LONDON (Alliance News) - Victoria Oil & Gas PLC on Wednesday said the drilling rig has arrived in Douala port in Cameroon, leaving it on track to commence drilling early in the third quarter of 2016 and to have finished drilling by the end of the year.
The natural gas producer said Savannah Oil Services Cameroon SA's train rig has arrived in Cameroon, along with 2,756 tonnes of bulk load and containers, which are ready for customs clearance.
The drilling platform for both a twin and step-out well will be located at Victoria Oil & Gas's existing Logbaba plant and well site, which is around 13 kilometres from the port, the company said.
Victoria Oil & Gas's subsidiary Gaz du Cameroun is scheduled to begin drilling at the site early in the third quarter and to complete drilling by the end of 2016, with the new wells to supplement the two existing Logbaba production wells.
Gaz du Cameroun has prepared rig pad foundations, including levelling for the drill rig's track and preparations of the cellars and mud pits together with the lay down areas for the equipment and drill piping, Victoria said, and new warehousing for rig supplies, camp civils and the pre-drilling slope stabilisation work are completed.
"The drilling rig has arrived in Douala port and we plan to commence drilling at the Logbaba site as soon as practicable. Our intention is to complete both the step-out and twin wells during 2016 aimed at unlocking further reserves and production capacity for sale to the burgeoning energy market in Douala. Additional gas reserves can be rapidly monetised to supply our captive energy market which we believe is largely insulated against fluctuating oil price and currency movements," said Victoria Oil & Gas Chief Executive Ahmet Dik.
Shares in Victoria Oil & Gas were up 3.1% at 35.06 pence on Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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