1 Dec 2017 07:00
1 December 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")
Logbaba Drilling Update - La-108 Well Completion
Victoria Oil & Gas Plc today provides an update on the Group's drilling operations, which are managed by Gaz du Cameroon S.A. ("GDC"), a wholly owned subsidiary of VOG.
· Liner has been run and cemented to case off well to depth of 2,859m
· Flow tests planned and La-108 expected to be a producing well by mid-December
As previously announced, well La-108 was successfully drilled to its planned Target Depth (TD) of the 6" hole section at 2,865m Measured Depth (MD) (2,463m TVD) on 7 November.
After reaching TD, the drilling rig experienced electrical problems that delayed progress by 14 days. The problems have been rectified and the 4½" liner has been run to TD and cemented in place. Current operations involve installation of permanent production equipment in the well.
As soon as the completion equipment is run the drilling rig will be skidded off La-108 and released. The production tree will then be installed and the well perforated and flow tested prior to connecting it to the Logbaba gas processing facilities. Preliminary analysis of the La-108 logs indicates 84.5m of net gas sand in the Logbaba Formation.
The flow testing is expected to commence during December and the well will then be put on production around mid-December.
Sam Metcalfe, the Company's Subsurface Manager has reviewed and approved the technical information contained in this announcement.
This announcement contains inside information.
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Kevin Foo / Laurence Read Tel: +44 (0) 20 7921 8820
Strand Hanson Limited (Nominated Advisor)
Rory Murphy / Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408 4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright / David van Erp Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 203 757 4983
Nick Hennis Tel: +44 (0) 203 781 8330
NOTES TO EDITORS:
Victoria Oil & Gas Plc ("VOG" or "the Company") is a fully-integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon. Through the Company's wholly-owned subsidiary, Gaz du Cameroun S.A. ("GDC"), VOG delivers gas via a 50km gas distribution pipeline network to a range of major industrial customers.
Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned Logbaba gas project. GDC is partnered on this project with RSM Production Company ("RSM"), and Société Nationale des Hydrocarbures ("SNH"), who have holdings of 38% and 5% respectively.
Subject to government approval VOG will extend it acreage over 3,500km2 of the highly prospective Douala Basin with the addition of the Matanda and Bomono license areas. A drilling programme on the Logbaba asset is underway to add further gas reserves to meet the growing demand for gas in Cameroon.
Victoria Oil & Gas is listed on the AIM market of the London Stock Exchange under the ticker VOG.