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18 Dec 2009 08:00
18 December 2009
Victoria Oil & Gas Plc
(AIM: VOG)
Operations Update
Victoria Oil & Gas Plc, the AIM quoted oil and gas exploration and development company, with assets in Cameroon and the FSU, is pleased to announce an update on its Logbaba gas and condensate project ("Logbaba") in Douala, Cameroon.
At Well La-105, following side-tracking of the 12-¼ inch hole section, 9-5/8 inch casing has been set to a depth of 5,965 feet measured depth and drilling has reached a depth of 6,330 feet measured depth. A top-drive and third mud pump have been fitted to the rig to increase drilling efficiency and the equipment for mud-cooling is being constructed on-site. Total depth of 10,300 feet is expected to be reached before the end of the year.
With the casing set above the 90 feet of gross pay previously intersected and announced on 16 November 2009, this pay zone will now be included behind the final 7 inch liner to allow for easier eventual production. Wireline logging has also been completed on the 12-¼ inch hole section.
The GeoDynamics Research passive seismic spectroscopy survey has been completed and a total of 74 measurements were taken. The data is now being processed and results are expected in around two months.
Victoria Oil & Gas Plc - Tel: +44 (0) 20 7921 8820
George Donne / Kevin Foo
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Fox-Davies Capital - Tel: +44 (0) 20 7936 5220
Daniel Fox-Davies / Oliver Stansfield
Conduit PR - Tel: +44 (0) 20 7429 6607
Jonathan Charles / Ed Portman
The information in this release has been reviewed by Radwan Hadi, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Mr. Hadi, Deputy Managing Director of Blackwatch Petroleum Services Limited and Chief Operating Officer of VOG, is a petroleum/reservoir engineer with over 30 years experience in oil and gas exploration and production.
Background Information on Victoria Oil & Gas Plc:
Victoria Oil & Gas is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye gas field in Siberia, Russia. Logbaba is located in Douala, the economic capital of Cameroon. The field was discovered in the 1950s and all four exploration wells encountered gas. Three of the wells flowed gas at rates of up to 62 million cubic feet per day. West Medvezhye is situated in the prolific Yamal-Nenetsk hydrocarbon region in Siberia. An independent reserve audit estimated prospective resources for the field of over 1.1 billion barrels of oil equivalent.
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