Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide the following update, based on internal estimates, on the reserves position for the Logbaba Field in Cameroon. This follows evaluation of the results obtained from seismic reprocessing, incorporation of the production history from existing wells and completion of the 2017 development drilling campaign to deliver Logbaba La-107 and La-108.
- Subsurface reinterpretation complete and new subsurface model developed integrating reprocessed seismic and new well data with historic field mapping.
- Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba revised to 69bcf, an increase of 29bcf (73%).
- Field remaining 2P reserves revised to 309bcf, an increase of 106bcf (52%).
- Reserves / production ratio (2P) increased to 10yrs at 90mmscfd which supports growth in the Douala market and will underpin new long-term gas contracts.
- Full field reservoir development plan in preparation to locate future development wells.
Kevin Foo, VOG Chairman said, “The results of this reserves update are a major advance to our business in Cameroon. They provide a significant value upgrade to the Logbaba Project and confirm that the field reserves will meet the growing demand in the Douala market for the foreseeable future.
Importantly, this will now enable us to market larger volumes of natural gas on a longer term contractual basis to buyers, providing them with the security of supply they require. We are actively negotiating Gas Sales Agreements for these projects and we will provide updates when appropriate.”
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