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19 Jan 2010 07:00
19 January 2010
Victoria Oil & Gas Plc
(AIM: VOG)
Update on Logbaba Natural Gas Project, Cameroon
Logs at Well La-105 indicate at least 65 feet of very good quality sandstone pay with additional potential of further 260 feet
Well La-105 being completed for flow testing in this quarter
Spudding of Well La-106 expected in February
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.
Open-hole logs have been run at Well La-105 and the well has been cased with a 7-inch production liner between 5,950 and 8,750 feet, measured depths. The logs have indicated the presence of at least 65 feet of very good quality gas-bearing sandstone reservoir plus at least an additional 260 feet of gas-bearing sands that may prove to be productive when tested.
La-105 is now being completed as a production well. Immediately following the La-105 completion the rig will be moved about eight metres to the adjacent surface location on the Logbaba drilling pad and the La-106 appraisal/development well will be spudded. La-105 will be flow tested during the La-106 drilling operations.
La-106 is to spud in early February. It will be deviated to target the productive sands of the Logbaba formation, twinning La-101.
Well La-101, the first Logbaba exploration well, blew out when drilled in 1955 by Elf SEREPCA when it encountered the overpressured gas sands of the Logbaba formation. During the blowout the well produced an estimated 0.9 billion cubic feet of natural gas over 38 days before being brought under control.
Kevin Foo, Chairman of Victoria, said today, "Well La-105 continues to provide excellent results. The logs show us that the well will be able to produce more than sufficient gas to meet the demands of the local industrial customers that we have signed up. With La-106 spudding in a matter of weeks, the project is getting closer to first gas sales."
Victoria Oil & Gas Plc - Tel: +44 (0) 20 7921 8820
George Donne / Kevin Foo
Strand Hanson Limited - Tel: +44 (0) 20 7409 3494
Simon Raggett / Angela Peace
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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