Victoria O&G Cameroon Proved Reserves Increase to 49Bcf
Victoria O&G announced an update on its reserves and resources potential at Logbaba, Cameroon. The update was completed by Blackwatch Petroleum Services Limited, ("Blackwatch"), which act as consultants to the Company.
Logbaba is the first commercial onshore gas field in Cameroon. The field is located in the eastern part of Douala, the industrial capital of Cameroon and the seaboard hub of Central Africa and its member countries.
The Proven and Probable (2P) gas reserves in the Logbaba field are contained in Campanian and Santonian age sands of the Logbaba Formation. New structure maps were constructed based on correlations of the Logbaba sands incorporating new and old well data as well as existing seismic data. Remotely sensed imagery was acquired and analyzed to provide a structural framework for Logbaba. Blackwatch has completed the Logbaba reserves review, integrating the recent well logs and well test data from the successfully drilled and completed new wells La-105 & 106 and the original four wells drilled in the 1950s by Serepca.
All six of the wells drilled in the Logbaba block to date have encountered significant gas intervals and all five wells that were tested flowed gas to surface. To date, only the Logbaba Formation gas sands have been tested. The deepest well on the block, La-104, encountered good gas shows, not only in the Logbaba Formation but also in the deeper Turonian age gas-bearing sands where the well reached a target depth of 13,688ft (4172 meters).
The updated gross Reserves potential for the Logbaba Field is highlighted in the table below. The Company holds a 60% working interest and is operator in the Logbaba Block.
|Logbaba Field (10 to 20% of Block Area)||
|Upper Logbaba Proved Reserves (1P)||10||49|
|Proved + Probable Reserves (2P)||104||212|
|Proved + Probable + Possible (3P)||202||350|
|Entire Logbaba Block: Prospective Resources||n/a||>1000|
The Company is also actively working with the Cameroon National Oil Company ("SNH"), and the Ministry of Industry, Mines and Technology on permitting and expects the Exploitation Authorisation and other key permits to be issued in the near future. The majority of pipeline material has now been delivered to Cameroon and the Company is ready to start installation as permits are granted.
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