VOG Says Logbaba Reserves Up 52%
Cameroon-based integrated gas firm Victoria Oil & Gas (VOG) said June 4 that seismic reprocessing, following its two 2017 development wells, has increased its remaining 2P gas reserves at its onshore Logbaba block by 52% (or 106bn ft3) to a revised total of 309bn ft3.
That increases VOG’s reserves to production ratio to ten years which, VOG executive chairman Kevin Foo said, “will meet the growing demand in the [port city of] Douala market for the foreseeable future.” A full field reservoir development plan is under preparation to locate future development, said AIM-listed VOG.
VOG said two weeks ago it is mulling a pilot compressed natural gas (CNG) plant by end-2018, as one way to reverse a recent decline in sales, largely arising from the loss of a power generator customer.
Two years ago VOG secured government approval to acquire a 75% interest in the larger 1,235 km2 Matanda mixed onshore/shallow water block (from Glencore) but has yet to begin active drilling there. VOG said May 24 that its own internal management estimates that Logbaba and Matanda combined hold recoverable gas resources of at least 1.5 trillion ft³.
Map credit: Victoria Oil & Gas