshore acreage with 30% of the block in shallow water. The acquisition is subject to government approval and includes the assignment by Glencore Cameroon of its 75% participating interest in the Matanda PSC to VOG, which will take over as operator through wholly owned subsidiary Gaz Du Cameroun Matanda SA (GDC Matanda). Bermuda-based AFEX will maintain its current 25% working interest in the Matanda block.

The partners will focus on prospects in the onshore license area within a few kilometers of Logbaba and its existing infrastructure currently operated by GDC Matanda. The group is awaiting government approval on its new work program to shoot seismic in this year’s fourth quarter. The addition of Matanda compliments the group’s current development at Logbaba, which includes one twin and one stepout well scheduled in 2016. The company also plans to fast-track any discoveries made on Matanda to its Logbaba processing facility.

To date, three shallow-water wells—NM-1x, 2x, and 3x—have yielded 30-70 bbl/MMscf of condensate. In addition, “extensive 2D and 3D seismic data shows a strong geological continuation between the Logbaba and North Matanda fields,” said VOG Chairman Kevin Foo.

The Matanda block also contains additional Cretaceous and Tertiary prospects that offset the Moambe and Zingana discoveries drilled in 2015 by Bowleven PLC in 2015 in the adjacent Bomono concession. Gas has been discovered in all six wells drilled at Logbaba. The adjacent offshore Etinde concession, operated by New Age (African Global Energy) Ltd., has 2C gas and condensate resources of 345 million boe (OGJ Online, Mar. 17, 2015).

Tag(s) : #Oil and Gas News
--> Flag Counter