Cameroon Producer Outlines Exploration Plans
UK-based Victoria Oil & Gas (VOG) – already a gas producer and marketer in Cameroon through its Gaz du Cameroun subsidiary – said April 7 that the government there has approved its acquisition of a 75% interest in the Matanda production sharing contract (PSC) from Glencore.
Matanda covers 1,235km2. Some 30% is in shallow water while the rest is onshore. It also includes the North Matanda field, discovered by Gulf Oil in 1980. A number of wells have been drilled since on the licence, which VOG says is “highly prospective” for significant gas and condensate resources. It had already said on February 18 that it would become Matanda's operator. A work programme is to be announced following a "forthcoming" meeting of VOG, Bermuda-based Afex which retains the other 25% interest, along with Cameroon's state SNH.
VOG though says it will focus on Matanda's onshore areas, near the company’s Logbaba producing field, with the aim of increasing reserves of gas to be sold into existing and new markets in Cameroon. It said work is expected to commence at Matanda in Q4 2016 and initially involve interpretation of a large databank of 2D and 3D seismic information with the aim of identifying a drill target.
Kevin Foo, VOG’s chairman, said: "The large Matanda licence area provides the company with an area over 60 times our existing concession at Logbaba.... Upon completion of the current Logbaba two-well programme for 2H 2016, we shall turn our attention to development of Matanda."
Another UK independent meanwhile is targeting Cameroon’s shallow offshore. Tower Resources chairman Jeremy Asher told its April 6 annual general meeting that plans to acquire 3D seismic in its 100% Thali PSC, acquired last year, in the “prolific” Rio Del Rey area were "proceeding apace."
Mark Smedley