Victoria O&G announced the following operational updates.
Logbaba Gas and Condensate Project, Cameroon
VOG's second well, La-106 at the Logbaba gas and condensate project in Doula, Cameroon successfully reached a total measured depth of 10,509 feet on April 17, 2010. Well La-106 is currently being logged prior to its completion as a development well. The well was drilled deeper than planned due to the better than expected sand quality in the Lower Logbaba sections. Multiple gas-bearing sands were encountered between 5,482 feet and 10,400 feet, which can be correlated to wells drilled in the 1950's. The data obtained indicates in excess of 300 feet of gross pay. Further detailed information on La-106 will be announced after running open-hole logs and completing the petrophysical evaluation. Well flow tests will be run after the casing is set.
VOG's first well in Cameroon, La-105, was completed in March 2010 and tested at rates in excess of 55 million cubic feet of natural gas and 1,000 barrels of condensate per day (together approximately 10,000 barrels of oil equivalent per day) between depths of 7,005 and 8,500 feet from Lower Logbaba and Upper Logbaba D sands.
The completion of La-106 means that the key license and joint venture requirements have been met. The Company has now completed all significant commitments under the exploration license agreement and is in the process of submitting the necessary documentation to the Cameroon government to be awarded the thirty five year exploitation license.
Conceptual engineering for the gas production facilities at Logbaba and the pipeline to previously identified industrial customers has now been completed and has confirmed the feasibility of the project and its design assumptions. Detailed engineering, budget and schedule definition is underway with the target to deliver first gas to customers in Q4 2010. The Company is working closely with all Ministries and stakeholders in Cameroon to ensure that plant and pipeline construction meets the highest engineering and safety standards and that all permits and licenses to operate are expedited.
VOG Chairman Kevin Foo said, "Drilling two out of two successful wells in Cameroon is a notable achievement and we expect that logging and testing of La-106 will confirm our confidence in this field and match the excellent results that La-105 achieved. Our focus now is to build our production facilities and pipeline to deliver gas and condensate to our customers by Q4 2010."
Meanwhile in Russia, the 2010 work program is underway at the West Medvezhye (West Med) exploitation/license in the prolific Yamal-Nenetsk hydrocarbon region in Northern Siberia. The current work includes Gas Tomography and Passive Seismic spectroscopy surveys over a large part of the block as part of the West Med appraisal and delineation program and a 62 km winter road has been built.
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