Business in Cameroon11 Jan 2022 12:12
Hydrocarbons: 2nd extension of the exploration license of the British VOG on the Matanda block in Cameroon
(Invest in Cameroon) - The British junior oil and gas company, Victoria Oil & Gas (VOG), parent company of Gaz du Cameroun (GDC), announced on December 23, 2021 that it has obtained a new one-year extension on its Matanda exploration license. This oil and gas block is adjacent to the Logbaba gas fields, which the operator already operates in the Littoral region of Cameroon for the production of natural gas.
The new extension, which took effect on December 17, 2021, is 2 December 2021.e obtained by this operator, after that of November 2020. The additional period granted to VOG and its subsidiary GDC should allow this junior oil and gas company to finally complete the drilling of an exploration and appreciation well announced since 2020.
For the realization of this drilling, we remember that VOG had announced, in June 2021, to have raised 7.5 million US dollars (more than 4 billion FCFA) following an agreement with Meridian Capital. "We are delighted and grateful that our largest shareholder is supporting our efforts to address existing issues and increase our working capital. In particular, the use of these funds will help us advance our very promising Matanda license,"said Roy Kelly, CEO of VOG.
As a reminder, the Matanda block, whose gas potential increased to 1,196 billion cubic feet in July 2020 (from 903 billion initially), covers an area of 1,235 km2. This license is 75% owned by GDC and 25% by Afex Global Limited. According to the production sharing agreement, the National Hydrocarbons Company (SNH), Cameroon's state-owned oil company, will have a 25% right to return assets after an operating license is granted.
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